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Sense Network increases profits to £423,000

Sense Network has reported a £423,000 pre-tax profit for the year ending 31 May 2013, up 27 per cent from £307,000 during 2012.

The firm’s accounts show turnover increased 46 per cent to £13.6m from £9.1m the previous year with administrative expenses rising to £1.3m from £1m the previous year.

Adviser numbers rose 30 per cent to 194, up from 150 in 2012 whilst the number of adviser businesses in the network jumped from 55 to 75.

The number of staff employed by Sense rose from 11 to 15 during the year.

Sense commercial director Steve Young says: “The old networks and nationals face a perfect storm. It is already clear that they are losing advisers, are weighed down by the provisions which come from past mistakes and increasing complaints and are now under intense regulatory scrutiny.”

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