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Sense Network sees profits triple to hit £260,000

Sense Network’s profits have more than tripled to £259,000 in the year to March 31 from £71,000 in 2009/10.

The network saw turnover increase by 48 per cent to £7.1m from £4.8m.

The firm says it is confident that profit and turnover will rise significantly in the current financial year.

Sense Network paid its first dividend to shareholders this month at 15p per ordinary share. It currently has 41 member firms and a total of 125 advisers.

Sense was set up by Park Row founder Tim Newman in 2007. In 2008, Threesixty bought a 15 per cent stake and members own over 25 per cent of the network.

Chief executive Tim Newman says: “Over 25 per cent of Sense is owned by its members, a figure which will increase further via the network’s equity participation scheme. We derive huge benefit from IFA firms owning part of the network. It creates a completely different dynamic to the them and us scenario seen in many of our competitors.”

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