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Sesame posts £4.3m pre-tax profit

George Higginson new
George Higginson

Sesame Bankhall Group has reported a pre-tax profit of £4.3m for 2012, up 79 per cent from £2.4m in 2011.

The firm has atrributed the improved performance to its new adviser front, middle and back office system Xplan which is powered by technology firm Iress.

The firm saw an 86 per cent increase in trading profit from £2.2m in 2011 to £4.1m in 2012.

Sesame’s full accounts, which will reveal any liabilities or provisions for complaints, will be released later in the year. The accounts will also give details of any claims paid throughout the year.

SBG parent Friends Life put the adviser network up for sale in February with Barclays Capital appointed to assist.

Sesame says talks are currently still at an early stage. A private equity-led management buy-out bid is seen as one option.

Sesame chief executive George Higginson says: “As part of our long-term vision and commitment to professional financial advice we have invested millions of pounds in the business.

“In challenging market conditions and in the run-up to the implementation of the RDR, our adviser support and new enhanced range of services helped to strengthen SBG’s position.”

PMI Independent Financial Advisers director John Stewart says: “This is definitely good news for Sesame members on the face of it because lots of other networks and large adviser firms are making significant losses.”

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