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Skandia UK increases profits by 56%

Skandia UK has announced pre-tax profits of £140m for the year ended December 31, an increase of 56 per cent compared to £90m in 2009, on an IFRS basis.

Funds under management grew 20 per cent over the year to £33.9m, gross sales grew 46 per cent to £6bn and net sales grew 77 per cent to £2.3bn.

The company says the growth is a result of increased funds under management and tighter costs. Last February, Skandia announced 150 job cuts as part of plans to cut costs by 20 per cent.

Skandia chief executive Peter Mann says: “We will continue to deliver customer centric investment solutions and support financial advisers in building successful businesses.”

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