Tenet profits climb 32% for 2015

Tenet has reported a pre-tax profit of £471,952 for the year to the end of September 2015, up 32 per cent on a 2014 figure of £355,414.

Turnover increased by almost nine per cent, climbing from £125m to £136m.

While mortgage network TenetLime saw turnover climb 48 per cent, turnover at TenetConnect is described by group finance director Caroline Bradley as “broadly stable”.

However, the firm expects this to increase through 2016 as advisers recruited late in 2015 add to new business.

TenetConnect saw numbers of registered members climb by 5 per cent.

TenetSelect, the group’s directly authorised proposition, saw turnover grow by 5 per cent.

The firm made provisions for £3.6m in claims over the course of 2014, although Bradley estimates that Tenet paid out “roughly half” that amount.

She says: “We think we have had a really good year. Although it’s not a huge profit, we feel it’s very positive and we are really well-positioned.”