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Threesixty reports half-year profit of £167k

Phil Young threesixty 480

Support services firm threesixty has posted an unaudited pre-tax profit of £167,563 for the first half of the year as it targets a £250,000 profit by the year-end.

The support services firm made a pre-tax loss of £80,000 in 2011, which will be published when threesixty’s parent company Standard Life files its 2011 results to Companies House in September.

Threesixty says it is aiming for a “modest profit” this year, despite plans to expand its adviser services including improved research for advisers wanting to remain independent post-RDR.

The company also plans to improve its risk assessment programme, provide merger and acquisition support, expand its business consultancy team and offer human resources and employment law content.

Managing director Phil Young says: “We began the process of reinvesting in the business in 2011 resulting in a small loss of £80,000.

“We are already seeing the benefit of that spend and we are targeting a modest profit of £250,000 for 2012 which is in line with our five-year plan.”

Standard Life bought threesixty outright in March 2010, increasing its stake from 25 per cent.

Clearwater Financial Planning managing director Duncan Carter says: “Any business consultant will make hay while the sun shines with the RDR coming down the track, but the demand for services such as threesixty’s may fall away over time.”


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