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True Potential boosts profits by a third to £5.3m

True Potential has seen pre-tax profits for 2013 increase by 33 per cent to £5.3m, with turnover doubling to £27.5m.

The company posted a pre-tax profit of £4m in 2012 and reported turnover of £13m.

The firm, which includes the True Potential platform, its technology systems, its advice business and the recently launched direct-to-consumer platform, filed its full accounts to the year ending December 31 2013 at Companies House today.

Cost of sales shot up from £3.9m in 2012 to £14.5m. Adviser numbers have grown to 428, compared to 169 a year ago.

Administrative expenses increased 51 per cent from £5.1m to £7.7m.

Staff numbers over the year rose from 79 to 114 and wage costs increased from £1m to £2m. 

True Potential senior partner Neil Johnson says: “With all distribution there is a time lag between the initial investment in bringing people on board and the eventual increase in profit as they go through their first full year with us. As a result, we expect our group profit growth to continue as it catches up with the increased turnover we have experienced. This can already been seen in our quarterly figures with profit up to £2.2m in the first quarter of 2014, an increase of 105 per cent on 2013.”

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