True Potential has nearly doubled pre-tax profits year-on-year, from £5.3m in 2013 to £10.5m last year, as turnover surged past £40m.
The firm’s annual results, published today, reveal turnover increasingly from £27.5m to £44.4m during the year. Cost of sales rose from £14.5m to £25.3m, while administrative expenses were up from £7.7m to £8.5m.
The company says it now employs more than 440 advisers, compared with 417 in 2013.
True Potential says its investment arm, True Potential Investments, saw profits rise from £3.7m to £6.8m. Assets on the group’s platform increased by £1bn to over £3bn during the 12 month period.
True Potential chairman David Harrison says: “2014 was an excellent year for the group. Our turnover grew significantly from £27.5m to £44.4m but importantly, profits have dramatically increased from £5.3m to £10.5m. This is a direct result of our business model and strategy of building large-scale distribution capacity with the goal of helping True Potential gather assets on our own wealth platform.”