Tenet posts steady growth in latest results
14 January 2016
Adviser support group, Tenet, reveals a year of steady growth in its annual report and accounts for the twelve months to 30 September 2015. Headline turnover increased by 9% to £136m and earnings* by 15% to £1.5m, with a 35% increase in the group’s net profit to £472,000.
The group’s non-investment network, TenetLime, saw another very successful year, recording a 48% increase in turnover and 105% increase in earnings, supported by a successful embedding of the Mortgage Market Review and continued strong growth in the mortgage market. Tenet’s investment network, TenetConnect, also increased the number of its registered individuals by 5% in a highly competitive market.
In a year that saw the launch of pension freedoms, the Group continued to invest substantively in its proposition and systems, with £1.7m spent on fixed assets, including a significant investment in a new version of its technology platform, Tenet Advantage, which went live on 11th January. Meanwhile, the Group’s balance sheet continues to remain robust with £22.3m of cash, no external debt and £29.5m of net assets.
Tenet Group chief executive, Martin Greenwood, comments:
“We have been pleased to deliver on our financial plan in our latest results, especially in a year that has seen us upscale support for pension freedoms and invest in improved systems for our members. Our on-going financial stability ensures that we are well positioned to capitalise on any opportunities that may arise from the Financial Advice Market Review and enhance our market position.
Above all, our results, market position and success are made possible by the dedication and commitment of the people who make up the Tenet Group and to them, we say a heartfelt ‘thank you’.”
* Earnings before Interest, Tax, Depreciation and Amortisation
