The highlights for the year to 31 December 2010 include;
- 73% increase in revenue to £13.3m (2009; £7.7m).
- 138% increase in EBITDA (Earnings before interest, taxes, depreciation and amortisation) to £3.1m (2009; £1.3m).
- 28% increase in EBITDA margin percentage to 23% (2009 18%).
- 110% increase in assets under management to £1.81bn (2009; £0.86bn).
During the year the Group acquired nine new businesses, and if the results of those acquisitions were annualised, revenue for the year to 31 December 2010 would have been £19.1m, and EBITDA £5.2m, representing a 27% operating margin.
At 31 December 2010 the Group had cash reserves of £6.05m, and unused bank facilities of £3.5m.
After allowing for acquisition costs, interest, amortisation and depreciation the group made a net pre-tax loss of £584k (2009; £1.68m).
Damian Keeling, Managing Director of Perspective Financial Group, commented:
“The results for the year ended 31 December 2010 show the solid foundations on which Perspective is built.
"Our philosophy of empowering and motivating our staff throughout the Group has led to record levels of income and profit, and to an industry-leading level of operating profitability.
"Our business model is robust and RDR compliant, and we are currently supplying our firms with even more resources, both technical and human, to help them service client requirements into the future.
“Compliance and training are at the heart of the Group. We have an excellent relationship with the regulator and our offices are among the highest rated in their thematic visits.
"All of our advisers will be fully qualified before RDR, with well over half of them already at this stage.
“We will continue our acquisition strategy, which is to only engage with RDR-ready firms with proven EBITDA, high quality compliance records and a strong management team who remain focused after acquisition.
"Nearly half of our acquisitions to date have successfully completed their earn-out periods and are contributing fully to the Group’s growth and profitability.
“Our strategy is to be the most profitable IFA group in the UK, pound for pound, and at the same time to be the most compliant.
"Our strength is our real adviser independence in servicing client needs, combined with Group buying power and operating efficiencies. We have achieved a superb result in 2010, are already improving on it throughout 2011 and look forward to further building on it over the next few years.
“The whole of the credit rests with the fantastic people we have throughout the Group whose talents and hard work are responsible for the excellent figures we are reporting today. The Perspective culture is about rewarding and valuing our staff and ensuring they feel part of the Group’s success.”
