Nucleus hails 'sustained' profitability after record six months

clock

Nucleus Financial CEO David Ferguson has said he believes the wrap has hit "sustained profitability" after it posted record first-half profits.

The business, launched in 2006 and 51%-owned by the IFA firms that use it, made an operating profit of £500,000 in the first six months of the year. Nucleus first hit profitability just over a year ago after making £31,000 in the first quarter of 2012. In the second half of last year, the wrap recorded £100,000 profits. Turnover increased by 39% to reach £8.8m, while assets under administration grew 38% to £5.3bn, compared with June 2012. Ferguson [pictured] said he believed advisers were waking up to the benefits of using "modern" platforms. "While 2012 was another hugely impor...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Aviva named the preferred platform provider by advisers

Aviva named the preferred platform provider by advisers

Quilter remains in second place followed by AJ Bell and Transact

Isabel Baxter
clock 04 March 2024 • 1 min read
Bravura returns to profitability in H1 amid business 'reset'

Bravura returns to profitability in H1 amid business 'reset'

Platform technology provider gross revenues up 7.4% in first half

Jenna Brown
clock 20 February 2024 • 1 min read
So far, so bleak: Incumbent platforms' miserable year

So far, so bleak: Incumbent platforms' miserable year

'There are firms that are trying to buck the trend'

Alex Cowan-Sanluis
clock 14 February 2024 • 4 min read