IFA Cavanagh warns short term profitability may be sacrificed as the group evolves to meet RDR requirements.
Its interim results reveal this impact is already being felt with profits before tax of £202,000 from a revenue of £7.67m for the six months ending 30 June. This is down from £312,000 and £7.95m respectively for the same period in 2009. However, the firm's net debt has been slashed from £1.47m to £335,000, while the level of discretionary funds held by Cavanagh Asset Management has increased from £69m to £196m. Group chairman Paul Sinnett attributed the drop in profits to continuing uncertainty in the economic environment and the company's efforts to become RDR compliant. "It is cl...
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