Positive Solutions reports pre-tax losses for 2009 in excess of £7m, due largely to a one-off multi-million pound tax hit.
The Aegon-owned national IFA experienced a total pre-tax loss of £7.36m last year, compared to a profit of £5.7m in 2008, despite profit margins remaining at 18%. It says it used the strong financial position accrued in 2008 to write off a deferred £5m tax from 2005 linked to the accounting treatment of its now-defunct share option business, Prophitshare. It also cited "a challenging year" of higher regulatory fees, including £1m paid to the FSCS for the industry's exposure to failed firm Keydata. However, 2009 turnover also decreased, dropping 15% to £85.1m, due to a depressed hou...
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