Perspective Financial Group, the IFA consolidator which has acquired more than 20 businesses since launch, has reported increased earnings and profits in the first half of the year, boosted by a doubling of assets under management (AUM).
The national IFA consolidator's earnings before interest, taxes, depreciation and amortisation (EBITDA) for the six months to 30 June were £2.3m, up 44% on the same period in 2010.
This was from total revenues of £8.8m, also up 44%, while assets under management doubled to £2.2bn.
Allowing for acquisition costs, interest, amortisation and depreciation, the group, which bought three firms during the period, made a net pre-tax profit of £447,000, up from £113,000 in 2010.
Damian Keeling (pictured), managing director of Perspective Financial Group, said: "Following on from our record 2010 results, the first half year of 2011 shows a further strong financial performance. We are particularly pleased to record a strong pre-tax profit, though of more relevance is the 44% increase in EBITDA, which is very pleasing.
"Our strategy continues to be one of organic growth and selective acquisition, and we are on budget and on target for our 2011 forecasts."
In 2010, Perspective acquired nine firms and reported a pre-tax loss of £584,000 for the year, compared to a loss of £1.68m in 2009.
Since being set up in 2008, it has made a total of 23 acquisitions and earlier this year raised £10.6m for further acquisitions.
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