Cofunds has reported an annual profit fall of 15% for 2012, despite increasing turnover and assets under administration (AUA).
Pre-tax profits at the platform fell from £5.9m to £5m, a drop of 15%, with the firm pointing to "challenging" competition from new and existing players.
Pre-tax profits before long-term costs fell from £7.7m to £5.8m.
"In trading terms, 2012 saw a continuation of difficult economic conditions, however despite this by the end of the year assets under administration had risen," the directors said in their annual report.
AUA rose from £35.8bn to £47.6bn by the end of 2012, as the platform signed up a number of new clients including Charles Stanley. Turnover also increased, from £70m to £73.8m.
"The company expects that existing competitors and new market entrants will continue to provide strong competition and consistent with the broader economic environment, market conditions will remain challenging," they continued.
In March, L&G acquired the remaining 75% of Cofunds it did not already own for £131m, valuing the platform at £175m.
The platform has suffered a number of high-profile exits, with L&G employees moved over to handle the transition.
CEO Martin Davis, head of sales and marketing Alastair Conway, marketing director Verona Smith and operations managing director Stephen Mohan have all departed in recent months.
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