IFA firm Cavanagh net profit up 49%

The 2007 result dwarfs the £1.05m pre-tax net profit figure reported the previous year, while revenue climbed 18% to £16.64m. Recurring and fee-based revenue accounted for 40% of turnover, while the value of funds under advice increased to over £2bn. Cavanagh also saw a boost in net cash generated from operations, from £1.62m to £1.82m. The firm revealed its average per capita revenue per consultant reached £273,000 last year – a 14% increase on 2006. Cavanagh client assets on wrap products also jumped from £55m to £90m, with an additional £160m assets on other platforms. Chief executi...