Cavanagh to launch wealth platform as profits rise

Although pre-tax profits were up nearly four-fold from the last year's figure of £207,763, revenue was down 8% to £16,077,000. However, its revenue per adviser continued to be strong at £244,000 compared to £233,000 in 2008. Earnings before interest, tax, depreciation, amortisation and tax increased 26% from £1,248,000 to £1,572,000. The group said the performance of its discretionary fund management service Cavanagh Asset Management - which now has £136m of assets on the platform at the end of its first year - was "impressive" given the turbulent economic conditions. It has als...