IFA support group Tenet made an overall pre-tax loss of £1.6m for the 12 months to October last year, with development costs for its investment management platform a drag on profits.
However, the firm's overall sales increased from £76.3 to £79.1m, while the Tenet Limited sub-group (including TenetConnect) returned an operating profit of £1.9m. Tenet cites "market challenges" and development costs for Sinfonia Asset Management as some of the causes for the overall loss to 30 September. Meanwhile, the firm's cash balances remained largely unchanged at £27.8m. In the previous year, Tenet announced pre-tax profits of just over £1m on revenues of £76.4m. Chief executive Simon Hudson says: "The investments in our ongoing transformation restructure, the developmen...
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