Openwork reverses £13m loss to post first ever profit

The network, launched in 2005, made an unaudited profit of £600,000 in 2012, overturning a £13.3m loss in 2011. The previous losses were due largely attributable to one-off costs associated with the Retail Distribution Review and legacy IT issues, the network said. The results mark the culmination of a steady move towards profitability over the last few years from initial trading losses totalling £55m in its first two years. Openwork recently announced it is expanding its investment proposition Omnis in a move that will give its advisers access to a series of best-of-breed outsourc...