Intrinsic Financial Services has reported a pre-tax profit of £24.3m although this figure is skewed by the waiver of preference share dividends and the cancellation of Lloyds preference shares.
The preference share dividends were worth £16.8m and charged to earlier years under the requirements of International Accounting Standards. The Lloyds preference shares were worth £3.4m. The Earnings Before Income Tax Depreciation and Amortisation (EBITDA) profit for the group was £5.2m up 63% on the 2011 figure of £3.2m. The number of advisers within the group increased from 1,666 to 2,035, a 20% boost, during 2012. Turnover increased from £98m to £121m, and funds under management in the group's Cirilium funds increased by 23% to £870m. Intrinsic CEO, Richard Freeman, said: ...
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