Hornbuckle Mitchell has posted a 5% revenue increase and 21% growth in year-on-year earnings for 2012, announced less than a month after the firm sold a controlling stake to two private investors.
The self-invested pensions provider (SIPP) provider announced on Tuesday that its revenues for 2012 reached £12.1m and generated earnings before exceptionals and structural investments of £1.7m on assets under administration of more than £4bn. The firm's pre-tax profits were just £630,000. It said this was due to heavy investment in technology systems and IT infrastructure. The firm formally concluded the sale of a 60% controlling stake in the business to two private investors last Friday, which also saw Richard Wohanka become non-executive chairman, and Phil Smith chief executive of...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
