Ascentric posts £0.6m loss after tech spend

The £567,000 loss before tax compares to the the operating profit of £1.2m in 2013, with the £1.63m of exceptional costs related to spending on its "Accelerator" project which is seeing it switch to use Bravura's Sonata system. Operating profit before tax is also down, at £1.2m for 2013, compared to £2.5m in 2012, after a surge in admin costs. The firm is investing in its ‘accelerator’ project, which it expects will affect profitability in 2014 and 2015 as well. Owner Royal London has outlined plans to scale the platform up to be four or five times larger. However, the platform is ...