Consolidator halves pre-tax losses; loses four advisers over RDR qualifications

The group, whose advice operations run under the Fairstone brand, posted a pre-tax loss of £1.4m in 2013, compared to a £3.1m loss in the year before. It posted revenue growth of 62% - from £8.3m to £13.5m - in its first trading year following the introduction of RDR, which saw four of its ‘older' advisers leave the industry. The group said it has been operating profitably since October 2013 and intends to hit full year profitability next year. The Fairstone division, which makes up about 95% of the group's revenue, delivered a pre-tax profit of £962,000 on a turnover of £12.5m in ...