Succession Wealth reports operating loss of £3.6m in 2020

The financial planning firm said its operating loss, after goodwill and exceptional items associated with previous year acquisitions was down 47% over the year to £3.6m. It also said: "As a private equity-backed business that has achieved scale through acquisitions, financing costs associated with growth were incurred, as in previous years." The unaudited financial results for the year ended 31 December 2020 stated financing costs of £12.7m were recorded with that figure standing at £10.1m 2019. The group also recorded a statutory loss before tax of £16.3m - this stood at £17.0m in 20...