Fairstone completed 10 acquisitions in 2020 and saw its funds under management increase by 32% to £10.7bn but profits for the year were “heavily understated”, its annual results show.
Along with its 10 acquisitions and additional 10 firms joined its downstream buyout programme - which integrates firms ahead of complete acquisition usually over a two-year period. It added another 45 firms are currently in "active discussions" with the Chartered consolidator. The results said recurring income had increased to £49.3m, up from £41.5m in 2019, representing 73% of advisory revenue. Repeating income, which includes all revenues generated from existing clients, stood at 92% of turnover. Total revenue for the 2020 financial year has also grown by 8%, to £69.7m, representing...
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