The UK division of consolidator Kingswood reported an 80% increase in operating profit to £11m last year, according to its latest trading statement.
It said the UK division performed strongly "reflecting rapid growth in the business". Earlier this month it confirmed it was in talks about the potential sale of the UK business. UK revenue stood at about £33.8m, up 54% year on-year. The statement added that 87% of the UK operation's revenue was recurring "providing a strong, annuity-style fee stream". The firm explained that the rise in operating profit was driven by its acquisitions and was underpinned by "careful cost management". It completed ten buyouts in the UK last year, adding £1.7bn in assets under administration, 28 adviser...
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