Nucleus has moved into profit having capitalised on the increase in the margin it takes on clients’ cash accounts.
In its financial results for the year to 31 December 2022, published today (May 17), the firm recorded a pre-tax profit of £25.4m for up from a pre-tax loss of £24m in 2021 Revenues were up 80% during the year, reaching £114.5m, compared to £63.6m in 2021. Adjusted profit had risen 500% to £47.7m. This marks the first time Nucleus has broken into profit since its merger with James Hay . The firm said it benefitted from a first full year of contribution from both the Nucleus Wrap and James Hay platforms. Since James Hay's acquisition of Nucleus in 2021, the firm said it has investe...
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