Wealthtime earnings up despite 'wider market challenges'

Insurance to cover £10.5m compensation provision

Jenna Brown
clock • 1 min read

Wealthtime’s 2023 earnings before tax and interest increased to £10.6m with revenue increasing by 17.4% on the previous year, latest results show, however, a multi-million pound customer compensation provision remains unresolved.

The adviser-focused platform business, which rebranded from Novia last year, reported its earnings before interest, tax, depreciation and amortisation (EBITDA) was up 17.1% from 2022 at £10.6m. Revenue increased to £42.2m. Assets under administration at the business were up 1.8% to £8.8bn in 2023, driven in part, by an "improvement in equity market returns during the year".  The platform highlighted that in the previous year, it had recognised a provision of £11.6m relating to legacy assets bought on the platform prior to 2017 that "affected a small number of clients". It said: "In...

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