Tenet Group has reported a 12% increase in group revenue to £96.3m in its annual report and accounts for the year ending 30 September 2012.
It attributed this to a “good level” of organic growth – including on-boarding the LEBC Group Ltd and attracting in excess of 160 advisers following the demise of the Honister Group – which is continuing into the current financial year.
The Leeds-based adviser support group reported an operating profit of £0.25m with £24.4m of cash reserves and £28.3m of net assets and no external debt.
The group said it has made an exceptional provision for the Arch Cru redress scheme, as well as for settlement of compensation payments for the failure of Keydata. Also included are reorganisation costs, related to its transformation programme.
Martin Greenwood, chief executive of Tenet Group, said: “Despite continuing difficult economic and regulatory conditions, including dealing with the closing stages of RDR implementation, Tenet has made notable progress during the year.
“90% of the group’s financial advisers required to achieve QCF Level 4 did so by the date required, despite many negative predictions.
“Revenue is up by 12% and our strong balance sheet, together with investment in people, practices and technology, puts Tenet in a strong post-RDR market position in 2013.”