Tenet has reported a 6% increase in headline turnover to £125.2m and a 32% increase in (EBITDA) earnings to £1.3m in its annual report and accounts for the 12 months to 30 September 2014.
This led to a 16% rise to the group’s net profit to £350,000.
Increased turnover figures within Tenet’s networks was behind the rise. Its largest brand, investment network TenetConnect, saw a 9% increase, benefitting from the investment in getting firms well prepared for a post-RDR world. Tenet’s non-investment network, TenetLime, enjoyed a 42% increase in turnover supported by an improving mortgage market.
Meanwhile, the group has £21.7m cash in the bank and £28.9m net assets, with no external debt.
Martin Greenwood, Tenet Group chief executive, said: “Our latest results reflect a positive transition in a financial year that saw the introduction of the Mortgage Market Review and the embedding of the Retail Distribution Review regime. At a time when many networks are becoming restricted, Tenet continues to support independence, as well as firms who chose to operate a restricted or hybrid model.
“Our on-going financial stability leaves us very well positioned to support our members to take full advantage of the opportunities in the year ahead, including ensuring that end customers get the best outcome in relation to the planned changes to the liberalisation of pensions.”
