Tenet Shows Steady Growth
Leeds-based adviser support group Tenet has increased its headline turnover by 9% to £136m. Earnings (EBITDA) were up 15% to £1.5m and net profit was up 35% at £472,000.
Tenet said that its non-investment network recorded a 48% increase in turnover and 105% increase in earnings. This was supported by a successful embedding of the Mortgage Market Review and continued strong growth in the mortgage market. The group’s investment network, TenetConnect, increased the number of its registered individuals by 5%.
The group also said that it had continued to invest substantively in its proposition and systems. Some £1.7m has been spent on fixed assets, including a significant investment in a new version of its technology platform, Tenet Advantage.
The group balance sheet shows £22.3m of cash, no external debt and £29.5m of net assets.
Tenet Group CEO Martin Greenwood (pictured above) said: “We have been pleased to deliver on our financial plan in our latest results, especially in a year that has seen us upscale support for pension freedoms and invest in improved systems for our members. Our on-going financial stability ensures that we are well positioned to capitalise on any opportunities that may arise from the Financial Advice Market Review and enhance our market position.
“Above all, our results, market position and success are made possible by the dedication and commitment of the people who make up the Tenet Group and to them, we say a heartfelt ‘thank you’.”