Tenet’s latest annual report and accounts will be available at companies house this week.
For the 12 months to 30 September 2016, headline turnover increased by 13% to £154m with earnings of £1.5m, resulting in a 24% increase to the group’s net profit of £584,000.
The report and accounts show that within their three key support propositions, TenetLime, the group’s non-investment network, increased turnover by 33% to £40.4m, Tenet’s investment network, TenetConnect, held strong turnover at £111m and its directly authorised proposition, TenetSelect, grew the number of firms serviced by 10%.
They also show that the group continues to invest substantively in its IT infrastructure, with £1.3m spent on fixed assets, whilst retaining a robust balance sheet, with £22.7m of cash, no external debt and £30.1m of net assets.
Tenet Group chief executive Martin Greenwood said: “During a year of political surprises, uncertainty around MiFID II and changes within regulatory capital rules, we have been very pleased to deliver ahead of our financial plan.
We’ve now posted our fourth consecutive year of profit growth and are continuing to invest in the future, supporting advisers to choose the right advice model and regulatory status for them and their clients.”
