Fairstone Group, one of the UK’s largest Chartered Financial Planning firms, has reported a 49 per cent increase in revenue for the six months to 30 June 2017 on the back on an increase in turnover of GBP13.9 million.
The company has delivered strong performance across all areas of the business with both advisory and investment management divisions operating profitably, without any cross-subsidisation. Numbers are substantially ahead of the prior year in each channel with annualised revenues for the Group (incorporating Q3 results) currently standing at GBP50 million and a full-year 2017 EBITDA expected to be more than GBP2 million.
EBITDA has improved by GBP1.2 million on the previous financial year, while there has been a 30 per cent growth in recurring income across the group. Recurring income stood at GBP20.6m as at June 2017, representing 47 per cent of turnover.
Funds under management were GBP4.7 billion and funds under advice were GBP7.4 billion.
CEO Lee Hartley says: “The growth once again is largely achieved by significant traction in our proprietary Downstream Buy Out (”DBO”) programme, with a series of deals with partner firms completed within this reporting period. The DBO proposition continues to gain in popularity, particularly amongst target firms who place significant importance on ensuring that positive customer outcomes are realised as a result of our non-vertically integrated model.”