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True Potential reports strong growth for financial year

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Financial and technology services group True Potential has grown turnover by 43 per cent to GBP99 million and profits are up by 61 per cent, its latest annual results show.

The Newcastle-upon-Tyne-based business, which employs over 250 people, saw annual turnover climb to GBP99 million in the year ended 31 December 2017, up from GBP69 million in 2016 and GBP56.7 million in 2015. The company’s profits also rose from GBP15 million to GBP24 million during the year.
 
Twenty per cent of UK financial advisers use True Potential’s technology, with over two million clients in total. 2017 saw assets on the firm’s in-house investment platform increase by 40 per cent, now standing at over GBP7 billion.
 
Meanwhile, True Potential Investor, the group’s online investment site, is used by consumers where they choose to save into pensions and ISAs directly, without going through a financial adviser.
 
Across all channels, True Potential has over GBP52 billion of client assets under its administration.
 
David Harrison, Managing Partner at True Potential, says: “Last year turned out to be a remarkable one for True Potential. When we published our last set of results, I said that the future looks particularly bright. That proved to be something of an understatement. 2017 was judged by us to be a good year for the UK. Of course, some business commentators would disagree, but frankly I fail to understand what they are judging the UK against. I see confidence, determination and opportunity everywhere I look, so this is a great time to be in business if your proposition is right.”
 
“In 2017, True Potential hit its 10th anniversary. Along with these results, being named European Business of the Year was another major highlight. Our main focus continues to be constructing a service where customers can invest and manage their money, all within the True Potential Group. The efficiency this brings means much lower costs to the client, with hugely increased diversity of holdings to avoid the risk of having all eggs in one basket. In 2018 we have plans to go much further.” 

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