Strong performance for Towry in 2012
02 Apr, 2013
Towry, the Wealth Adviser, has announced its results for 2012.
The highlights for the year to 31 December 2012 include:
- 20% increase in EBITDA to a record £23.5million (2011: £19.6 million)
- an increase in operating profit to £11.8 million (2011: £10.2 million profit)
- 6.5% increase in discretionary assets under management to £4.8 billion (2011: £4.5 billion)
- £35m new equity raised in December 2012 to provide additional funding for the company’s strategy
Towry has continued to deliver growth in spite of continued tough market conditions, with EBITDA and assets under management increasing for the fifth consecutive year. Revenues in 2012 totalled £83m, with the proportion of recurring income rising to 86 per cent.
Further growth is planned for 2013, both organically and through the acquisition of smaller financial advice firms. The raising of £35m of new equity in December 2012 means that Towry is well placed to execute its strategy. Towry recently concluded a deal with Norscot Financial Services (NFS) and George Square Fund Managers (GSFM). David Mills and his team from NFS and GSFM will be joining Towry’s Glasgow office in April.
Andrew Fisher (pictured), Chief Executive, commented: “2012 was another successful year for Towry, with record EBITDA driven by increasing assets under management and tight cost controls. Our business has grown significantly over the last few years and we will achieve further growth in 2013 through acquisition and the recruitment of individual advisers. We have the funds available to us and we are well placed to take advantage of the post-RDR market opportunities.
We are also continuing to invest in our business to ensure we deliver an outstanding service to our clients. Our recent investment in a new CRM system and financial planning software will enhance the firm’s operating model, help us provide exceptional client outcomes and manage business risk.
Training and development remains at the heart of our employee proposition. Over 60% of our wealth advisers and nearly 40% of our wealth planners gained chartered financial planner status by the end of 2012, and the achievement of chartered status remains a goal for all of our advisers.
As a company, we retain our ambition and conviction of becoming the leading wealth advice firm in the UK.”