FD Group releases 2013 financial results

Foster Denovo Group plc, the parent company of national financial advisory business Foster Denovo Limited and fund management company Sequel Investments Limited, today announces its audited financial results for 2013.

Foster Denovo has recorded a pre-tax profit of £246,000 for the year to 31 December 2013, down from £1.3m the previous year.

Turnover increased by 15 per cent year-on-year, from £21.7m to £25m, while the cost of sales rose 20 per cent, from £11m to £13.2m.

Administrative expenses also increased 23 per cent, from £9.4m to £11.6m. Total provision for liabilities and charges stands at £3.7m, up from £3.3m. It includes £2m for complaints provison, unchanged year on year, which the firm expects to recover from PI insurance with excesses being recovered from advisers.

The business says it spent £295,000 on costs relating to transitioning Sequel Investments to a new OEIC structure. The firm acquired the Host Capital Caerus investment OEIC from Caerus Portfolio Management in October 2013, adding the assets to investment subsidiary Sequel.

Roger Brosch, CEO, said: “I am pleased to report that underlying trading remains strong. The industry has gone through real transition, and we have invested heavily during this period. We look forward to continuing to progress the business during 2014 and beyond.”

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