fbpx
Foster Denovo|News & opinion|News|Foster Denovo swings into profit

Foster Denovo swings into profit

Foster Denovo has swung into profit on the back of the growth of its advice business.

The firm has reported earnings before interest, tax, depreciation and amortisation of £148,000 for 2017 compared with a loss of £329,000 for the previous year.

Revenues increased by 9 per cent over year, reaching £18.5m, while Sequel Investments, Foster Denovo’s fund management arm, saw its assets increase by 20 per cent to £448m.

Revenues in the advice arm of the business increased by 7 per cent while revenues in Sequel increased by 36 per cent, leading to profits of £987,000.

Roger Brosch, chief executive of Foster Denovo, said: “We have long believed that investing in our business and our people would help our journey back to profitability.

“2017 was a pivotal year in the group’s journey. We appointed a new chairman and strengthened our leadership team with the appointment of an experienced finance director and a senior M&A specialist.

“Our existing private client Partners increased their productivity significantly, 11 new partners joined the company and we completed on a key acquisition. 2018 is no different and continues to be an exciting time.”

Read the full article on FT Adviser here.

prev
next
Find me an adviser
Start your search
Register

Keep up to date with our latest news

Newsletter sign up

 
 
 
Read our privacy policy, by clicking here.
 
captcha
 
From time to time, we would like to contact you about news, events and other ways we think we can help you. You can unsubscribe from this at any time using the link within your email or by writing to us. Details can be found within our privacy policy. Please be assured that we will not pass your details on to any third parties.
 
 
You can contact me by:
Find me an adviser
accordian map downloadplusminus play-video select-box close downloadmapmapmap mapmapmapselect-boxmap mapvideo arrowarrow arrow