Tenet Group posts year of further growth
Issued: 13 March 2017
Tenet has posted a year of further growth in its annual report and accounts for the 12 months to 30 September 2016
Headline turnover increased by 13% to £154m with earnings* of £1.5m, resulting in a 24% increase to the group's net profit of £584,000.
Within their three key support propositions, TenetLime, the group's non-investment network, increased turnover by 33% to £40.4m, Tenet's investment network, TenetConnect, held strong turnover at £111m and its directly authorised proposition, TenetSelect, grew the number of firms serviced by 10%.
The group continues to invest substantively in its IT infrastructure, with £1.3m spent on fixed assets, whilst retaining a robust balance sheet, with £22.7m of cash, no external debt and £30.1m of net assets.
Tenet Group chief executive, Martin Greenwood, comments: "During a year of political surprises, uncertainty around MiFID II and changes within regulatory capital rules, we have been very pleased to deliver ahead of our financial plan.
"We've now posted our fourth consecutive year of profit growth and are continuing to invest in the future, supporting advisers to choose the right advice model and regulatory status for them and their clients."
*EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation)