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Tenet's profits soar 24%
In its annual results for the year ending 30th September 2016, the group revealed net profits had climbed 24% to £584,000 and headline turnover had grown 13% to £154m.
This growth extended to some of the group’s three key support propositions, with turnover at non-investment network TenetLime increasing by 33% to £40.4m and a 10% surge in the number of firms serviced by its directly authorised service TenetSelect.
Turnover at investment network TenetConnect remained strong at £111m.
Martin Greenwood, chief executive at Tenet Group (pictured above), said: “During a year of political surprises, uncertainty around MiFID [Markets in Financial Instruments Directive] II and changes within regulatory capital rules, we have been very pleased to deliver ahead of our financial plan.”
Tenet used last year to invest substantially in its IT infrastructure, with £1.3m spent on fixed assets.
The group has £22.7m of cash on its balance sheet, with no external debt and £30.1m of net assets.
Martin added: “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.”
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