AWD Chase de Vere has reported reduced earnings for Q1, blaming the increasing cost of regulation.
The company saw its turnover in the UK increase by 12.7% on the same period in 2010 to £10.5m. However, its earnings before interest and tax (EBIT) were down from £1.2m to £1m, largely as a result of the FSCS interim levy. The figures were revealed in parent company AWD Holding's results, which show overall EBIT of €9.5m, down from €9.8m, and turnover of €135.1m, up from €134m. The parent company expressed satisfaction with its UK arm's results, describing them as ‘pleasant'. Stephen Kavanagh, chief executive of AWD Chase de Vere, said: "These results are a pleasing reflection o...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes