Foster Denovo increases pre-tax profit by 70%

Nicola Brittain
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Foster Denovo has posted pre-tax profit of £947,000 for 2012, an increase of 71% on 2011 when it was £551,975.

The company generated total revenues of £20,849,040 (compared with £18,162,569 in 2011). It also improved productivity of individual advisers by 16.84% to £242,000 (from £208,000 last year). Despite launching a campaign to recruit advisers in October, the company had 87 financial advisers at the end of the year - the same number as it had at the beginning of the year. A director's note released with the results stated: "The directors continue to expect the future financial advice market to move towards increased consolidation. "This will be driven by the impact of regulatory cha...

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