Hornbuckle Mitchell posts 21% earnings growth for 2012

Carmen Reichman
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Hornbuckle Mitchell has posted a 5% revenue increase and 21% growth in year-on-year earnings for 2012, announced less than a month after the firm sold a controlling stake to two private investors.

The self-invested pensions provider (SIPP) provider announced on Tuesday that its revenues for 2012 reached £12.1m and generated earnings before exceptionals and structural investments of £1.7m on assets under administration of more than £4bn. The firm's pre-tax profits were just £630,000. It said this was due to heavy investment in technology systems and IT infrastructure.  The firm formally concluded the sale of a 60% controlling stake in the business to two private investors last Friday, which also saw Richard Wohanka become non-executive chairman, and Phil Smith chief executive of...

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