Cofunds chief targets profit improvement despite 83% boost in 2014

Scott Sinclair
clock

The chief executive of UK platform giant Cofunds has admitted the business "should be generating more profit" despite an 83% increase in its 2014 pre-tax result, which reversed a multi-year downward trend.

The Legal & General (L&G) owned business, launched in 2001 as a fund supermarket, said it generated pre-tax profits of £7.7m last year, up from £4.2m in 2013. Profit before tax four years ago was £6.8m. Turnover last year was £78.9m, "less than planned", the group said, though, with assets under administration rising from £64.1bn at the end of 2013 to £71.9bn a year later, it added the overall result was "satisfactory given the market conditions experienced during [2014]". CEO David Hobbs said: "There's still much work to be done as we recognise that a business of our scale should ...

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

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Platform due diligence: A comprehensive approach

Platform due diligence: A comprehensive approach

Due diligence is more than best practice it is ‘fundamental'

Stephen Ford
clock 18 November 2024 • 4 min read
Adviser platform net sales hit £3.1bn despite spike in lump sum withdrawals

Adviser platform net sales hit £3.1bn despite spike in lump sum withdrawals

Assets rose to £683bn in best third quarter in three years

Isabel Baxter
clock 15 November 2024 • 4 min read
Schroders UK Platform Awards 2024: Full list of winners revealed!

Schroders UK Platform Awards 2024: Full list of winners revealed!

See who took home a trophy at last night’s ceremony in London

Professional Adviser
clock 25 September 2024 • 1 min read