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

Mixed year for platforms as Budget fuelled investor uncertainty

Mixed year for platforms as Budget fuelled investor uncertainty

Advised platform assets totalled £697bn in 2024

Jenna Brown
clock 30 January 2025 • 2 min read
Quilter tops table as most recommended adviser platform in 2024

Quilter tops table as most recommended adviser platform in 2024

Last year's top ten recommended adviser platforms

Jenna Brown
clock 22 January 2025 • 1 min read
Quilter platform delivers record quarterly net inflows of nearly £2bn

Quilter platform delivers record quarterly net inflows of nearly £2bn

Fourth quarter results from Quilter

Jenna Brown
clock 22 January 2025 • 1 min read