B-A sees profits soar six-fold

IFA network Burns-Anderson says profits are sharply up for the last financial year and says it hopes to further extend as a network over 2006 to 2007.

B-A’s turnover has risen by 19% – the first significant increase in five years – and profit before tax has increased six-fold to 326,000. Commission income for the network’s member firms has increased by almost 20%, capital adequacy position has improved by nearly 150,000 and cash held has increased by nearly 10% to 4.3m.

B-A says these results come against a backdrop of failing or loss-making competitor firms and proves that networks that are properly managed will continue to meet the needs of advisers.

BA chief executive Mike Hughes says: “We have achieved these excellent results by focussing our efforts in the areas that deliver the best returns.

“This has included investing in and growing the number of advisers and investing time and effort in helping existing firms grow their businesses.

“Our aim in 2006 is to build on the success of 2005 and make us attractive to new investors. This will provide an ultimate return to our existing shareholders. With this in mind, we are actively seeking new investors to accelerate our aggressive growth plans.”