Personal Touch Financial Services reports £2.3m pre-tax profit

Personal Touch Financial Services has reported a pre-tax profit of £2.3m for 2010, compared with £2.6m in 2009.

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The network saw a turnover of £60m and says it has strengthened its net assets by more than 25% and its cash position by over 50%.

It says it is now the second biggest network in the UK based on the Financial Services Authority tables.

The company’s net assets stand at £12.4m, up from £9.9m in 2009, with £3.8m cash reserves, up from £2.5m in 2009.

Doug Crawford, chief executive officer of PTFS, says: “We continue to improve our financial results and believe we are well placed to manage our principal risks successfully despite the current uncertain economic outlook.

“Plus the strength of our net assets and cash position not only give confidence to existing members, but also enable us to be acquisitive in a consolidating market.”

Personal Touch Holdings – which incorporates a number of other financial services related businesses – recorded a turnover of £62.3m, compared with £65.6m in 2009, with operating losses reduced by 52% to £1.1m, compared to £2.3m in 2009.

Crawford adds: “In the last 18 months, a significant investment has been made in the board; in the senior management team; in new regional sales managers; and in a number of key strategic projects to continue the business transformation.

“We are well prepared for the FSA Retail Distribution Review, with a number of proposition launches supporting our members to deliver trusted advice on retirement and investment planning.

“The market challenges remain, but I know that the Personal Touch Community is well placed for the future. And I’m extremely confident that we will record an even stronger performance throughout the group for 2011.”