The company’s latest financial results, published today for the year ending December 2011, reveal gross profits stood at £9.8m with profits after tax of £1.6m. This latest figure is down from the £2.6m taken in profits on ordinary activities after taxation in 2010.
PTFS chief executive officer Max Wright says: “Since December 2011 we have had to make some brave decisions, such as increasing charges for members for the first time in three years – and it is only as a result of this that we will be able to move forward more rapidly and deliver better results for the future.
“As part of our Vision 2013 strategy further efficiencies will be made to ensure we have a lean and streamlined business for the new regulatory regime. Our new board is hard at work focusing on ensuring members are given maximum support at a difficult time for many firms and indeed for their clients – as economic problems continue to cause hardship”.
The group’s net assets grew from £12.4m in 2010 to reach £14.1m in 2011.
Annual turnover for the year was £56.1m, down from £59.9m in 2010. The gross profit margin of the company increased from 16 per cent to 17 per cent over 2011 but gains were offset by increased administrative expenses.
The company finished the year cash positive with reserves of £2.3m, down from £3.8m in 2010.
Chadney Bulgin mortgage partner Jonathan Clark says: “It has been a tough year for everyone. These results are to be expected considering the very harsh trading conditions we have seen over the past couple of years. PTFS is a big outfit and some of these companies have big fixed overheads and are finding it very hard to shave off costs.”