Whitechurch posts £120k profit but makes £1m provision

The Whitechurch network posted pre-tax profits to £120,000 in 2012 while making a £1m provision for complaints redress.

The firm doubled the £60,000 pre-tax profit it posted for 2011 while seeing revenues increase 6 per cent to £12.3m from £11.6m the previous 12 months.

Administrative expenses fell 9 per cent to £1m from £1.13m in 2011. Wages and salary costs fell 33 per cent to £430,000 from £579,000.

The average number of office staff employed fell 25 per cent from 20 to 15.

The On-Line Partnership Group, which owns the In-Partnership network, acquired Whitechurch in May last year.

A statement in the firm’s accounts says: “Despite the subdued prevailing economic outlook and the disturbance caused by the RDR, the directors believe that the business is well, placed to improve its contribution to group profitability in 2013 and meet new challenges as they arise.”