Tenet increases earnings by 13% under shadow of Brexit
Issued: 22 March 2019
During a year defined by further regulatory change including MiFID II, General Data Protection Regulation and uncertainty over Brexit, Tenet Group increased its earnings* by 13% to £2.5m in its annual report and accounts for the twelve months to 30 September 2018. Headline turnover for the year was £167.8m, with profit before tax at £1.6m.
The group’s key support propositions performed well with the group's mortgage network, TenetLime, increasing turnover by 25.6% to £63m and the group’s investment network, TenetConnect, increasing earnings to £0.5m. TenetSelect, the group's directly authorised proposition, increased its profit before tax by £0.1m.
The group’s balance sheet continues to remain extremely robust with £26.1m of cash, no external debt and £31.6m of net assets.
Tenet Group chief executive, Martin Greenwood, comments:
"We are very pleased to have increased our earnings by 13% in a year overshadowed by a challenging market environment. Notably, as a group, we’ve been able to respond to the increasing focus on the suitability of DB pension transfer advice and to maintain a competitive professional indemnity insurance offering in a shrinking market.
Our improved underlying performance for 2018 is a direct result of the hard work and commitment of all our colleagues across the group and our nationwide network of highly qualified financial advisers."
*Earnings before Interest, Tax, Depreciation and Amortisation