Sharp rise in profits for Openwork

Sharp rise in profits for Openwork

Openwork has reported that revenue increased from £253.2 million to £283.4 million for the year ended 31 December 2016.

Profit before tax totalled £9.2 million, up from £3.3 million in 2015 and the fifth consecutive year of growth.

At the same time, adviser numbers rose 16% from 2,749 to 3,203.

Mortgage lending reached £11.1 billion – 85% higher than its level four years ago

Assets under management in the Omnis fund management business now exceeds £4 billion and platform assets stand at £4.6 billion.

Meanwhile, recurring income was up 43% to £19.7 million.

Mark Duckworth, CEO, said: “Our 2016 performance was very strong indeed, with results up and targets met across all channels and indicators.

“This is all the more pleasing considering that, as recently as 2011, Openwork posted a loss of £13.3 million. This turnaround is testament to the strength and hard work of our senior management team, staff and growing network of advisers on behalf of consumers.

“We continue our strategy into 2017 with confidence, given our building momentum, as well as the opportunities presented by changes to the tax system, pensions and savings, and the ongoing underservicing of the UK population when it comes to financial advice.

“We are excellently placed as we continue to enhance the service that we provide to advisers and to consumers, as well as further increasing the value of the business.”