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Intrinsic posts profit of £24.3m for 2012

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  • 08/05/2013
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Intrinsic posts profit of £24.3m for 2012
Intrinsic Financial Services, has reported a pre-tax profit of £24.3m although this figure is skewed by the waiver of preference share dividends and the cancellation of Lloyds preference shares.

The preference share dividends were worth £16.8m and  charged to earlier years under the requirements of International Accounting Standards.

The Lloyds preference shares were worth £3.4m.

The Earnings Before Income Tax Depreciation and Amortisation (EBITDA) profit for the group was £5.2m up 63% on the 2011 figure of £3.2m.

The number of advisers within the group increased from 1,666 to 2,035, a 20% boost, during 2012.

Turnover increased from £98m to £121m, and funds under management in the group’s Cirilium funds increased by 23% to £870m.

Intrinsic CEO, Richard Freeman, said: “The precise impact of RDR remains uncertain and we continue to monitor our progress closely. However, we have started 2013 very brightly with turnover levels well ahead of the same period last year. We remain extremely confident that our business will continue to succeed.”

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