Mortgage News
PTFS profits grow, as parent reveals loss
Parent Touch Holdings, the parent company of Personal Touch Financial Services (PTFS), has reported a pre-tax loss of £3.3m for 2009.
Parent Touch Holdings, which incorporates Personal Touch Surveying and Personal Touch Debt Solutions, also reported a £4.1m loss for 2008.
In contrast, PTFS increased its pre-tax profit by 4% to £2.6m for the year to 31 December 2009.
Dev Malle, sales and marketing director for PTFS, said: “The loss at group level has been the result of market conditions and bad debt. However, our 2009 loss is much lower than our 2008 loss, therefore we are making a gradual recovery.”
Throughout the year, PTFS has recorded an upsurge in its profits, despite a drop in turnover of around 14% to £63.5m in the year – caused in part by advisers opting to leave the industry.
The company’s growth probability also increased by 5% last August, compared to the year before.
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Malle said: “We have made strategic changes over the last 12 months and will continue to do so for the remainder of the year. We have already been looking ahead to invest in our growth plans by recruiting in key departments from marketing and sales, human resources and at director board level.”
He added: “We are optimistic that the market is going to consolidate further. An acquisition is also possible, but only if it does not infringe in quality.”