Group profits before tax rose to £1.3m for the 12 months to last September, up from £978,353 in the previous period. Profits after tax were £350,000.
Turnover was up 6% to £125.2m, driven by better figures from the group’s largest brand investment network TenetConnect, and its mortgage and protection network TenetLime.
TenetConnect saw a 9% increase in turnover, which the group said was due to its investment in getting firms well prepared for a post-Retail Distribution Review (RDR) world.
TenetLime had a 42% increase in turnover as a result of a buoyant mortgage market, the company said.
The group’s balance sheet remains strong with £21.7m cash at bank and £28.9m net assets. It added it has no external debt.
Tenet chief executive Martin Greenwood said:”Our latest results reflect a positive transition in a financial year that saw the introduction of the Mortgage Market Review and the embedding of the RDR regime.
“At a time when many networks are becoming restricted, Tenet continues to support independence, as well as firms who chose to operate a restricted or hybrid model.
“Our on-going financial stability leaves us very well positioned to support our members to take full advantage of the opportunities in the year ahead, including ensuring that end-customers get the best outcome in relation to the planned changes to the liberalisation of pensions.”
