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Openwork triples operating profit to £5m

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  • 24/07/2015
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Openwork triples operating profit to £5m
Openwork has driven its operating profit to more than £5m in 2014 and plenty more since, with renegotiated mortgage lender contracts, a management restructure and the exit of the network’s CEO, Mary-Anne McIntyre in March.

The group made an operating profit of £5.5m in 2014, an increase of more than 230% on 2013 when it posted a profit of £1.7m.

The figures show three consecutive years of profitability after making significant losses in the years following its inception in 2005.

Openwork, which grew its revenue by more than 5% last year, finalised a deal to take on hundreds of protection advisers from MetLife, which lifted its adviser numbers to around 3,000.

Openwork also moved into new offices in both London and Swindon in 2014.

Openwork CEO Mark Duckworth said: “That we are able to announce a dramatic rise in operating profit for 2014 is testament to both the strength of our enhanced proposition and the hard work our advisers have put in across all areas of financial advice.

“2014 was a milestone year for Openwork in a number of important ways. We strengthened our commitment to closing the protection gap with the acquisition of more than 700 specialist advisers, and saw around £1bn of new assets flow into our investment company Omnis.”

In June this year, Openwork divided its distribution business into three specialist wealth, mortgage and protection units and assigned a director to each division.

Openwork Limited is a directly authorised, multi-panel distribution network with around 3,000 financial advisers operating across the UK.

In the mortgage sector Openwork operates a two-tier panel of over 30 lenders for mortgages and is among the top three networks for almost all the major mortgage providers.

The Openwork Group is owned – via ordinary shares – by its advisers with a 67.5% share, 7.5% by its employees and 25% by Zurich Financial Services Group.

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