Foster Denovo 2019 results show continued growth
Our parent company Foster Denovo Limited, and fund management company Sequel Investments Limited, announces its audited financial results for 2019.
- Group revenues of £21.2m, representing growth of 8.2% year on year;
- Gross margin improved to 50.3% from 48.6%;
- Sequel assets under management grows to £621 million with OEIC funds growing 14%; and
- Two acquisitions completed with further announcements planned.
The Group has reported increased revenues of £21.2m, representing growth of 8.2% year on year and the third consecutive year of continued growth. The increased performance reflects the firms continued investment into its proposition and people, exemplified by the launch of its own proprietary investment platform Clearview and, most recently, its Dynamic Portfolios range.
Revenues of Sequel grew by 13%, with funds under management growing to £621m, representing 14% growth in the OEIC funds year on year.
Foster Denovo Group made two acquisitions in 2019, the UK wealth division of London and Capital Asset Management Limited and Orchard Wealth Cultivation Limited. These deals represent the continuation of the Group’s acquisition drive and growth journey.
Amidst this period of significant investment, EBITDA remained steady at £0.3m while the Group saw its gross profit margin improve by almost 2%, growing from 48.6% to 50.3%.
Recruitment also remained strong, with the firm adding seven new Partners (financial advisers) across the business.
Find out more and read the full press release here.