- Gross inflows up by 12% to £1.9bn
- Assets under administration increased 27% to £8bn
- Turnover increased to £23.6m, an increase of 26%
- 67% jump in operating profit to £2.5m
- Major upgrade to core platform technology complete
Nucleus, the adviser-built wrap, has announced its financial results for the year ended 31 December 2014.
Inflows for the full year totalled £1.9bn, up 12% from the same period in 2014 (£1.7bn) and end of year assets under administration reached £8bn (now £8.9bn), up 27% from the same period in 2013 (£6.3bn).
The growth in assets boosted turnover by 26% to £23.6m, and combined with cost growth held at 22%, operating profits climbed by 67% to £2.5m.
The business looks after the clients of over 800 adviser firms in total, adding 74 firms during 2014.
Doug Heron, Nucleus chief financial officer, comments:
“By any measure, these are an impressive set of results for a business operating in a growth phase. Better yet, beneath the numbers is a compelling story of investment and strengthening, including our upgrade to the most modern platform technology available, that sees our business enter 2015 in fantastic shape.
“The new opportunities created by this month’s retirement reforms and RDR continue to benefit advisers and their clients alike and we are pleased to continue developing our position as a credible market participant.”
David Ferguson, Nucleus founder and CEO, comments:
“Our full year results represent further solid financial progress. Having been derided by legacy players for not having deep enough pockets, it’s now moderately pleasurable to feel them getting a little heavier every month.
“Our collaboration with forward-looking advisers is gaining ever-more traction and shows what can be achieved by a small team which always puts the customer centre stage.
“We are now operating with a stronger team than ever before, with leading-edge technology and pretty unimaginable opportunities to grow the business over the coming years. Bring it on!”