- Operating profit of £519k generated in third year
- Business cash positive nine months ahead of schedule
- Profits to be used to accelerate future development and growth
Paradigm Partners, the IFA support services business launched in 2007, has reported an operating profit of £519,000 for the year ending 31st March 2010.
The milestone, which has been reached in only the third year of operation, sees Paradigm become cash-generative nine months ahead of plan and enables the business to enter the next phase of its development ahead of schedule and in a strong financial position.
Paradigm was set-up in 2007 by entrepreneur Paul Hogarth with the aim of creating a community of like-minded IFA firms which could combine their collective expertise and assets for the greater good of each other and their clients. In addition to the core services it offers its 320 member firms the organisation has, over the last two years, also launched a range of other businesses including:
- Paradigm Financial Advisers – an IFA network that has so far attracted over 200 individual advisers
- Prism Capital Management – an investment management company that has already attracted in excess of £68m into its three existing funds
- Paradigm Pensions – a new pensions business aimed at helping advisers make the most of current and future pension legislation.
Commenting on the results Paul Hogarth said: “All businesses have seminal moments and this set of results, in the context of the broader trading environment and the investments we have made into additional business areas, is certainly one of those for Paradigm. To be in the position we are in so soon after launch is a truly exceptional achievement and one of which I am extremely proud. There is, however, still much to be done and all effort and resource will now go into ensuring the business fulfils its considerable ambitions – rising to the many challenges that lie ahead and making the most of the opportunities that present themselves for us and our member firms.”