Record flows helped platform Novia’s profits increase by 110% for its year ending 31 December 2017.
Profit after tax the platform was at £2.7 million, up from £1.3 million in 2016.
This rise in earnings was boosted by ‘record’ flows onto the platform with new business of £1.2 billion, a rise of 29% from the previous year. Total assets under administration now sit at £5.8 billion.
Bill Vasilieff (pictured), Novia’s chief executive, said this rise in flows was helped by ‘a buoyant market for pension transfers’.
‘This, in conjunction with our market leading system functionality and strong technology proposition provided by GBST as well as our controlled cost base and first class service proposition has helped us to build a profitable, sustainable platform which continues to meet the needs of our clients,’ Vasilieff said.
He added Novia is implementing a new account management team going forward for advisers.
‘Our absolute commitment to providing advisers with the tools and services required to support their clients in an ever changing regulatory landscape remains our priority. We look forward to growing the business organically and the implementation of our new account management team continues to support our quality service proposition,’ he said.
The platform is also planning on building a new external website for advisers and their clients in Q3 2018.