Personal Touch sees profits rise
Solihull-based financial products distributor Personal Touch Financial Services (PTFS) has seen pre-tax profits increase by 4 per cent to £2.6m in the year to 31 December 2009.
PTFS recorded the upsurge despite a drop in turnover of close to 14 per cent to £63.5m in the year, caused in part by a number of advisers opting to exit the industry.
Chief executive Doug Crawford said: “The fact that PTFS is continuing to record profit growth in this market is testament to their ability and dedication to our adviser community. But while this performance is pleasing, it is far more significant that we have achieved this level of growth while retaining our strong cash position.
“We currently have cash reserves of £3.4m and are £4.9m ahead of our minimum capital adequacy requirements. This, coupled with a lack of bank debt, puts us in the enviable position of being protected from unforeseen economic conditions while also being able to react quickly should any acquisition opportunities arise.”
