Financial advisory group Fairstone has reported significant growth that has seen revenues top £125m.
The Sunderland-based firm has published its annual report for 2023 in which its consolidated income rose from £95.9m a year earlier to £126.8m. Gross profit also increased to stand at £50.5m while adjusted Ebitda came in at £15.9m.
The company - which has grown over recent years by acquiring a number of smaller financial advisory firms around the 海角视频 - said its success came despite a challenging market. Fairstone said it had more than £17bn in Funds Under Management and had achieved strong growth across areas including client numbers, recurring income, gross margin and profit.
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CEO Lee Hartley said: “2023 was a year defined by evolving market conditions and a strategic shift in our plans.
“The financial landscape remained challenging, with inflation, rising interest rates and geopolitical instability impacting global economies. Despite these headwinds, I am proud to say that our business was robust enough to not only weather the storm, but to thrive.
“The year saw client numbers reach 109,000 across our mortgage and wealth services, with funds under management exceeding £16bn for the first time and mortgage lending reaching £1.9bn. This was accompanied by a 32% growth in revenue run rate, which was underpinned by an impressive 94% in repeat income - a testament to the long-lasting relationships we have with our clients.
“Over the course of 2023, we continued to harness the best talent in our industry, growing our number of advisers to 530 and welcoming 181 new hires into the business. Further investment in professional development saw our graduate programme double in scale and the number of colleagues on the chartered pathway reach 80. This growth stands us in good stead for the implementation of the next phase of our strategy.”
In its report, Fairstone said it be focussed on strengthening its core operations to enhance advisory services and investing in technology to improve both operational efficiency and client experience. It was also planning to expand its Mineral service, a remote advisory platform designed for clients with less complex financial needs.
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The company also said that it was developing its “hub” strategy, which aims to create operational centres within an hour’s reach of 95% of the population in the areas it serves. Over the past 18 months, Fairstone has launched new hubs in Farnborough, the North West and the North East.
Chairman David Hickey said: “As we continue to grow, we will maintain our culture of fairness and trust in every client interaction. We believe that by nurturing these values, Fairstone will not only adapt to current market challenges but thrive in the years ahead.”