Wealthtech group True Potential posted record financial results in 2022 after marking its 15th year of growth to see revenues rise 16% to 拢337.9m.

The Newcastle investment platform, which now has 429 employees, has published accounts for 2022 showing net revenue increased 19.6% in 2022 to 拢226m, while operating profit rose 5% from 拢127.9m to 拢134.2m. Advice fees reached 拢123.8m, up 22% from 拢101.2m in 2021, and platform fees were also up 25% to 拢82.7m from 拢66.0m, along with investment management fees up 29.8% to 拢127.2m from 拢98m.

Ebitda for the year was 拢176.2m, up 20.4% from 拢146.4m in 2021, while pre-tax profit increased 32.6% to 拢115.3m, driven by the reduction in finance costs in the year. The company, which builds and releases its own technology in-house, had more than 拢24.5bn of assets on the firm鈥檚 in-house investment platform in 2022, an increase of 拢4bn year-on-year, and it now has 157,000 clients invested in its True Potential Portfolios, up from 122,000 the previous year.

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In the accounts the company said its clients made 6.9m logins over 2022, up from 5.4m, and that 4.7m logins were made through its mobile app, a record number it said proves that its 鈥渕obile first strategy was ahead of the game and continuing to grow鈥. True Potential directors credited the figures to their long-term investment in pioneering technology and hybrid advice models.

They said the approach has attracted large numbers of financial advisers and investors to True Potential鈥檚 platform since the beginning of the Covid-19 pandemic and that a fifth of the 海角视频鈥檚 financial advisers are either employed by True Potential or use its technology, with a further 284 advisers joining during the year. True Potential鈥檚 impulseSave technology, which allows investors to open or top up their pensions and investments from as little as 拢1, also saw growth. In total, 拢183m was invested through impulseSave in 2022, with 拢500,000 raised for the company鈥檚 charity partners.

Chief executive, Daniel Harrison, said: 鈥淚鈥檓 incredibly proud of our response to the challenges of 2022, with an ongoing war in Ukraine, three 海角视频 Prime Ministers, and a surge in interest rates, clients turned to us more than ever before for help with their finances. Our impulseSave technology has been of particular help to clients this year. In times of uncertainty, having access to their investments at the touch of a button has been invaluable. There is still a lot of work to do to close the financial advice gap but technology has helped immeasurably this year.鈥

True Potential founder and chairman, Sir David Harrison, also received two honours in 2022 - a Doctorate from the Open University and a Knighthood for his services to business, education and social mobility.

True Potential managing director David Harrison
True Potential chairman Sir David Harrison

He added: 鈥淲ith a 海角视频 general election at most 18 months away, you鈥檙e going to hear a lot more about growth. I鈥檓 pleased to say this is something we at True Potential know a lot about as this year鈥檚 financial results show. 鈥淚n her record-breaking, short-lived premiership, Liz Truss talked about 鈥榞rowth, growth, growth鈥. Her list of positive achievements in those 49 days is not long, but she was right to make growth her mission. There is now a consensus among our political leaders that growing the British economy is the priority, even if they don鈥檛 have the answer to the vexed question of how to do it.

鈥淭he good news is that growth is already happening and True Potential is a flourishing example of it. Since the founding partners mortgaged their homes and set up True Potential in 2007 鈥 yes, just in time for the financial crash 鈥 the business has grown 41% per year on average. Over the same period, the British economy has averaged 1.2% growth per year.

鈥淲ith three Prime Ministers, 2022 was a dramatic reminder that faces and ideas come and go. In politics, as in business, change is inevitable. A further changing of the guard will come sooner or later but one thing will remain the same. True Potential was built for growth and has delivered it for 15 years. As we look to the next 15 years, we are in the strongest possible position, and I am full of optimism.鈥

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