Cofunds profits slump 15%

Cofunds has reported an annual profit fall of 15% for 2012, despite increasing turnover and assets under administration (AUA).

Pre-tax profits at the platform fell from £5.9m to £5m, a drop of 15%, with the firm pointing to "challenging" competition from new and existing players. Pre-tax profits before long-term costs fell from £7.7m to £5.8m. "In trading terms, 2012 saw a continuation of difficult economic conditions, however despite this by the end of the year assets under administration had risen," the directors said in their annual report. AUA rose from £35.8bn to £47.6bn by the end of 2012, as the platform signed up a number of new clients including Charles Stanley. Turnover also increased, from £70m ...