Novia sees profits jump 22% as assets surge

Platform Novia has seen its profits before tax jump by more than a fifth in 2012, after assets climbed sharply to rise above £1.4bn.

The platform, headed by chief executive Bill Vasilieff (pictured), reported profits before tax hit £1.05m in the full year to the end of 2012, up from £858,000 last year. Revenues at the platform climbed from £8.94m to £10.3m year on year. A lower tax bill in 2012 meant profits after tax were up sharply - rising 37% to £771,320. The platform is one of the younger players in the platform space but has quickly cemented its position among advisers. Assets under administration have climbed in the last few years, and in 2012 they jumped again. Submitted business of £572m was up 22...