Fairstone Group, a chartered financial planning firm, has reported annualised revenues for the group (incorporating Q3 results) of £50 million for the six months to 30 June 2017. It added that it expects full-year 2017 EBITDA to be more than £2 million.
The firm said that it has delivered "strong performance" across all areas of the business with both advisory and investment management divisions operating profitably, without any cross-subsidisation.
Compared with 2016, first half revenue grew 49 percent, represented by an increase in turnover of £13.9 million. EBITDA improved by £1.2 million year on year.
Lee Hartley, chief executive, said: “The growth once again is largely achieved by significant traction in our proprietary Downstream Buy Out (DBO) program, with a series of deals with partner firms completed within this reporting period. The DBO proposition continues to gain in popularity, particularly amongst target firms who place significant importance on ensuring that positive customer outcomes are realised as a result of our non-vertically integrated model.”
Fairstone’s DBO acquisition strategy continues to be the focus of the company’s growth plan. In addition to the six DBO deals secured in FY17 so far, a further five are at head of terms. Interest in the proposition remains high with a pipeline of more than 45 potential deals being managed.
Mr Hartley concluded: “Fairstone is exceptionally well placed to take advantage of the recent regulatory changes within the markets in which it operates. This, together with our proven business model and the significant funding we have at our disposal, allows the management team and shareholders to look forward to 2018 and beyond with a high degree of confidence.”