Openwork triples operating profit to £5m

By Mark Duckworth -

We have tripled our operating profit to more than £5m following a strong year in which we continued to grow revenue and enhance our proposition in key areas.

An operating profit of £5.5m in 2014 was an increase of more than 230% on 2013 when we posted a profit of £1.7m. Our performance in 2014 means we have achieved three consecutive years of profitability, after making significant losses in the years following Openwork's inception in 2005.

We also made a number of important strides in 2014. These included finalising a deal to take on hundreds of protection advisers from MetLife, taking the number of advisers in the wider network to around 3,000 while broadening our client proposition in this space.

Our range of multi-asset model portfolios, comprising sector funds managed on a mandate basis by asset managers including Schroders, Jupiter and Threadneedle, attracted nearly £1bn of new investment in the course of 2014 despite only launching in February. The assets in Omnis overall now exceed £2.5bn.

We also moved into new offices in both London and Swindon in 2014 in a clear sign of our long-term commitment to the adviser market.

This dramatic rise in operating profit for 2014 is testament to both the strength of our enhanced proposition and the hard work our advisers have put in across all areas of financial advice. 

With the enhancements we have made to our proposition, we have a fantastic base from which to grow the business while helping our advisers continue to deliver the highest standards of advice to their customers.

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