Openwork reports record profits

We have reported record profits and a sixth consecutive year of profit growth. Profit before tax for the year ending 31 December 2017 was £19.1m, with a solid improvement on other key performance measures.

  • The volume of mortgage lending increased 21.6% in the year to £13.5bn 
  • Assets on the platform increased 35% in the year to £6.2bn 
  • Omnis assets under management grew by £1.6bn, exceeding £5.6bn
  • Recurring & repeatable income grew 35% to £173.5m, representing 49% of total

Adviser numbers grew by 400 in 2017 to finish the year at 3,603 and the number of staff supporting these advisers increased from 438 to 481.

Commenting on the results, our CEO Mark Duckworth said:

“I would like to thank everyone who has helped make 2017 a record year for Openwork, especially our dedicated advisers, staff and management.

“Openwork has a clear offering – providing holistic financial planning to clients throughout their lives via our wealth, mortgage and protection channels, as well as our subsidiary fund management and platform propositions.”

Looking to 2018 and beyond, Mark continued:

“In April 2018, we became an independent business owned by our partners and staff, and the building blocks of our company have been constructed and implemented over recent years. This vertically integrated model gives Openwork a strong base from which to drive sustainable consistent growth over the coming years. We will continue to enhance our client proposition and business structure to meet evolving financial needs.

“It remains the case that, in overall terms, the UK population is under served for financial advice. The UK has an ageing population who are increasingly being asked to make provision for their own financial security and requirements. This shift to personal responsibility, coupled with a complex set of choices and rules for individuals and families, inevitably leads to an increased demand for more financial advice. Openwork is ideally placed to support that need.”

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