Personal Touch reports £2.3m profit

The financial products distributor recorded a pre-tax profit of £2.3m on a turnover of £60m, while strengthening its net assets by more than 25 per cent, and its cash position by over 50 per cent.

Personal Touch Financial Services is now the second biggest network in the UK based on FSA tables, with members servicing over a million clients.

The company’s net assets stand at £12.4m, up from £9.9m in 2009, with £3.8m cash reserves, up from £2.5m in 2009.

These results demonstrate that the company is reaping the benefits of the strategic changes it made during 2010, plus the strength of its commitment to its thriving member community.

Doug Crawford, Chief Executive Officer, said:

“We continue to improve our financial results and believe we are well placed to manage our principal risks successfully despite the current uncertain economic outlook.
Plus the strength of our net assets and cash position not only give confidence to existing members, but also enable us to be acquisitive in a consolidating market.”

At group level, the holding company – Personal Touch Holdings – reduced its operating losses by an impressive 52 per cent to record a loss of just 1.7 per cent of group turnover.

Personal Touch Holdings – which incorporates a number of other financial services related businesses – recorded a turnover of £62.3m (£65.6m in 2009) with operating losses reduced by 52 per cent to £1.1m (£2.3m in 2009).

Doug Crawford added:

“In the last 18 months, a significant investment has been made in the board; in the senior management team; in new regional sales managers; and in a number of key strategic projects to continue the business transformation.

"We are well prepared for the FSA Retail Distribution Review, with a number of proposition launches supporting our members to deliver trusted advice on retirement and investment planning.

"The market challenges remain, but I know that the Personal Touch Community is well placed for the future. And I’m extremely confident that we will record an even stronger performance throughout the group for 2011.”