Alliance Trust Savings returns to profitability
Published: 24 March 2017
We are pleased to announce that for the year ending 31 December 2016 we have delivered a profit on continuing business before non-recurring expenses of £1.242m. Operating income also grew 57.9% to £21,627k. These positive results have been driven by the acquisition of the Stocktrade business and organic growth from both the direct and intermediary channels.
2016 was a busy year for Alliance Trust Savings. We established ourselves as a standalone business with our own Board while strengthening our Executive team, all of which has allowed us to focus on delivering our strategic business plan to grow the business while providing valued products and services to customers.
As a result, assets under administration increased considerably, up 60% year on year, finishing at £13.6bn and we added 31% more customer accounts taking the total number to 110,000.
Alliance Trust Savings key figures (for the year ended 31 December 2016)
|Profit / (loss) on continuing business before non-recurring expenses (£m)||1.242||(3.153)||-|
|Profit / (loss) before tax (£m)||1.174||(5.227)||-|
|Assets under administration (£bn)||13.6||8.5||+60%|
Patrick Mill, our Chief Executive, said: “We have a number of strengths in the platform market including one of the broadest investment ranges, a banking licence, the backing of a strong parent, independent of banks and life company product providers and a diversity of distribution channels incorporating direct, intermediary and partnerships. And, with our simple flat fee structure we are the truly fair option for customers.”
Thank you to all our customers for your business and we look forward to building on this momentum in 2017.