We are delighted to report a significant rise in turnover and profits for the first half of 2014. This has been an exciting year to date for True Potential and we’re ready to work hard for another six months of growth.
With these results, the True Potential group (True Potential Investments, True Potential Wealth Management, True Potential Associate Partners and True Potential Adviser Services) remains one of the fastest-growing technology and financial services companies in the UK.
Group turnover increased to £20.8m in the first half of 2014, a rise of 87% against the same period in 2013. From January to June 2014, the group delivered a pre-tax profit of £4.9m, a 104% increase on the first half of 2013.
2014 has been an important year for True Potential. We have launched our first-of-a-kind impulseSave® technology, which allows savers to make top-ups of just £1 in to their investments. This is available to all our Wealth Platform clients and has proven to be a popular choice for those wishing to invest smaller amounts toward their goal, whenever and wherever they choose. We think this True Potential innovation has the potential to change the UK’s habits from impulse spending to impulse saving.
We also included impulseSave® when we launched our self-directed investment service, True Potential Investor. Available online and via mobile apps, it is a great way for savers to take control of their finances and change the way they save.
In 2014, we also enhanced our Wealth Platform with a no-fee pension, income strategy funds from Threadneedle and a True Potential exclusive income strategy fund from Goldman Sachs Asset Management.
As True Potential grows, we have been able to make a number of senior appointments in 2014. These include Laurie Edmans CBE as Non-Executive Director, Sheridan Davy as Head of Risk and Compliance, Colin Beveridge as Chief Investment Officer and Emma Napier as Head of Distribution.
While we are happy to share these half-year results, we will be working hard in the second half of 2014. There are more exciting developments ahead as we continue to expand True Potential.