Network Openwork has posted its first ever profit reversing the GBP13 million loss it made in 2011.
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The restricted network, launched in 2005, has announced an unaudited profit of GBP600,000 for 2012 compared to a pre-tax loss of GBP13.3 million it made in 2011.
The loss in 2011 was in part due to GBP7 million of exceptional costs incurred through a restructure of the company which saw it reduce staff numbers, retrain remaining staff for the retail distribution review, and change its infrastructure.
APFA policy director, Chris Hannant, said: "With Openwork joining APFA truly represents all advisers, from individuals to large networks and from independent advisers to restricted ones."
"Given the challenging year ahead for advisers, it’s important that the profession now speaks with one voice in discussions with regulators and politicians," Hannant said.
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By GlobalData
