British wealth manager Tilney has reported earnings before interest, tax, depreciation & amortisation (EBITDA) of £64.7m for the year ended 31 December 2016, a surge of 268% compared to £17.6m a year ago.
The firm’s annual revenues stood at £213.1m, a jump of 209% compared to £69m reported a year earlier.
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Assets under management (AUM) totalled £22.4bn at the end of December 2016, a surge of 138% compared £9.4bn in 2015.
The number of advisers increased to 328 at the end of the year, the firm said in a statement.
Tilney CFO Wadham Downing said: “2016 was a record breaking year for Tilney with the landmark acquisitions of Towry and Ingenious Asset Management, and strong investment returns for our clients, propelling our assets under management 138% higher to £22.4 billion. This has had a transformational effect on our turnover and earnings both on a reported and run-rate basis.”
Tilney CEO Peter Hall said: “In addition to the successful delivery and integration of two major acquisitions in 2016, the year also saw an acceleration of organic growth in the original Tilney Bestinvest business. The gross new money per adviser of £10 million demonstrates the strong organic growth achieved at the same time as the Towry and Ingenious integrations were taking place.”
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