Novia Financial readies tech upgrade as profits rise 110%

Financial services platform Novia Financial, which includes cross-border specialist Novia Global, has announced that its profits have increased by 110% up to the end December 2017.

Results submitted to Companies House this week have demonstrated what the company calls “a successful year across all key performance indicators”, with profits up 110% from the previous year and newly-submitted business reaching record levels during the year.

Total new business of £1.23bn is up 29% on the 2016 figure of £953m and 17% up on the previous best annual result of £1.05bn achieved in 2015, Novia Financial said in a statement.

Technology project
The increase in sales and uplift in AUM has enabled Novia to continue to invest in the development of the business with a “large scale technology project” in the pipeline for Q3 of this year that will also include a new online external website for financial advisers and their clients using the platform.

Assets under administration on the platform increased by 23% from £4,717m to £5,786m and the platform also saw increase in revenues of 19% from £15.8m in 2016 to £18.8m in the current year.

Bill Vasilieff, pictured above, CEO at Novia Financial, said: “These strong results underpinned by our robust technology, help to illustrate the success of the Novia business model. Our absolute commitment to providing advisers with the tools and services required to support their clients in an ever changing regulatory landscape remains our priority.

“We look forward to growing the business organically and the implementation of our new account management team continues to support our service proposition.”

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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