Business & Economy
Fairstone Group has ‘clear vision for growth’ after strong results
October 12, 2022
A wealth management firm has a “solid financial foundation to drive growth” after recording double-digit expansion, its boss has said.
Lee Hartley says Newcastle-headquartered Fairstone Group is “looking ahead to the future in a very positive manner” following a successful 2021.
According to latest results, the business saw revenue rise 22 per cent to £84.8 million in its last full financial year, with funds under management increasing 21 per cent to £13 billion.
Recurring income was 19 per cent better off at £62.2 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) showed a £12.8 million profit.
The results covered a period wherein Fairstone continued its successful expansion strategy, with companies including East Midlands-based Sterling Asset Management joining its ranks.
Lee said: “Combining our acquisitive success with organic growth has delivered considerable year-on-year growth, with revenue and gross margin significantly ahead of the prior year.
“The business is resilient, underpinned by a strong client base and a solid financial foundation to drive growth and accelerate our ambitious acquisition programme.
“The group’s vision is clear; to be the leader in the whole-of-market advisory space.
“Our considered approach, together with our proven business model and the significant financial backing that we have at our disposal, allows the management team and shareholders to look ahead to the future in a very positive manner.”
Employing more than 1000 people across 40 UK-wide locations, Fairstone provides funds under management support for in excess of 50,000 wealth and 40,000 mortgage clients.
It has this year completed takeover deals for firms including Ireland’s PAX Financial, East Devon Associates, Scottish Highlands-based East2West Financial Services and Huddersfield’s Brantwood Financial Planning.