28 June 2012 – trading update

In today’s trading statement, the group has confirmed that adjusted profits in the year to 31 May will show further growth in line with expectations.  The group has won 310 new direct SSAS and SIPP schemes in the year, 25% more than the previous year, with an average scheme size of £0.37m.  At the end of the year, the group had over £3bn of assets under administration and advice.  The group’s plan to offer discretionary portfolio management in August has been approved by the FSA and this should enhance the recurring revenue streams.  The shares remain a BUY.