Parmenion has reported that its profits have risen by 45% to nearly £1.7m in the last year following the development of its in-house Sipp.
A summary of the company’s results for the year to 31 March were published this morning, showing that turnover increased by 40% to £7.371m – up from £5.277m. Profits increased from £1.161m to £1.681m.
The company also highlighted that its AUM increased by 69% to £1.705billion and that the operating profit was up by 29% to £2.122m compared to £1.647m last year.
It also reported that staff numbers rose by 60%.

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Richard Mein, chief executive of Parmenion, said: “It’s been yet another fantastic year of growth for us. Against a background of considerable change in the adviser landscape, our ability to create the services needed by modern adviser businesses continues to drive our success. Building innovative technology is an exciting place to be at this time”.
Over the last year, Parmenion said it had brought on stream several large scale technology projects which were developed in-house.
These included what it called “the UK’s first automated advice technology”, an in-house Sipp and a redesigned adviser website.
Richard Goodall, partner and head of distribution at Parmenion, said: “Increasingly advisers are recognising the value and power of our integrated approach. By owning and controlling the three most important components behind an adviser’s investment proposition, discretionary investment management, custody services and technology, we are able to bring big efficiency gains to advisory businesses.”