Novia Financial has reported a successful business performance with increases in all main areas of the company for the year ending 31 December 2019.
Assets under administration on the platform rose by 21% to £7.3bn ($9.1bn, €8.3bn) from £6bn in 2018, which the firm attributed to “strong inflows combined with favourable market movements”.
This follows a year-on-year rise of 5% in AuA in its financial results for 2018.
New business was up 6.1% reaching £1.3bn in 2019 up from £1.2bn the previous year – an improvement compared with the 3% rise reported in 2018.
Revenues grew to £23.02m – a 10.2% increase from £20.89m in 2018.
Quick response to pandemic
Bill Vasilieff, chief executive at Novia, said: “Against a challenging economic and political backdrop, our new business inflows have continued to rise in a market which saw a contraction.
“We saw the number of investors and advisers using our platform rise, and our assets under administration increase by 21%.
“Last year saw us successfully launch our new web portal Adviser Zone to further improve our user experience and we continue to receive really positive feedback on this. The fact that this enhancement was built in house also ensures the business retains greater control over our future development priorities.”
Vasilieff said that the firm reported growth in spite of the outbreak of covid-19, but business volumes have slowed because of it.
“Despite unprecedented market challenges this year, with the devastating impact of the coronavirus pandemic affecting every aspect of life, Novia remained fully operational and has successfully avoided any impact on service levels.
“We reacted quickly to remote working and implemented a number of key changes to help support advisers and their clients. Our new business volumes were 50% up on Q1 2019, although naturally they have slowed due to the pandemic,” he added.
