Parmenion today announces its full-year results for the year ending December 2024 reporting robust financial and operational performance.
The annual report and financial statements from the group show strong growth and net flow performance
Assets increased by £2bn to £13.1bn by 31 December 2024 and revenue was up from £48.7m in 2023 to £50.2m in 2024. Operating profit also increased to £17.5m up from £15.5m in 2023, with the group’s EBITDA rising from £17.9m to £20.1m in 2024.
Against a backdrop of increased outflows across the UK platform market and cost of living pressures, Parmenion attributes this stellar growth to its ongoing strategy of service excellence and programme of proposition enhancements to support advisers and their clients. The group continues to invest in technology and service, releasing over 400 new features and enhancements throughout the year.
In addition, 2024 also saw Parmenion support 14 advice firms in bulk transferring £300m on behalf of their clients and have built up a pipeline of £1.5bn assets to be consolidated in 2025. This new, highly regarded Platform Switch Service, rolled out in 2024 was set up in response to adviser demand to enhance and streamline the switching process.
Parmenion made several changes at board level in 2024. Following the acquisition of Bigrock, the consultancy that helps businesses transform their performance, the firm’s managing director, Chris Larkin, joined Parmenion’s wider group Executive Management Team Chris Demetriou also became a non-executive director, bringing valuable experience to the board.
Access the full 2024 annual report and financial statements here ➜
Parmenion Chief Executive Officer Martin Jennings commented:
“We’re pleased to announce another full year of strong growth for Parmenion against challenging economic conditions. Our relentless focus on service excellence, continual investment in our proprietary technology and delivering improved investment returns has driven this robust performance. An additional 149 advice firms adopted our technology and investment solutions in 2024 - bringing us up to a total of 1,373 - and we predict a structural shift this year as advisers look for more agile, modern and scale partners that can meet their needs."
“Despite ongoing cost-of-living pressures and sustained high interest rates impacting client withdrawals, our strong net flow performance, improving market share and favourable equity markets helped grow our assets under management by £2bn."
“Our five-year strategic growth plan has delivered strong profitability, cash generation and success in all key areas for the business in 2024. We are looking forward to continued growth as an innovative and resilient business.”
Read Citywire's latest article: Parmenion profits jump as adviser-as-platform model ‘dies down’➜
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.
