UK Wealth Management posts £1.9m loss

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UK Wealth Management has reported pre-tax losses of £1.9m for 2012, compared to a £145,000 loss in 2011.

The adviser firm attributes the losses to uncertainty around acquisition prospects and increased acquisition risks as a result of the RDR.

It added the RDR had impacted its turnover which fell 5 per cent to £8.8m, down from £9.3m in the previous 12 months.

The highest paid director at the firm was paid £175,000 for the year.

UK Wealth Management chief finance officer Simon Shaw says: “Uncertainty surrounding the impact of the RDR on other firms in the sector made valuing acquisition prospects difficult and significantly increased the downside risk associated with acquisitions. 

“The board is confident of a significant improvement in financial performance in 2013.”