It bares international expansion plans
Financial services broker SPF Private Clients (SPF) has posted a 13% increase in gross revenue to £37.4 million for the year ending December 2022.
Despite the negative impact of September’s mini budget on the mortgage market, the firm said debt gross revenue grew by 9%.
Earnings before interest, taxes, depreciation, and amortization increased from £7.4 million to £8.2 million, with gross mortgage completions increasing by 9% to £3.9 billion.
SPF’s insurance and wealth business grew by a combined 19%, increasing its share of total revenue to 34% last year from 32% in 2021.
To further support forecast growth, the number of consultants increased by 11%, bringing the total to 122 at the end of the year. Average revenue per consultant dipped slightly following the recruitment drive but remained strong at £320,000.
Commenting on the figures, Mark Harris (pictured), group chief executive of SPF Private Clients, said he was delighted with the latest set of results, regarding them as “positive in terms of growth, revenue, and profit.”
“2022 ended up being a good year for the business although it could have been even better if it hadn’t been for the mini budget,” Harris stressed. “The diverse nature of the business enabled us to thrive, with the numbers demonstrating the breadth of our offering.
‘In the summer, we sold the business to the global insurance broker, Howden. We are enjoying being part of a larger group again and the opportunities that presents, having left Savills in 2011.
“This year, we plan to open offices in Edinburgh and Bristol to complement our existing office base, as well as in Hong Kong, Singapore, and Dubai, enabling us to grow our international market share.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
