South Tyneside financial services firm Fairstone Group is toasting double-digit growth following a year in which it made 18 acquisitions.
Consolidated accounts for the Boldon company, which now employs more than 1,000 people across 40 bases, show a 22% increase in revenue in 2021, up to £84.8m, as well as a 21% increase in funds under management to £13bn. It also reported a 19% increase in recurring income to £62.2m. Repeating income, which encapsulates all revenues generated from existing clients, stood at 92% of turnover.
Adjusted Ebitda at the end of 2021 showed a profit of £12.8m, while fully embedded Ebitda, which includes all partner firms currently undergoing integration, stood at £25m. Fairstone also saw a 12.6% rise in wealth clients and a 16% rise in transactional clients during 2021.
