Investments 'bearing fruit'
Alliance Trust Savings returns to profit
The Dundee business reported a £400,00 profit, compared to a £1.1 million loss for the same period in 2015. Assets under administration rose by 40% and there was a 31% net increase in customer accounts to 26,000.
Patrick Mill, chief executive, said: “In recent years we have made substantial investments in the business with the acquisition of Stocktrade, the creation of a new board and executive committee to oversee our governance and management as a standalone business and the upgrade to new platform technology.
“These investments are now bearing fruit. Delivering a profit at the half year mark demonstrates the success of our business strategy and the appeal of our flat fee model to both direct and advised customers.
“In the second half of 2016, we expect to continue to win new business attracted by our unique flat fee structure, award winning customer service, and improved platform functionality.
“We are also making good progress in our corporate partnership channel and expect this to bring additional business by the end of the year.
“These factors, together with the greater certainty over our revenue that our fixed fee model gives us, especially in volatile markets, mean we remain confident that we are on track to deliver on our commitment to generate a profit for the full year in 2016.”