Axa Elevate parent posts £30m pre-tax loss

Axa Portfolio Services - the parent company of the Axa Elevate platform - has reported a pre-tax loss of £29.9m for the year ending 31 December 2012, representing a 10% improvement on the £33.5m loss recorded for 2011.

Axa Portfolio Services increased the amount spent on platform development over the same period, as project costs rose 63% from £7.8m in 2011 to £12.7m  New sales through the Elevate platform rose 17% over the course of 2012 to reach £1.7bn. The growth in assets resulted in a 36% increase in management fees for the platform, year-on-year. According to the company's directors' report, a loss was forecast for 2012, partly due to the cost demands of both platform propositions. "Management's business plan for the Company forecast a loss for the year ended 2012 which reflects the fact th...