Nucleus hails 'sustained' profitability after record six months

Nucleus Financial CEO David Ferguson has said he believes the wrap has hit "sustained profitability" after it posted record first-half profits.

The business, launched in 2006 and 51%-owned by the IFA firms that use it, made an operating profit of £500,000 in the first six months of the year. Nucleus first hit profitability just over a year ago after making £31,000 in the first quarter of 2012. In the second half of last year, the wrap recorded £100,000 profits. Turnover increased by 39% to reach £8.8m, while assets under administration grew 38% to £5.3bn, compared with June 2012. Ferguson (pictured) said he believed advisers were waking up to the benefits of using "modern" platforms. "While 2012 was another hugely impor...