Novia's platform deal with Aegon nets group £1m

Novia's ongoing arrangement to build and administer Aegon's platform netted the group's subsidiary £1m in 2012, the latest results have revealed.

Novia Investment Services, which was launched in 2011 with the sole purpose of building and operating a platform for Aegon, has reported full-year profits before tax of £968,414, up from £106,626 the previous year. The jump in profits follows a sharp increase in revenue from £13.4m to £17m, which Novia said was down to "increased development work and the continuing administration of the Aegon platform". After tax profit for the year at the business came in at £727,327, up from £79,733. Chief executive of Novia, Bill Vasilieff (pictured), said: "2012 has seen the company grow both i...