Cofunds chief targets profit improvement despite 83% boost in 2014

The chief executive of UK platform giant Cofunds has acknowledged the business "should be generating more profit" despite an 83% increase in 2014 figures reversing a previous downwards trend.

The Legal & General (L&G) owned business, launched in 2001 as a fund supermarket, said it generated pre-tax profits of £7.7m last year, up from £4.2m in 2013. Profit before tax four years ago was £6.8m. Turnover last year was £78.9m, "less than planned", the group said, though, with assets under administration rising from £64.1bn at the end of 2013 to £71.9bn a year later, it added the overall result was "satisfactory given the market conditions experienced during [2014]". CEO David Hobbs said: "There's still much work to be done as we recognise that a business of our scale should ...