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Boldon’s Moneygate announces 130% growth

Boldon-based financial company Moneygate Group has reversed its losses and plans further spending on acquisitions after an investment injection.

The group said it had moved into profitability in October 2013, with a 130% growth in recurring income to £6.9 million in December 2013.

Moneygate announced a loss of £1.03 million for the year ending December 2013, an improvement on a £2.1 million loss in 2012.

The group said it has a total of £1.25 billion of funds under management.

Moneygate said it had received ‘considerable financial backing’ to fund a new raft of deals with IFA firms.

The group has received £3.25 million of investment since the start of 2013 with a further £4 million forecast to be deployed within the next 12 months.

It is reported that the group was in conversation with several IFA firms to become integrated partners in the group

Chief executive of Moneygate, Lee Hartley, told Citywire: “The foundations laid over the past years for Moneygate to build a different business model are clearly bearing fruit as we enter a more mature stage of our development.

“The financial and operational numbers are where we expect them to be and we are confident of maintaining profitability going forward, even taking into consideration additional investment into our infrastructure.”