TenetLime increases turnover by 25% in year of ongoing growth

22 March 2019

Mortgage and protection network, TenetLime, has increased its turnover by 25.6% to £63m in its annual report and accounts for the twelve months to 30 September 2018. This follows a 25% increase in turnover in its previous financial year, that took the network to £50m.

Parent group, Tenet Group, increased its earnings* by 13% to £2.5m, with headline turnover at £167.8m and profit before tax at £1.6m.

The group’s other key support propositions continue to perform well with the group’s investment network, TenetConnect, increasing earnings by £0.8m to £0.5m and TenetSelect, the group's directly authorised proposition, increasing its profit before tax by £0.1m.

The group’s balance sheet continues to remain extremely robust with £26.1m of cash, no external debt and £31.6m of net assets.

TenetLime managing director, Simon Broadley, comments:

“TenetLime remains a real success story, underpinned by a 13% growth in adviser numbers. We continue to evolve in partnership with our members, which over the past year has included the launch of an ongoing compliance transformation programme, a new partnership with Twenty7Tec for mortgage sourcing and launching with 10 new lenders, to ensure we continue to service all consumer needs.”

*Earnings before Interest, Tax, Depreciation and Amortisation