Profits drop at Tenet

The return is a drop compared to the £2.8m pre-tax profit in 2008.

Net assets rose from £33m to £34m, while cash reserves were bolstered by almost £5m from £23.7m to £28.4m.

Ina statement, Tenet said the results reflected the introduction of a major transformation and re-brand programme to evolve support propositions to meet the requirements and opportunities of a pre and post-retail distribution review (RDR) landscape.

Keith Richards, group distribution director at Tenet, added: "On our mortgage side, we know mortgage advisers are changing their business models in preparation for the MMR so we adapted to help them. We also put significant time and resources into helping them move from offering mortgage advice to offering full financial advice."

Richards added that during 2009, Tenet also offered credit crunch loans and business development finance to members who were unable to use traditional routes due to the banking crisis.

Richards said he was pleased that group had dealt with difficult economic conditions and added that it had the necessary capital to take advantage of future opportunities.

He added: "The business is well capitalised and carries substantial cash balances. We are in the very fortunate position to be able to deal with the good and bad situations which will come our way in the future."