Seventeen Group blames Covid and M&A costs for profit slip
Despite a sharp drop in pre-tax profit, the broker managed to achieve increased turnover for the year ended 31 December 2020.
Seventeen Group has reported an increase in turnover of 8.3%, rising from £22.6m in the preceding year to £24.5m.
According to a filing on Companies House, its operating profit also saw a slight rise, reaching £1.1m in 2020 compared to £1.08m in 2019.
However, the group’s pre-tax profit plummeted from £500,900 in 2019 to £95,865, which resulted in the brokerage experiencing a loss for the financial year of £236,632. Its tax on profit also went down from £498,542 to £332,487.
The group’s
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