London-based Chartered Financial Planning firm One Four Nine Group has reported AUM rose to £1.8bn in the year to March 2024 but losses increased to £4.7m.

Despite the losses the firm said: “The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.”

Gross profits at the firm climbed from £6.7m in 2023 to £11.1m in 2024 while administrative expenses jumped from £10m in 2023 to £15.9m in 2024.

Debts at the firm were piling up with the amounts falling due to creditors within one year rising from £23.1m in 2023 to £28.9m in 2024.

Assets under management in March 2024 were £1.5bn, but now stand at £1.8bn, according to the firm’s website.

Turnover at the firm since it launched has risen, but losses have also climbed. Turnover climbed from £1.8m in 2022, to £6.7m in 2023 and reached £11.1m in 2024.

Losses posted in 2022 were £1.9m, rising to £2.9m in 2023 and reaching £4.7m in 2024. The details were revealed in the firm’s annual accounts which were published on Companies House website last week, almost five months late.

The group was launched in October 2021 with the acquisition of three well-established wealth management business. At March 2024, it had completed nine acquisitions, although the figure has subsequently risen to 11, according to the company.

Its number of advisers at March 2024 was listed at 31, although more recent figures published on the firm’s website suggest the figure now stands at 33.

The accounts reported the firm had 4,400 clients at the time of the report but its website suggest the figure has now climbed to 5,000.

Looking ahead, One Four Nine said: “The group continues to pursue its strategy of building a leading integrated wealth management business and remains committed to growing profitably through both organic and inorganic opportunities.”

In September 2023 the firm bought Lancashire Financial Planner 1st Chartered Financial Planning for an undisclosed sum. It added 1st Chartered to its One Four Nine Wealth arm which operates alongside One Four Nine Portfolio Management.

The deal followed two previous North West acquisitions, Rice Whatmough Crozier and Charter Financial Planning.

The firm’s annual report revealed the businesses owned by the group include: Rice, Whatmough Crozier of Manchester, Charter Wealth Management of Preston, Apollo Mam Group of Reigate, Trust Will Plan ltd of Reigate, Russell Gibson Financial Management of Aberdeen, APC Financial Consultancy of Glasgow, HFL Financial Advisers of Nottingham, McCrea Financial Advisers of Glasgow, and Rainbird & Co of Plymouth.

The company appointed industry veteran Chris Merry as its first chairman in February 2024.