Parmenion has reported a strong set of results for 2024, with profits rising and platform flows doubling over the year.
In its annual results published today (3 June), the platform provider said assets under management grew by £2bn to £13.1bn in the 12 months to 31 December 2024.
Revenue increased from £48.7m to £50.2m, while operating profit rose to £17.5m, up from £15.5m the previous year. EBITDA climbed to £20.1m from £17.9m.
Platform flows also saw a significant uplift.
Parmenion supported 14 advice firms with bulk transfers totalling £300m and built a pipeline of £1.5bn in assets expected to move in 2025 via its new Platform Switch Service, launched in response to adviser demand for a more streamlined transfer process.
The firm credited its performance to a continued focus on service delivery and sustained investment in its proprietary technology.
Over the year, it launched more than 400 new platform features and enhancements aimed at improving the adviser and client experience.
Parmenion chief executive Martin Jennings said: “We’re pleased to report another year of strong growth despite a challenging economic environment.
“Our relentless focus on service, ongoing investment in proprietary technology, and improving investment performance continue to drive our success.
“An additional 149 advice firms adopted our platform and investment solutions in 2024, bringing our total to 1,373.
“We’re seeing a structural shift in the market as advisers seek agile, scalable partners who can meet their evolving needs.”
Jennings added that strong net inflows helped boost AUM and support profitability despite market headwinds.
The firm also made several leadership changes during the year.
Following its acquisition of performance consultancy Bigrock, managing director Chris Larkin joined Parmenion’s executive management team.
Chris Demetriou was also appointed to the board as a non-executive director.
Founded in 2007, Parmenion offers a fully integrated investment proposition that combines discretionary fund management, platform services and proprietary technology.
It currently works with more than 1,370 advice firms, serving over 70,000 underlying clients.
Last year, Parmenion expanded its discretionary fund management offering with the addition of investment model portfolios from PortfolioMetrix, Elston Portfolio Management and Quilter.
