Fairstone revenues top £125m despite 'challenging' financial market

Financial advisory group Fairstone has reported significant growth that has seen revenues top £125m.

The Sunderland-based firm has published its annual report for 2023 in which its consolidated income rose from £95.9m a year earlier to £126.8m. Gross profit also increased to stand at £50.5m while adjusted Ebitda came in at £15.9m.

The company - which has grown over recent years by acquiring a number of smaller financial advisory firms around the UK - said its success came despite a challenging market. Fairstone said it had more than £17bn in Funds Under Management and had achieved strong growth across areas including client numbers, recurring income, gross margin and profit.

CEO Lee Hartley said: “2023 was a year defined by evolving market conditions and a strategic shift in our plans.

“The financial landscape remained challenging, with inflation, rising interest rates and geopolitical instability impacting global economies. Despite these headwinds, I am proud to say that our business was robust enough to not o