The firm increased its earnings, before tax depreciation and amortisation, by 13% to £2.5m in its annual report and accounts for the 12 months to 30 September.

Headline turnover for the year was £167.8m, with profit before tax at £1.6m.

The group says its key support propositions performed well with its mortgage network, TenetLime, increasing turnover by 25.6% to £63m and the group’s investment network, TenetConnect, increasing earnings to £0.5m.

TenetSelect, the the firm’s directly authorised proposition, increased its profit before tax by £100,000.
 
Tenet, which supports hundreds of appointed representative and directly authorised firms, says its balance sheet “continues to remain extremely robust with £26.1m of cash, no external debt and £31.6m of net assets”.
 
Tenet Group chief executive, Martin Greenwood, said: “We are very pleased to have increased our earnings by 13% in a year overshadowed by a challenging market environment.

“Notably, as a group, we’ve been able to respond to the increasing focus on the suitability of DB pension transfer advice and to maintain a competitive professional indemnity insurance offering in a shrinking market. 
 
“Our improved underlying performance for 2018 is a direct result of the hard work and commitment of all our colleagues across the group and our nationwide network of highly qualified financial advisers.”