Revenues rose 9% (year-on-year) to £254.5m (H1 2021: £233.8m).

Adjusted profits fell slightly to £15.2m (H1 2021: £15.4m).

Total assets under management for the network’s asset management arm Omnis fell to £9.6bn having started the year at £10.6bn. 

The network attributed the fall in assets to market pressures and said that 58% of Omnis’ funds have outperformed peers over the past five years.

In its trading update shared this morning, Openwork also said the network has improved commercial terms with some of its partners and continues to investing in its technology offering.

Philip Howell, CEO at The Openwork Partnership, said: “The first six months of 2022 have provided a challenging backdrop for the UK wealth and advice industries. Volatile global equity markets combined with an inflation driven cost-of-living crisis have had an impact both on consumer sentiment and our underlying financials. Such conditions, however, give us an opportunity to demonstrate the value of the advice that we give to customers to support their long-term goals.

“The breadth of our offering has counterbalanced the impact of falling and volatile financial markets on our results. Despite the macroeconomic challenges, The Openwork Partnership delivered a resilient performance in the first half of the year, with revenues increasing 9% year-on-year and profits remaining broadly in line with last year at £15.2m.

“The increase in adviser numbers also demonstrates the value that advice firms find in joining an established network such as The Openwork Partnership, both operationally and as a model for ownership.”

Cash reserves for the network at the end of the half were £88.3m.

The network also announced an interim dividend of £11.11 per share, almost double the £6.67 per share dividend paid in 2021. The total dividend payment paid will be around £10m and is a 233% increase on 2020’s dividend.

The network will also pay around £1m to recipients of LLP units and company shares under its ownership schemes for partners and senior colleagues.