Revenues at expanding Financial Planning firm Progeny have risen £1.2m (17%) year on year for the first half of 2021 as the firm announced it is looking for more acquisitions.

EBITDA, an indicator of a firm’s profits, rose 16% year on year for the first half of the year.

The firm added £78.2m in new assets under management into Progeny Wealth and £290.5m into Progeny Asset Management.

Progeny acquired Ayrshire-based Financial Planner Affinity in April as it extended its offering in Scotland. Affinity, established in 2008, specialises in comprehensive Financial Planning to private clients and their families in Scotland and the rest of the UK. 

Progeny Asset Management passed a milestone £1bn in assets under management in April due to growth in the firm’s centralised investment proposition (CIP). The firm said its next project is the unitisation of its CIP, which will allow the firm to take closer control of its investment process, help bring cost savings for clients, and deliver more consistent outcomes and increased efficiency.

CEO Neil Moles said 2021 is a “year of growth” for Progeny with a focus on an ongoing acquisition strategy, organic growth through marketing and referrals, and by marketing other professional services to clients.

He said: “We are always looking ahead and seeking ways to improve, focusing on where our business is going, not where it’s come from. We’re proud of our points of difference and the attributes that set us apart from our peers.

“Our strengths lie in the excellence of our people, our increasing capacity for commercially successful collaboration and our appetite for using technology, data and innovation to create ever-better client outcomes.”

So far in 2021 the firm has added 39 new staff, including a head of training and competence, who will drive clear, strategic learning and development pathways through the business and support the next generation of professionals within its Adviser Academy.

Progeny has acquired a number of Financial Planning firms in recent years including Chestergate, Evolve and Addidi and has eight offices across the UK, including London, Leeds, Edinburgh and Bucks. Progeny’s services include Financial Planning, asset management, tax, HR and private and corporate legal advice and support.