SPF Private Clients plots international expansion following successful 2022

SPF Private Clients (SPF) has reported a 13% rise in gross revenue, reaching £37.4m for the year ending December 2022.

Despite the negative effect of September’s mini-Budget on the mortgage market, SPF saw its debt gross revenue grow by 9%.

The company’s insurance and wealth business expanded by a combined 19%, raising its proportion of total revenue from 32% to 34%.

The company also noted an increase in EBITDA, rising from £7.4m to £8.2m. This was accompanied by a 9% growth in gross mortgage completions, reaching £3.9bn.

To facilitate projected growth, SPF increased its consultant team by 11%, totalling 122 by the end of the year.

Although the average revenue per consultant saw a slight decrease due to the recruitment drive, it remained strong at £320,000.

Reflecting on the company’s performance, Mark Harris (pictured), group chief executive of SPF Private Clients, said: “We are delighted with our latest set of results, which are positive in terms of growth, revenue, and profit.”

“2022 ended up being a good year for the business, although it could have been even better if it hadn’t been for the mini-Budget. The diverse nature of the business enabled us to thrive, with the numbers demonstrating the breadth of our offering,” Harris added.

Last summer, SPF sold its business to the global insurance broker, Howden. Harris expressed excitement about being part of a larger group again and the opportunities it presents, especially considering SPF’s separation from Savills in 2011.

Looking ahead, Harris announced expansion plans: “This year, we plan to open offices in Edinburgh and Bristol to complement our existing office base, as well as in Hong Kong, Singapore, and Dubai, enabling us to grow our international market share.”