Nucleus targets break-even this year after £3m loss

Nucleus chief executive David Ferguson has said the platform is on target to break even this year after it posted a loss of around £3 million for 2010.

Operating loss reduced to £1.7 million, a drop of 15% compared to £2 million in 2009. Nucleus grew assets under administration to £2.2 billion and increased revenue to £5.6 million, up by 133% from 2009's £2.4 million.

Inflows were up 140% from last year's £0.5 billion to £1.2 billion.

The reduction in operating loss came during a year in which Nucleus bulked up its infrastructure and increased staff numbers to meet business demands. The £3 million overall loss matches the overall loss for 2009.

In 2010 Nucleus also completed a rights issue which generated around £15 million of new capital, allowing it to clear its debt.

Ferguson (pictured) said the results suggested Nucleus would break even over 2011.

'It not only demonstrates the financial efficiency of our model but also positions us favourably to achieve break-even on a sustainable basis later this year,' he said.

'We are already enjoying the benefits of a much stronger balance sheet following a hugely successful rights issue and will continue to use this improved strength to make the necessary investments that will ensure we fulfil our considerable ambitions over the coming months and years.'