Momentum posts start-up losses

The network for brokers seeking to begin trading on their own through the appointed representative route (AR) also reported turnover of £172,673 for the period.

Howard Pepper, managing director at Momentum, told Insurance Age he was pleased by the result describing the loss as being typical for a start-up business model.

"We've heavily invested in the infrastructure around the business of people and systems with the intention that we will trade negatively for the first two years and make profit