Bestinvest profits leapt by 43 per cent to £2.59m for the year to the end of May, up from £1.8m the previous year.
Turnover rose by over 20 per cent from £5.31m to £6.61m. The firm says the business figures provides sufficient capital for it to go on the acquisition trail.
Chairman John Spiers says: “The strength of the company's balance sheet is extremely strong and provides us with scope to make acquisitions for cash if suitable opportunities arise.
Spiers says improved investor sentiment following last year's market rebound has helped bolster sales while the group's discretionary investment management service, launched last June, has already built up £170m in funds under management.
He warns that regulatory costs are continuing to spiral, largely as a result of increases in the Financial Services Compensation Scheme fees, while tax disincentives to save will hamper investor confidence. Spiers says: “This is leading to further consolidation in our industry. This is an essential requirement if professional standards are to be raised to an acceptable standard.”