The adviser firm saw revenues increase 18 per cent, from £14,112,000 to £16,638,000.
Announcing the results acting chairman Paul Sinnett says the firm will be considering further acquisitions after buying employee benefits specialist JRG Financial Consultancy last November for £5.3m.
Sinnett says fee-based revenue and recurring income now make up 40 per cent of turnover which he expects to increase next year when JRG’s trading is included.
Sinnett says: “Although we are operating in a particularly uncertain economic climate we anticipate that the demand for independent financial advice will remain strong and this, together with a number of ongoing initiatives, makes the Board cautiously optimistic about the current year.”
Cavanagh chief executive Andrew Fay says: “2007 has seen Cavanagh’s strong organic growth continue and as a result we have enjoyed a positive twelve months with good performances across all areas of the business.”