The Aim-listed national IFA blames the fall in profits on admin expenses rising from 1.726m to 1.788m and says increased turnover and growth in adviser numbers demonstrate a solid business model.
Turnover was up by 26 per cent from 8.476m to 10.681m and adviser numbers increased by 17 per cent from 303 to 354.
The company has around 874m in funds under management and continues to implement its assets under advice strategy.
Chief executive Ron Pritchard says: “Our latest results prove that our model is successful and sustainable, despite how challenging the current economic climate can be for any growing business.
“We will continue to focus on the recruitment of qualified and quality financial advisers to further increase funds under management and improve profitability.”