Chief executive Peter Hargreaves believes that the results are fantastic in comparison with the state of play in the markets, where the index is down by 13 per cent over the same period.
The company platform Vantage saw assets under administration fall from £10bn to £9.3bn but Hargreaves says that the fall in unit prices has been counteracted to an extent by the number of units sold by the company.
He says: “We have almost been insulated from the los- ses seen in the market while our operating revenue has gone up across most areas of the business.
“The aim for the future is to focus on creating a sustainable profit and doing what is best for our clients.”
Hargreaves considers that investor confidence has been shaken over the past few months and that the environment is unlikely to improve in the near future.
He says: “We are going to be in a hell of a state for at least five years. The Government is overspending, the public sector is too big and thousands will lose their jobs. I have no good news.”