Advice firm Helm Godfrey recorded pre-tax profits of £461,000 for the year ending April 2015 following a significant restructure of the business.
The profit figure represents a huge increase on the £55,000 reported in the previous 12 months, when the firm “invested heavily” in new systems as it transitioned to a fully RDR-compliant model.
Turnover rose from £7.8m to £8.2m year-on-year, although the cost of sales also increased from £4.9m to £5.1m.
The company sees the pension freedoms and auto-enrolment as potential opportunities for growth, while key risks cited include an increased regulatory burden and greater competition from direct-to-consumer propositions.
Helm Godfrey chief executive Graham Cross says: “Our decision to restructure the business last year by integrating our separate wealth and employee benefits divisions under a single brand and management structure has been an important factor in our increased profitability.
“We also invested heavily in new systems as we transitioned to a fully RDR-compliant business. With those costs now absorbed, our profitability is much improved and the move to fee-based advice and adviser charging has been good for business.
“Trading conditions have also been healthy and the outlook is extremely positive, with pension freedoms and the continued expansion of auto-enrolment in workplace pensions generating increased demand for our services.”