National IFA LEBC has reported a pre-tax profit of £556,000 for the year to 30 September, reversing losses of £580,000 in 2011.
The firm’s accounts reveal turnover fell marginally from £10.2m to £10.18m.
The firm made no provisions for liabilities. The highest paid director’s remuneration fell 19 per cent from £220,000 to £178,000 in 2012.
Administrative expenses dropped 4 per cent from £10m to £9.6m.
LEBC chief executive Jack McVitie says: “We enter a post-RDR world with strong, compliant advice propositions, a fully qualified and confident team of advisers.
“Our strengthening trading position is reflected in the balance sheet.”
LEBC’s 2011 accounts showed the firm incurred £733,000 exceptional costs relating to a restructure of the business.