Advice group Perspective returned to profit in 2014, figures published on Companies House reveal.
The firm reported a loss of £5m for 2013, but swung back to a pre-tax profit of £493,383 for the year to 31 December 2014.
Executive chairman Paul Hogarth injected £2m into the business at the start of 2014, as it moved to defer payments to some acquired firms.
Total staff costs, including directors’ remuneration, fell 22 per cent from £10m in 2013 to £7.8m last year. The firm’s average headcount for the year dropped 15 per cent from 225 to 191.
Overall administrative expenses fell 18 per cent from £19.1m to £15.7m. Turnover increased from £16.9m to £17.1m, and cost of sales dropped from £1.5m to £1.3m.
Group operations director David Hesketh says the firm is “satisfied” with the underlying level of trade in 2014.