Positive Solutions has posted pre-tax losses of £106,000 for 2011, a large reduction on the £1.6m loss reported for 2010.
The Aegon-owned firm also made £2.2m of complaints provision, compared to £638,000 the previous year. Assets held from partners for any potential liability caused increased from £436,000 to £2.1m.
The salary of the highest paid director at PosSol fell from £501,000 in 2010 to £270,000 in 2011.
The firm attributes the reduction in losses to a “profit transformation plan”.
A statement in PosSol’s accounts says: “The improvement in results from a loss before taxation of £1.6m to a loss before tax of £100,000 was as a direct result of the implementation of a profit transformation plan.
“The plan was designed to increase income and reduce costs, whilst remaining compliant and ensuring that our partners continue to receive high quality service.”
The accounts confirm a company share incentive scheme which vested on 30 June 2011 did not deliver any shares to partners or staff because the company did not float or reach a value over £200m.
Former PosSol chief executive Jim Reeve left the firm in February and was replaced by former Burns-Anderson director Peter Coleman (pictured).
The firm has also been hit by a number of senior departures in recent months.
Earlier this month, parent company Aegon issued a media statement reaffirming its support for PosSol after the firm had come under fire from advisers over its stance on exit fees.