SimplyBiz has posted a £3.4m pre-tax profit for the year ending December 2013, up 16 per cent on the £2.9m reported the previous year.
The surge in profits comes despite a net 2 per cent decrease in membership figures during the period.
Turnover totalled £17.5m, up 8.5 per cent from £16.2m in 2012, while operating expenses increased by 6.2 per cent from £13.3m to £14.1m.
The SimplyBiz accounts cover the firm’s support business, mortgage arm and Verbatim asset management business.
The firm acquired employee benefits software firm Staffcare in 2013.
SimplyBiz chairman Ken Davy says the firm expects advice via the workplace to grow to fill the advice gap.
He says: “Going forward we believe that an important route to narrowing these gaps is going to be through delivering advice to employees at the workplace.
“Indeed, we anticipate that a direct result of the introduction of auto enrolment will be the provision of a gateway for employees which will give them access to a far more extensive range of services and benefits than simply their auto enrolment into a pension scheme.”