Tenet says the boost was partly due to an increase in turnover as advisers used Q1 last year to finalise business on a pre-RDR basis.
The group, which includes its insurance arm Paragon, has set aside £9.95m for liabilities, down 5 per cent from £10.5m in 2012. Of the £9.95m total liabilities, £5.1m relates to the Tenet network, though Tenet declined to comment on what these liabilities relate to.
It paid out £4.5m last year for Arch cru and Keydata redress, and says most of these claims have now been settled.
Turnover has increased 22 per cent to £118m from £96m in 2012.
The company says net adviser numbers in the network rose by 5 per cent year-on-year. It recruited 160 advisers at the end of 2013 following the collapse of Honister Capital.
In March the company took on some of the assets of Merchant House Financial Services and agreed a payment of £389,924, which will be paid in stages to creditors of Merchant House.
Tenet chief executive Martin Greenwood says: “The strong balance sheet, together with good investment in people, practicrs and technology, gives Tenet a strong post-RDR market position into 2014.
“The profit has been generated despite increased administrative expense due to the cost of RDR training, improved research and compliance and investment.”
Tenet finance director Caroline Bradley says: “The 22 per cent increase in turnover was partly down to the fact we had a very busy three month at the start of the year as business was written pre-RDR on the old basis so adviser could continue to receive trail. And then we had a good tax year end and the investment market was quite buoyant.
“We are very pleased with where turnover was and we think the year was good for advisers. The RDR has gone as smoothly as we could have hoped. Now we feel that we are in a strong position.”