UK-based wealth management firm Walker Crips has reported a pre-tax profit of £0.94m for the year ended 31 March 2016, compared to £0.44m a year ago.
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The group’s operating profit, before exceptional expenses, surged 20.4% to £0.65m from £0.54m a year earlier.
Revenues during the period were £26.1m, a rise of 13.5% from £23m in the prior year.
Discretionary and advisory assets under management increased 15% year-on-year to £2.3bn.
The group also incurred £0.8m in exceptional costs to upgrade its client information and communication systems, as well as reported a one-off gain of £0.9m through sale of its illiquid Euroclear shares.
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By GlobalDataWalker Crips chairman David Gelber said: "Against a background of difficult markets, we have striven to set higher regulatory standards and client service levels as we deliver our strategy for growth."
"At a macro level the extent of the economic and political instability created by Brexit is difficult to predict. In addition, at a micro level, we face significant demands from continuing regulatory initiatives and their associated costs over the next 18 months.
"We will monitor diligently the impact of these factors and will react promptly as we consider appropriate."
