Reported revenue rose 2% from GBP25.07 million to GBP25.61 million, but the wealth manger said like-for-like revenue grew 16% if adjusted for a change in billing frequency in 2010 and changes in the reporting of revenue in anticipation of the Retail Distribution Review.
Over the second half of 2011, total discretionary funds under management rose 19% compared with the last half of 2010 to GBP3.205 billion, up from GBP2.689 billion.
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The company attributed the growth in discretionary FUM to growth in distribution, capacity, strategic alliances and investment capability and including the acquisition of EUR114 million of discretionary client assets from Clarke Willmott on 31 October 2011.
Commenting on the results, Chris Macdonald, CEO said the growth came at a time when investor sentiment was as low as he had ever experienced.
But he added: "Since the date of these results we’ve seen a sea change."
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