British wealth manager Tilney has reported earnings before interest, tax, depreciation & amortisation (EBITDA) of £86.6m for the year ended 31 December 2017, a surge of 101% compared to £43m a year ago.

The firm’s annual revenues were £226.5m, an increase of 68% from £135.2m last year.

Assets under management (AUM) totalled £24.1bn at the end of December 2017, a jump of 60% from the previous year, with 75% of AuM held in discretionary mandates and funds.

Tilney CEO Chris Woodhouse said: “2017 was another record year for Tilney with our average AUM up 60% year-on-year and ending 2017 at over £24bn. Importantly, we saw a 62% increase in gross new business, demonstrating our ability to grow organically as well as by acquisitions.

“Rising assets, 75% of which are in discretionary mandates or funds, and the combination of earning both Financial Planning and Investment Management fees enabled a 68% increase in Revenues to a record £226.5m of which over 86% are recurring in nature. With our past acquisitions of Towry and Ingenious Asset Management now fully integrated, our scalable business model delivered a doubling of EBITDA to £86.6m whilst growing our EBITDA margin up to 43%.”

At the same time, the wealth manager also unveiled plans to drive growth through acquisitions.

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“We will continue to look to accelerate our growth further through both hires of talented Financial Planners and Investment Managers who see the attractions of our model as well as exploring potential acquisition opportunities where the fit is right,” Woodhouse stated.