Liontrust Asset Management has reported an adjusted pre-tax profit of £ 17.2m for the year ended 31 March 2017, an increase of 18% compared to £14.6m a year ago.

Pre-tax profit stood at £9.1m, down 3% from £9.4m last year. The firm said that the drop in profit was driven by £8.1m cost related to the amortisation of a related intangible asset as well as other non-cash and non-recurring costs.

The group generated revenue of £51m during the period, a 15% increase from £45m a year ago.

The firm’s assets under management totalled £6.5bn at the end of March 2017, a 36% surge from £4.8bn in year earlier. Net inflows were £482m at the end of March 2017, compared to £255m last year.

Liontrust CEO John Ions said: “It has been another successful year for Liontrust as we have recorded a seventh successive year of positive net flows and have continued to develop the infrastructure of the business.

“Our AuM has risen to £9.3 billion on 13 June 2017 and we are well positioned to move forward in an ever-more competitive and demanding environment. The investment we have made in the infrastructure of the Company, client servicing and distribution combined with the broadening of the investment proposition create an excellent platform to continue our growth.”