British wealth manager Tilney Bestinvest has reported a profit of £17.6m, before tax and other costs, for 12 months to 31 December 2015.
The figures were first full year number since the merger of Tilney and Bestinvest in August 2014.
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Revenues during the period increased to £69m from £67.6m in 2014 from the Tilney and Bestinvest businesses. Asset under management increased 4.5% to £9.4bn.
Tilney Bestinvest CEO Peter Hall said: "Our performance in 2015 is a great platform to build on in 2016 with the recently completed acquisitions of Ingenious Asset Management and of the Towry group, which is subject to FCA approval and expected to complete in the second half of the year. Both Tilney Bestinvest and Towry have made strong progress in recent years on a standalone basis but together the combination will be transformational."
The firm also increased its adviser headcount by 20% during the period, while overall staff expenses rose 17% driven by the firm’s expansion programme.
"In 2015 we made excellent progress towards achieving our strategic vision of becoming the UK’s leading provider of financial planning and investment services. Our investment performance has continued to be very good, organic growth has been strong and we have been investing for the future which will enable us to further enhance the service we provide to clients and accelerate future growth," Hall added.
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