Chase de Vere posted profits of £4m for the year ending 31 December 2014 after losing £1.8m the previous year.
The company’s strategic report said the improvements have been achieved through a combination of a reduction in the yearly costs associated with client redress for the legacy business, increased revenue and control of overheads.
Revenues increased from £46m to £48m between 2013 and 2014.
Stephen Kavanagh, chief executive of Chase de Vere, said: “2014 was another year of progress for Chase de Vere.
“We increased our revenue, profitability and adviser productivity, made a dividend payment of £2m to our parent company, while putting the issues related to the sale of Keydata products firmly behind us.
“In an environment where many adviser firms have decided to offer restricted advice, or face a potential conflict of interest in selling their own products, funds or platforms, we remain staunchly independent.
“With a service-focused client proposition, high-quality advisers and a supportive parent company, Chase de Vere is incredibly well positioned to be even more successful in the future.”
In November 2014 Chase de Vere was fined £560,000 by the FCA over the sale of Keydata products and the company carried out a review, which has led to £440,000 being put aside in case clients affected need redress.
In 2013 the company put aside £3.8m for regulatory provision as part of the Keydata case.
