Financial advice and investment group Succession Holdings has swung into profit after recording a loss in 2014.
The consolidator recorded a profit of £1.3m for 2015 compared with a £0.8m loss for the previous year.
Meanwhile turnover increased by almost £10m to £24.5m.
The company made 10 acquisitions in 2015, taking the total number of acquired businesses to 21, an investment of almost £55m.
Turnover for the advisory side of the business, Succession Group, increased from £8.5m to £16.7m while operating profit went up by £2.3m to £1m.
Meanwhile the company’s platform made a profit before tax of £1.6m.
Simon Chamberlain, Succession’s chief executive, said: “We are at the half way point in our strategic plan to create the UK’s largest independent wealth management business and have achieved robust performance in all business areas.
“Funds under management continue to grow strongly, our advice and platform trading arms are profitable and all this helps to demonstrate the strength and appeal of our proposition for clients and business owners.”
Total revenues from platform and membership fees were £7.7m, a year-on-year increase of 22 per cent.
There was also a 12 per cent increase to £2.30bn in funds under management which Mr Chamberlain said has continued during 2016 to £3bn.
He said: “We will continue with our plan to grow the business. We have already made 25 acquisitions, including four this year, and we are on target to acquire 50 firms by the end of 2018.
“We have financial strength and the continued support from our shareholders to execute our plan.
“We fully expect that the significant investment in the acquisition and development of newly acquired firms will lead to strong growth in our assets and in our future operating profits.
“Economies of scale, enhanced technology and improved management should all have a very positive impact on future profit numbers.”
In June Succession secured a £25m investment package from HSBC and its existing shareholders to continue its growth strategy.
The company’s latest acquisition was also its largest ever: Clay Rogers & Partners in a deal which could be worth more than £10m.
