Gresham House has seen its revenue increase by over 200% during 2016 edging the firm closer to operating at a profit.
According to the company's results for the 12 months ending 31 December 2016, the specialist asset manager's revenue rose from £1.4 million in 2015 to £4.3 million in 2016.
Adjusted operating loss in 2016 was down to £1.6 million from £3.1 million the year before.
This reduction in operating loss is largely due to the 50% increase in its assets under management (AUM) from £242 million in 2015 to £363 million.
‘In 2015 we established the foundations of a specialist asset manager and 2016 has seen us build Gresham House into a credible specialist player whilst developing the brand,’ said Tony Dalwood, chief executive officer.
‘This has been enhanced by progress in early 2017, which has generated additional momentum that will drive further growth in the coming year.’
Dalwood (pictured) added the firm’s current priority is to increase profits through growth in AUM.
‘The positive recent developments accelerate our path to profitability in the nearer term and hence long-term value creation for shareholders.’
He highlighted the business is working on a number of initiatives including acquisitions, and pointed to the recently announced launch of the Gresham House British Strategic Investment fund as an example of the firm's organic growth.