An overhaul of its business has helped Walker Crips return to profit.
The wealth firm posted an underlying profit of £0.5 million in the 12 months to March 2014, reversing a loss of £1 million in the previous year.
Gross profit (net revenues) increased 19.5% to £14.1 million, which the group attributed to the 'substantial transformation' of its investment management business. Revenue increased from £20.4 million to £20.7 million.
This transformation helped discretionary and advisory assets under management rise by 29.2% to £1.33 billion.
Two years ago Walker Crips unveiled its strategic plan to transform the firm from a predominantly traditional private client stockbroker to a full service investment and wealth management group.
'We are entering a new phase, to consolidate the progress we have made over the previous two years and to continue our expansion and business transformation,' chairman David Gelber (pictured) told the market in today's results announcement.
Over the two years Gelber said regional expansion had gathered pace, along with growth in its mains hubs of London and York. He also highlighted the firm had recruited 15 new individuals and teams of investment managers and advisers of the year.
"The group has entered its next phase successfully. As we celebrate our Centenary year, the business strategy has delivered a strong foundation from which to continue expansion, Gelber said.
'Our objective is to deliver increasing share value and dividend growth to shareholders by providing our clients with performance and excellent service, through a collegiate group of dedicated individuals.
'"Making investment rewarding" for those three constituencies has proved itself this year with the transformation of the business and its return to underlying profitability.'