AFH Financial Group achieved a surge in full year earnings as revenues rose more than market expectations, the company reported on Monday.
The financial planning-led wealth management firm said earnings before interest tax, depreciation and amortisation (EBIDTA) jumped 115% to £2.8m in the year ended 31 October 2015. Revenues rose 40% to £21m as gross margins increased slightly to 52% from 51%.
The increase in revenue was driven by a rise in recurring fee income, which boosted annualised gross revenue per adviser to £143,000.
"This reflects our advisers' ability to self-generate business, the benefits of our centralised marketing and our regional and national affinity groups to attract new clients," the company said in a statement.
During the period, AFH completed 11 acquisitions at an average capped consideration above £1m.
Looking ahead , the group said it was "well positioned" to meet increasing demand and regulatory changes.
"Given the progress made in 2015 and the early months of the 2016 financial year, the directors view the coming period as providing excellent prospects and look forward to extending AFH's brand, reach and reputation," chairman John Wheatley and chief executive Alan Hudson said in a joint statement.
A dividend of 2.25p per share was recommended, up 50% on the previous year.
Shop and officer fitter Havelock Europa said trading for the year ended 31 December was in line with its expectations and the company's cost-reduction measures were beginning to bear fruit.
The group, which announced plans to shed about 50 jobs back in September, said the business continues to focus on careful management of its working capital and is now debt free, with net cash of £1m compared with £200,000 the year before.
Chief executive David Ritchie said: "We are beginning to see the benefits of the measures taken in late 2015 and, although trading continues to be challenging, particularly in the retail sector, we are encouraged to enter 2016 with an order book of £23m for in-year delivery which is 15% up on 2015."
The company issued a profit warning in November as a result of deferred orders from a number of customers in the retail and financial sectors.