IFA firm Myddleton Croft has announced record pre-tax profits of £224,000 on turnover of £829,000. This represents growth of 23%.
The Leeds-based firm said that despite a substantial increase in regulatory costs, the discretionary investment managers reported turnover was up by 10% and funds under management rose by 20% to £70m.
Chairman David Cowell said: “The excellent performance of the company is obviously very pleasing but more importantly we have outperformed the market in terms of growing our clients’ assets. Bearing in mind that the FTSE All Share returned about the same as a cash deposit, it shows our clients and their advisers have made the right choice and their confidence in our investment management abilities has been fully rewarded.
“Our aim, as always, is to preserve and enhance asset performance whilst maintaining high service standards.”
Managing director Julie Jones said: “Clients want a personal service, where the person choosing investments on their behalf is the same person who meets with them on a regular basis and understands their needs.
“In recent years, we have proved able to differentiate ourselves by providing such a service – both to IFAs and individuals – and these results reflect the increasing reputation we are gaining.”
With its eight-strong team, Myddleton Croft advises private clients, charities, pension funds and trusts.