National financial advice firm Lighthouse has posted profits before tax up 32 per cent to £2.5m for 2017.
Meanwhile the company's revenues were up 13 per cent to £54m as its operating costs fell by £400,000 to £11.9m.
Average revenues per adviser exceeded £100,000 for the first time, reaching £122,000 - an increase of £23,000 or 23 per cent.
Meanwhile Lighthouse's recently launched in-house investment subsidiary, Luceo Asset Management, saw its funds increase from £4m to £37m.
Richard Last, chairman of Lighthouse Group, said: "Lighthouse has continued to progress in 2017 and has delivered an excellent set of results, driven entirely by organic growth and a particularly pleasing performance in the affinity business.
"The substantial rise in average annualised revenue per adviser was a key factor in achieving a 13 per cent increase in revenues.
"This, along with a reduction in operating costs flowing from the group's continuing focus on providing good customer outcomes, resulted in a substantial increase in earnings. Lighthouse remains well positioned to deliver further growth."
Lighthouse has 21 affinity relationships with employee organisations representing more than six million members, including Unison, Unite, Prospect, The Fire Brigades Union and the Royal College of Nursing.
Business from these relationships was a "highly significant" contributor towards the company's performance in 2017, with revenues from this increasing by 41 per cent to reach £9.6m.
Malcolm Streatfield, chief executive of Lighthouse, said: "This contribution is expected to increase as penetration of such relationships becomes deeper and more effective."
The division of the business which produced the most revenue was Lighthouse Advisory Services, the company's network, which contributed increased revenues of £23.8m.
damian.fantato@ft.com
