A combination of acquisition and organic growth also helped drive funds under advice to £9.6bn.

Funds under management increased by 36% to £7.2bn and total revenue for the 2018 financial year grew by 20% to £58m, with adjusted EBITDA showing a profit of £2.5m.

Recurring income in 2018 increased to £34.1m, up from £22.2m in 2017, representing 63% of advisory revenue.

The company, led by CEO Lee Hartley and based in Newcastle but with a significant presence in London, says further acquisitions are on the way to help spur growth. Five advice firms joined the firm’s buy-out programme in 2018 with a view to full acquisition within the next two years. A further five firms have joined the programme in 2019 so far.

Mr Hartley said: “In 2018 we delivered strong progress across all areas of the business. Revenue and adjusted EBITDA performance has been substantially ahead of the prior year in each channel and both our advisory and fund management businesses are operating profitably and with a complete absence of cross-subsidisation.

 “Our considered approach, together with our proven business model and the significant financial backing that we have at our disposal, allows the management team and shareholders to look forward to 2019 and beyond in a positive manner.”

Fairstone has 340 regulated advisers and 220 operational staff in 48 locations in the UK.