It also saw revenues up by six per cent to £6.05m.

Expenditure for the firm came in below budget at £5.26m.

The firm said it had seen a “number of key initiatives reaching fruition” such as the creation of a dedicated SSAS administration team and development of an adviser support programme.

It is also preparing to introduce a new pension administration system in the coming months to improve efficiency, control and information for consumers

Dave White, managing director of Hornbuckle Mitchell, said that the weak economy was encouraging people to move into Sipps.

“It’s been a tough time for pension investors but that has generated more interest in self-invested pension options.

“Falling annuity rates are making people think very hard about their choices before and at retirement. With the baby boom generation reaching retirement this is a market set for sustained strong growth.”

He added that Hornbuckle Mitchell saw new opportunities from ‘orphan’ SSAS clients, scheme pensions and from new income drawdown rules.

The firm has been in talks about finding external investment to fund this future growth but said it was too early to announce any details.