The London-based company, which has 149 staff including employed advisers, said profit had risen to £2.5m, while revenues grew by 13 per cent to £54m.

Other headline figures from the company released today were:

• Recurring revenues generated from clients up 14 per cent to £25 million (2016: £22 million)

• Average revenue production per adviser increased by 23 % to £122,000 (2016: £99,000)

• Assets under management in Luceo Asset Management investment solutions was £37 million (2016: £4 million) through five funds (2016: three funds).

• New business from affinity relationships was up 79% to £5.2 million (2016: £2.9 million) with total revenues from affinity relationships up 41% to £9.6 million (2016: £6.8 million)

Richard Last, chairman of Lighthouse Group, said they were an “excellent set of results” with “a particularly pleasing performance in the affinity business.”

He said: “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."