Curtis Banks will examine possible acquisitions of good quality Sipp books this year, it said this morning, after announcing a profits boost.

The group confirmed an increase in pre-tax operating profits to £7.1m for the 12 months to 31 December 2016.

Sipps and assets under administration rose to 72,000 and £18.8bn respectively, the firm reported, driven by strong organic growth and the mid-year completion of the acquisitions of Suffolk Life and European Pensions Management Limited.

Rupert Curtis CEO of Curtis Banks, said: “Our capital position remains strong. We’re comfortably capitalised above the regulator’s new requirements, and remain able to consider acquisitions of good quality Sipp books should the opportunity present. Our continued strong organic growth demonstrates our ability to do so without impact to our normal service levels.”

He said: “2016 has been a transformational year for Curtis Banks with the acquisition of Suffolk Life. 7 years after founding the business we now administer over 72,000 Sipps with assets approaching £20bn.”

“We see great opportunity to consolidate the businesses of Curtis Banks and Suffolk Life and enhance our performance as a unified business, building on what we have achieved so far. We’ll see the full year financial benefits of the Suffolk Life and EPML acquisitions in 2017 and, with the support of our great team of 600 people, we’re tremendously excited about the future ahead of us.”

Will Self, deputy CEO Curtis Banks and CEO Suffolk Life said: “Bringing the two businesses together allows us to work better on improving our Sipp and service proposition for advisers. The combined Group has the financial strength and experience to offer advisers flexibility and certainty in a Sipp market that has experienced significant change and instability in recent years.”