Financial Planning and wealth management firm Tilney doubled profits and boosted business according to its results for the year ended 31 December 2017.

The company doubled pre-tax profits from from £43m in 2016 to £86.6m in 2017 and increased gross new inflows by 62%.

Other financial highlights included increasing assets under management by 60% to £24.1bn.

The firm also pointed to business highlights including the integration of Towry Group and implementation of a new technology platform which it said was “on track for completion, with over £15m invested to enhance client experience.”

The company said it would be on the lookout for further acquisition and hiring opportunities.

Tilney chief executive, Chris Woodhouse, said: “2017 was another record year for Tilney with our average AUM up 60% year-on-year and ending 2017 at over £24bn

“Importantly, we saw a 62% increase in gross new business, demonstrating our ability to grow organically as well as by acquisitions.

“Rising assets, 75% of which are in discretionary mandates or funds, and the combination of earning both Financial Planning and investment management fees enabled a 68% increase in revenues to a record £226.5m of which over 86% are recurring in nature.

“With our past acquisitions of Towry and Ingenious Asset Management now fully integrated, our scalable business model delivered a doubling of EBITDA to £86.6m
whilst growing our EBITDA margin up to 43%.”

He added: “Our integrated model of offering Financial Planning alongside whole-of-market investment management is a powerful combination, allowing us to provide our clients with a truly joined-up and holistic wealth management service.

“Our scale has enabled us to invest significantly in a number of areas to enhance client service, support our advisers and grow new business.

“In particular we have invested £15m in a new integrated wealth management technology solution that can support the whole business.

“This has been a strategically important project and the phased implementation of it is on track to complete shortly.”

Mr Woodhouse also revealed the firm intended to make further hires of “talented Financial Planners and investment managers” to help it continue to grow.