An expanding Financial Planning firm celebrating 10 years in business has increased staff numbers by nearly 50% in the past year.

In its annual results, Manchester-based Pareto Financial Planning revealed staff numbers up from 34 to 48 over the past 12 months as turnover grew from £4.1m to £4.85m, up 18%.

The firm, which includes a number of Chartered Financial Planners, is looking to expand further in the coming year and is also seeking acquisitions.

Funds under influence grew by £130m to over £600m and there was strong growth in recurring income, which now represents 50 per cent of turnover, the company said.

The company is forecasting revenue will reach £5.4m in the coming financial year.

Pareto, based in Manchester city centre, advises individual and corporate clients in the north west on all aspects of Financial Planning, including pensions and investments, income protection, life cover and employee benefits. Clients range from high net worth individuals to owner-managed businesses.

Pareto was established in 2008 by John Stevenson and George Chantry with one employee.

Key recruits over the past 12 months have included Nicky Aspray to the role of operations manager, Edita Jeneckaite-Zubairi as compliance manager and Alan Makinson to spearhead the employee benefits team.

Pareto has launched a training programme for its financial advisers under sales director Paul Stones with Anthony Bruchez the first adviser to come through the scheme.

Managing director John Stevenson said: “We are delighted to announce another strong performance for Pareto as we celebrate 10 years in business.

“We exceeded our initial forecasts with revenue growth of 18 per cent, which is testament to the dedication and commitment of our staff as well as our market-leading offering to individual and corporate clients.

“We secured a number of new partnerships with accountancy firms across the north west which have helped lay a platform for continued strong growth, and we expect to conclude further agreements over the coming months.

“As well as maintaining our organic expansion, resulting in further recruitment, we are also looking to acquire financial advisory firms which have similar core values to our own.”