Profits at Nucleus nearly doubled to £4.8m for the year ended 31 December 2015.

The wrap platform reported this morning it had achieved a pre-tax profits jump of 92% from the same period in 2014 (£2.5m) and assets under administration reached £9.3bn (now £9.7bn) up 16% from the £8bn in 2014.

Turnover increased to £29m over 2015, a 21% rise on the £24m reported for the previous year, the firm stated.

The profit before tax includes a non-recurring contribution of £1.2m towards the cost of a change in operating model. Excluding this amount, pre-tax profit would be £3.6m for 2015.

Gross inflows for the full year totalled £2bn, up 5% from £1.9bn in 2014.

Doug Heron, chief financial officer of Nucleus, said: “We are incredibly pleased with our 2015 results as we see steady success reflected in our assets, turnover and profit, especially in the platform market where consistent and increasing profitability is still not common.

“However, profit measures are only one part of our scorecard. In trying to build a successful, durable business we’re also investing heavily in our product and in our people.

“We’re investing more than ever in our proposition through 2016 as we remain focused on creating the leading adviser wrap in the UK. As the business has matured so has our confidence in investing for the long-term. That means we can be less driven by short-term profitability and more by longer-term value creation.

“The UK platform market looks set to see considerable change in identity for some of the participants through either sale, closure or a move to a vertical model but we don’t tend to get distracted by what others are up to.”