Financial Planning firm Tavistock, which is in the middle of a legal spat with former business partner Titan Wealth Services, said profits climbed fifteenfold to £2.23m in the year to end of March, up from £0.14m in the previous 12 months.

Profits were boosted by the £7m acquisition of protection business Precise Protect in April 2023, which it rebranded as Tavistock Protect.

In its annual results published today it said there had been a 16% increase in gross revenues to £39.5m.

It said 75% of gross revenues were generated by the company's advisory business, where the level of recurring income was more than 80%.

It said its operating loss halved to £0.41m in the year, down from £0.94m in the 12 months to March 2023.

Brian Raven, group chief executive, said: "Our 2024 accounts reflect the solid progress made during the year as the board maintains its focus on optimising the balance between regulatory risk and potential commercial reward. In that context further work will be done in 2025 to position the company for growth."

In July Tavistock terminated its 10-year strategic investment partnership with Titan Wealth, blaming “unacceptable performance.”

Titan subsequently issued a counter statement accusing Tavistock of “serious wrongful conduct” in ending the deal under which Titan managed Tavistock funds.

In its results today Tavistock said: “Unfortunately, not all developments during the period have been positive and the Board has been greatly disappointed by the poor behaviour of one of its former business partners, Titan Wealth Services Limited.”

It added: "The board has initiated legal proceedings against Titan and has intimated a multimillion-pound claim for the substantial commercial damage caused to the company by Titan's disregard of its contractual obligations."

It said it has offered Titan the opportunity to settle the claim via mediation: "However, so far Titan has rejected mediation and instead filed a claim against Tavistock in the High Court alleging wrongful termination of the agreement and a variety of other offences."

Tavistock said: "Much of the claim has been characterised as being misconceived, based on inference and assumption and failing not only in terms of legal tests but also for a complete lack of evidence. The entirety of the claim will be robustly defended by Tavistock."

Tavistock reaped a windfall profit of £30.67m after the sale of its investment arm Tavistock Wealth to Titan Wealth in August 2021 for an initial sum of £20m.

Tavistock now has a network of more than 400 advisers and other business introducers working with more than 110,000 UK retail clients with total assets estimated to be more than £6bn, as well as 350 corporate and affinity clients with some 16,000 employees.