Wealth manager Towry's pre-tax profits fell last year from nearly £10m to just over £4m.

The financial results for 2014 were released this morning, showing the group's operating profit also fell to £8.3 million. This was a drop from £11.8 million in 2013.

Pre-tax profits stood at £4.38m for last year, as against £9.815m in 2013.

However, earnings before interest, tax, depreciation, amortisation, and exceptional items were at a record high of £24.0m during 2014, versus £22.7m the previous year.

Towry's EBITDA rate has grown at a compound annual rate of 18.4% over the last five years, it said.

Revenue increased to £91.3 million in 2014 from £82.4 million the year before.

The company also reported a 15.4% increase in assets under management to £6.4bn – up from £5.6bn.

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Rob Devey, chief executive officer of Towry, said:"2014 was a very positive year for Towry. Our results show a seventh year of continued growth in assets under management, while revenues have increased through a combination of organic and inorganic growth."

The purchase of Baker Tilly's private client arm increased Towry's client base, with another acquisition - Ashcourt Rowan – set to make one of the largest companies in the wealth management sector.

The firm said it expects this deal to be completed in Q2 of 2015.

Mr Devey said: "Looking forwards we will be well-positioned to take advantage of a growing market where demand for professional, transparent and trusted advice is only set to increase."

Ron Sandler, chairman of Towry, said: "Our results report a seventh year of continued growth in both assets under management and EBITDA, with revenues also increasing through a combination of both organic and inorganic growth. "Towry has built a strong and scalable business model which is well-placed to take advantage of on-going consolidation and repositioning within the industry. The upward trajectory in the business during the second half of 2014 puts us in a strong position for the year ahead."