Edgbaston stockbroker Arden Partners has posted pre-tax profits of £1.3 million for the year to the end of October – up from £200,000 in the previous year.
Revenues at the AIM-listed outfit climbed to £10.1 million from £9.8 million and underlying pre-tax profits increased to £1.4 million from £1 million.
Chairman Peter Moon said in a statement: “Arden has produced an improved performance for the year.
“We remain focused on a clear strategy to develop our corporate client base and the services we provide and to grow revenues, while maintaining tight control of overheads.”
Revenues in the equities division fell from £6.4 million in 2012 to £5 million in the last year, generally reflecting the structural change in the industry with reduced commission rates.
The corporate finance division revenue was up from £3.4 million in 2012 to £5.1 million in the last 12 months.
During the year, the firm was involved in 11 transactions compared to 15 in 2012.
Chief executive James Reed-Daunter added: “I would like to take this opportunity to thank our staff for the efforts they continually deliver and other stakeholders for their continued support.
“The group continues progress towards delivering its strategy.
“We have achieved growth in revenues against a backdrop of industry change which together with tight control of overheads has led to a healthy level of group profitability.
"The group has a robust platform to strongly grow revenues while maintaining control of costs.”