Currie & Brown, the global asset management consultancy, has announced a full year operating profit of £3.6 million - an increase of more than 296 per cent on the previous year.
The company, which has offices in Birmingham, posted a year-end pre-tax profit of £2.3 million. Turnover for the year to September 30 increased to £63.3 million, an increase of 11 per cent on an annualised basis.
Chairman Erik Ostman said the board was pleased with the results, which were achieved during a period of corporate change within the privately-owned firm.
"The operating profit of £3.6 million sits comfortably with the expectations that we had for the year and reflects the strategic shift we have made to concentrate on core services and key markets," said Mr Ostman.
"It also demonstrates a significant improvement in the margins and quality of earnings within the operating businesses. Our decision to focus on core services and key markets is starting to bear fruit."
The firm credits a shift to a market sector approach with the improvement in the quality and longevity of contracts it won from blue chip clients during 2007.
This included an extension to a contract from Shell, continued work with M&S, Pri-mark, RBS and BP together with work across the UK's health, education and defence sectors.
In the industrial sector it has moved into bio-fuels and continues to engage in the pharmaceutical market.
Chief executive Euan McEwan said there were a number of key points to note about Currie & Brown's performance in 2007.
"Overall, our UK operation performed strongly and achieved a substantially improved operating profit," he said.
"Trading conditions for the London office remained very tough, however the streamlined cost base and integration with the rest of the UK helped improve the operating profit for this office.
"Our other offices across the UK are delivering above-target growth with a good base of long term, with predictable earnings in the core cost and project management business," he added. During 2007 the firm won a number of prestigious international contracts including the provision of cost-estimating services for a refurbishment of labs at Yale University and the commercial and cost management services for the Formula One development in Abu Dhabi.
Mr McEwan said: "The majority of our international operations, such as the Middle East, Europe and the US, did well in attracting a healthy mix of new and repeat business. Our decision to restructure our Middle East operation in 2006 put us in good shape and I would expect that to accelerate in 2008."