Foster Denovo Group, parent company of national advice firm Foster Denovo, has reported increased revenues of £21.2m in its audited financial results for 2019, up 8.2% year on year.

The financial advice firm said it expects its 2020 revenues to be similar and is looking to make acquisitions this year.

Foster Denovo made two acquisitions in 2019; Kent-based Financial Planning firm Orchard Wealth Cultivation, and the UK wealth division of London and Capital Asset Management.

EBITDA remained steady at £0.3m while the group saw its gross profit margin improve by almost 2% to 50.3%.

Over the course of the year the firm also added seven new financial advisers across the business.

Revenues at Foster Denovo’s investment management company Sequel Investments, grew by 13% with funds under management growing to £621m.

Roger Brosch, CEO of Foster Denovo said: “2019 was the third consecutive year we have reported positive growth, which is testament to the investments we have made both in our business and in our people.”

“As we look towards our 2020 results, the business has proved itself resilient in the face of the pandemic and subsequent lockdowns, and we therefore expect to see similar levels of revenues to those of 2019.

“Our immediate focus this year has been on the health and wellbeing of our people and in providing our clients with the service and reassurances they need. But as we move into 2021 we look forward to building on the positive performances of the past few years, further developing the proposition we are able to offer to the marketplace, and continuing on our growth journey through focussed recruitment and the acquisition of complementary businesses.”