Wealth manager and Financial Planner Kingswood Group said profits climbed £3m or 37.9% to £10.8m in 2023.

Revenue increased £23.6m or 37.7% to £86.2m for the year.

Profits in UK and Ireland increased by £3.2m or 56% to £8.9m, while revenue increased to £46.6m, a 37.5% increase year on year.

It said its UK & Ireland division comprised £3.5bn AUM and £5.9bn AUA at the end of the year, reporting growth of £0.3bn and £0.3bn in 2023.

David Lawrence, Kingswood chief executive, said: "As a leveraged growth business, we see operating profit as our key performance indicator. While this is lower than our forecast when publishing our June 2023 interim results, it was up a very healthy 56% in UK and Ireland and 37% for the group on the prior year.”

He said operational highlights from 2023 included the completion of the company’s acquisition of Moloney Investments Limited to which it subsequently added its first bolt-on acquisition, Baseplan Limited.

He added: “We have seen forward momentum in our IBOSS business where we added 17 new IFA firms and now have in excess of £2bn under our management from both IFA and vertically integrated flows.”

Kingswood acquired IBOSS Asset Management in December 2021.It said  IBOSS AUM managed by IBOSS for Kingswood clients and those of external IFAs was £2.1bn as at 31 December 2023, an increase of £0.4bn on the previous year.

In March 2024, Kingswood appointed a new chief financial officer, Vinoy Nursiah. He joined Kingswood from CSC Global Financial Markets, having previously been at Intertrust and SFM Europe.