Online wrap platform Novia Financial has boosted profits by more than 70%, according to the firm’s latest figures.

Annual audited accounts revealed operating profits were up 72.5% to £5.6m
 
The financial report and financial statements showed what the firm called “strong results across all key financial measures as Novia continues to progress in line with its corporate strategy”.

The firm says the “robust performance” had come despite “continued market volatility”.

Elsewhere the report showed revenues had surged 11.2% to £20.9m, sales were up 3.2% to £1.27m and assets under management were increased by 5% to £6.1bn.
 
Chief executive, Bill Vasilieff, said: “We are pleased to report such positive results which include an increase in business inflows, despite significant challenging market conditions.

“Whilst this increase is more modest than we have experienced in the past, it represents an extremely resilient performance under difficult trading conditions and when many competitors experienced falls.

“Continual feedback provided by advisers and analysts indicates that users enjoy the market leading service offered by Novia and we are delighted to report that our new online external web portal Adviser Zone has been successfully implemented and well received in the market.”

He added: “Adviser Zone, which was built and developed by our in-house team, represented a significant build for the business and is expected to greatly enhance the user experience both for financial advisers and their clients.

“This new technology will also enable Novia to have greater control of propositional offerings to the market.

“Along-side the successful launch to market of Adviser Zone, we were also pleased to report continued investment in 2018 in our discretionary fund management service Copia Capital to support the sustained building bespoke custom portfolios.
 
Novia says it “remains confident” about the long-term strategic growth for the business.