The wealth management firm, born out of a merger deal that was completed last year, announced full-year results for 2014.

UK-based wealth and financial planning firm Tilney Bestinvest has announced a 2014 group profit on a pro-forma basis of £17.7 million ($27.8 million).

The business was formed last year when private equity firm Permira, Bestinvest's owners, announced it was purchasing Tilney from Deutsche Bank. As this is the first time the firm has issued full-year results, comparisons with a year ago are not meaningful, but the figures will provide a basis for comparison going forward. Earnings before interest, taxation, depreciation and amortisation is regarded by the firm’s board as the most appropriate measure of underlying performance. Tilney was combined with the Bestinvest group on 1 August 2014 - the EBITDA and revenue figures in this release provide a pro forma picture of the combined business across the full 2014 calendar year.

The companies had combined revenues of £67.6 million, 79 per cent higher than the £37.7 million generated by the standalone Bestinvest business during the 2013 calendar year.  Assets under management and administration stood at £9 billion on 31 December 2014, up by 76 per cent from the £5.1 billion Bestinvest had at 31 December 2013, it said.

“Alongside the excellent outlook for organic growth, we will continue to explore potential further acquisitions where we believe the fit with our business is right and the services we can offer clients will be enhanced,” Peter Hall, chief executive of the group, said.