Statutory unaudited operating losses fell 47% to £3.6m (2019: £6.9m loss) at the Succession Wealth Financial Planning and wealth management group for the year ended 31 December 2020.

The firm said its latest financial results represent a “step up” in its financial performance, with 552 new clients joining the group.

After financing costs of over £12m, the firm reported a statutory loss before tax of £16m in its unaudited results for 2020. This figure is a drop from £17m reported in 2019.

The firm underwent an “operating efficiency” programme in 2019 which included restructuring and redundancies. According to the firm, the programme delivered a 7% reduction in operating expenses to £31m for 2020 (2019: £33.5m).

The national Financial Planning and wealth management group also reported an increase in assets. Assets under advice grew to £7.67bn (2019: £7.47bn).

After a period in Q2 when income was impacted by the Coronavirus pandemic, fees rebounded in the second half of the year. Turnover for the year was £74.3m.

Succession Wealth has previously confirmed that it has used the government’s furlough scheme.

James Stevenson, chief executive, at Succession Wealth said: “Succession has shown great resilience during one of the most challenging periods on record for financial markets. Despite difficult trading conditions, we have delivered a strong performance, added 552 new clients and increased AuA to £7.67bn. Our underlying profits increased by 40% to £10.3m.

“We will continue to invest in organic growth opportunities while also looking at strategic acquisitions with the profile to enhance our scale and future growth potential.

“I would like to thank everyone at Succession for their resilience and dedication as we transitioned to a new way of working. It has been really heartening to see and experience the support people have shown each other. I would also like to thank our clients for their loyalty and support as we enter what we all hope will be a year of greater optimism and opportunity.”

Wadham Downing, chief operating officer at Succession Wealth, added: “2020 represents a step up in our financial performance. The improvement reflects not only the quality of our client centric business model, but targeted investment and management action taken during 2019 to improve efficiencies. Operationally, we were also able to transition the company to fully remote working and continued supporting over 17,000 clients without disruption. Our financial planners stayed close to clients while as a business we prioritised the wellbeing of our 600 colleagues across the country.

“As we enter 2021, we are optimistic about the future for Succession. Our business model has proved itself in the toughest of conditions, we have the right strategy in place and we see strong opportunities for growth.”