Wealth manager and Financial Planner Titan Wealth said losses grew in the year to the end of March 2024 to £44.8m, up from £27m the year before.

In a financial statement published this week it said the losses arose “primarily from loan interest, amortisation and ongoing integration costs linked to acquisitions.”

Turnover jumped from £53.8m in 2023 to £77.4m in 2024.

During the period the firm made a series of acquisitions as part of its aim to boost its assets under management to £100bn within the next five years.

It has four main divisions, platform, custody, discretionary fund management and Financial Planning.

Its Financial Planning division is made up of Titan Financial Planning Ltd (formerly Goldsborough Wealth), Telford Mann Ltd and Prism Financial Advice Ltd.

Its revenue from Financial Planning halved in 2024 falling from £1.2m in 2023 to £602,000, while its advisory revenue grew from nothing to £1.1m. During the year the advisory services within Titan Financial Planning were merged with the Financial Planning business within Titan Private Wealth.

The company said in the report: “Looking forward, we expect to continue to see growth in revenues, despite the expectation of a fall in interest rates and new opportunities are expected through acquisitive growth through the wider group.”

Since March 2024, the firm has made a series of further acquisitions to boost its assets under advice and management to £37bn.

In July it bought two East Anglian advice firms, Finance Shop Limited and FS Wealth Management Limited. The two firms had £1.1bn AUA.

In April Titan acquired Workplace Advice Group, a provider of workplace pensions which manages £200m for 1,459 schemes. Stoke-based Workplace added to Titan’s corporate benefits business run by Titan Wealth Planning (previously Aspira Corporate Solutions).

In January Titan acquired £525m AUM Jersey Financial Planner Advisa Wealth and acquired national Financial Planning firm Independent Wealth Planners (IWP) in December, a deal which added approximately £6.6bn of client assets to Titan Wealth.