Independent financial adviser (IFA) network service provider Sumus has upped annual profits 34 per cent and is set on expansion.

The acquisitive Bristol-based group lifted pre-tax profits 33.8 per cent to £840,000 on turnover ahead by 21.4 per cent to £15.2 million. With earnings up 18.5 per cent to 2.11p a share, the board proposes a 29 per cent dividend hike to 2.11p a share.

Sumus, holding company for the Falcon IFA service concern, expanded its range by buying leading Scottish IFA network Financial Services Advice and Support (FSAS) for up to £2 million. This deal should make a significant contribution in the current financial year and is increasing Sumus’ funds under advice by £700 million to more than £2 billion.

Sumus, which at present caters for 315 IFA groups with 150,000 clients around the country, is widening its scope on 5 February by launching Brunel Funds, a ‘fund of funds’. Chief executive Allan Rosengren says the company has £3.3 million cash available after setting aside £1 million for capital adequacy requirements and will continue to pursue growth by organic development and further acquisition.

House broker Hoodless Brennan sees pre-tax profits rising 67 per cent to £1.4 million in 2006-07, with earnings up 57 per cent to 3.33p a share. Floated at 40p two years ago, the shares fell to 28p last May and have been slowly recovering.

They were 1p up this morning at 36.5p, valuing the company at £10.3 million and have speculative possibilities.