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Specialist operator Mercia Asset Management swung to a full-year profit after it boosted its assets under management and performance fees.
Pre-tax profit for the year through March amounted to £34.5 million, compared to a year-on-year loss of £17.5 million.
Revenue jumped 51% to £19.2 million as AuM rose 18% to about £940 million and the company recorded £3.8 million of net performance fees, up from nil a year earlier.
Mercia declared a final dividend of 0.3p per share, up from nil a year earlier.
'Our venture capital activities - both managed funds and held directly - had their strongest year so far, our debt team completed a record number of transactions and our private equity portfolio has returned to growth,' chief executive Mark Payton said.
'The group is now strongly cash generative with adjusted operating profits supporting our progressive dividend policy.'