Shares in specialist asset manager Gresham House rose by nearly one per cent after the Aim-quoted firm posted substantial growth in its assets under management last year.
The fund manager introduced a number of initiatives during the year as part of a strategic push to achieve operating profitability in the future.
Assets under management grew by 50 per cent to £363m from £242m.
Revenues leapt 200 per cent to £4.3m while adjusted operating losses reduced from £3.1m to £1.6m.
The firm's Forestry fund grew by 20 per cent to £247m.
Gresham House's balance sheet had £26.9m of tangible/realisable assets.
During the year it received £7.3m from the firm's new strategic shareholder, the Berkshire pension fund.
Why it's interesting
The Aim-quoted firm's ability to grow its assets over 2016 was the principle driver behind its revenue spike and reducing its losses.
Chief executive Tony Dalwood said the firm will continue to grow its assets under management, a policy he hopes will take the firm into the black at an operating profit level.
The tie-up with Berkshire's pension scheme scheme is an example of the fund manager attracting money from a local authority both into its funds and as an investment into the equity of the firm.
Dalwood indicated similar tie-ups were to come in 2017, he said: "We continue to work on a number of organic and acquisition initiatives."
What the company said
Dalwood added: "In 2015 we established the foundations of a specialist asset manager and 2016 has seen us build Gresham House into a credible specialist player whilst developing the brand.
"This has been enhanced by progress in early 2017, which has generated additional momentum that will drive further growth in the coming year."
What the analysts said:
Justin Bates of Liberum said:
The 2016 results were better than we expected, showing strong progress in organic asset management revenues.
The new Gresham House equity alternative asset management platform is firmly established and primed to deliver strong growth in funds under management, revenues and profitability ahead of our original expectations.