The firm said it had maintained profitability levels "despite the current economy and distractions of a management buy-out in March".

It is in the process of recruiting four new employees to its 17 strong team – a financial adviser, general insurance adviser and two administrators.

Neil Moles, joint managing director, said: "We've seen steady growth in all areas and have a strong pipeline of new business enquiries.

"An opportunity next year will be in the corporate market with company restructuring, mergers and acquisitions which will develop our corporate pension business.

"Many companies are also looking to set up new group pension schemes to ensure they retain their best employees."

Mr Moles has predicted that the property market will pick up in the spring.

"This doesn't mean house prices will rise but cash buyers are already moving into the market attracted by the rental yields now available."

He added: "In the United States, people are now rushing to buy again, because interest rates are so low. There are small signs that credit is easing and, if this continues, the market will start moving again and we'll see demand for mortgages increasing over here."

He also believes that personal investment will continue to be strong.

"Clients have never needed as much advice as now. The market has affected everyone, from the cautious depositor to the high risk investor, but particularly those who rely on savings to live on.

"They need alternative ways to maintain their lifestyle which needs very active portfolio management to achieve that."

He said the rules of investment had "never been so important" and that diversification of assets had more impact on the overall return than the performance of any individual fund manager or sector.

"There are a lot of opportunities in the current market. Of course it's challenging, but we are confident about our future."