The firm reported a loss of £341,000 in the 12-month period to April 2011, with Savills selling an 80.01% stake in the business to the senior management team one month later.
The brokerage rebranded as SPF Private Clients and accounts filed with Companies House state the firm should remain profitable during 2012.
The turnaround has been attributed to cost savings following the buyout and a renewed focus on high-net-worth clients, but the results said that market conditions would continue to pose problems “The directors expect the company to remain profitable during 2012 and stay in that position for the foreseeable future, but acknowledge that it will be trading under tough market conditions.”
Chief executive Mark Harris said diversification of was a key reason for SPF’s good results, with just half its business coming from mortgage broking.
“Things have gone reasonably well in the last 12 months. We’ve had more focus on the top end and although those transactions are more challenging and often have stumbling blocks along the way, when they are completed they can be more remunerative for the business.
“Other parts of the business have continued to trade well and the outlook for the next year is encouraging.”