Jelf Group was forced to cut costs in its financial advice business last year after making an operating loss of nearly £9m.
The wealth management business of Jelf, which represents 12% of the group's revenues, has been hit by difficult market conditions.
Revenues fell 8% to £8.3m in the 12 months to 30 September 2009, while EBITDAE dropped 134% to minus £0.19m.
Operating profits took a major hit, ending the financial year with a loss of £8.98m following impairment of acquisition goodwill of £7.26m.
However, assets under management increased during the year, with £240m of client funds on third-party platforms at the end of September 2009, compared with £200m in the same period of 2008.
The group says it responded to difficult market conditions by cutting costs in its wealth management arm. However, the firm says trading conditions are improving and its business is now streamlined for the future.
Group chief executive Alex Always says: "We look forward to the current year with the confidence instilled by an improved financial strength and a streamlined business, but we are cautious that this improvement remains fragile.
"The Group has removed a significant amount of cost through streamlining operations."
'Life catches up with us in the end'
‘Personalised Predictive Analysis’ tool
Summer series continues
Both start in August