Ultra-high net worth client-focused boutique Capital Generation Partners (CapGen) saw its profitability decline in 2019, as costs escalated, according to its newly-released annual accounts.

The firm produced a pre-tax profit of £2.36 million for full-year 2019, down 19 percent on 2018’s £2.92 million. Revenue grew 8 percent to £8.36 million, giving the firm a profit margin of just over 28 percent.

An 18 percent hike in costs was responsible for the decline in profitability, with administrative expenses at £5.71 million for the year.