Private client investment house Killik & Co has reported “satisfactory” results despite a slight decline in profitability.

The firm’s assets under management reached a record £5.8 billion for the year ending 31 March 2019, up 6.1 percent on the same period last year.

Revenue was £47.8 million, up 2.1 percent from 2018’s £46.8 million, though commission income fell from £22.8 million to £20.7 million.

Pre-tax profits were down 5.3 percent to £15.6 million, as administrative costs rose from 2018’s £22.7 million to £24.6 million, mostly due to an increase in staff wages and bonuses.