Financial services firm LOM made profits of more than $553,000 last year.

The firm’s annual report said its net income increased 291 per cent on the previous year’s $141,528.

The report said the firm had won new clients over the year ended last December, raised additional assets and improved its financial performance.

Assets under administration at the firm rose $49 million to $684 million to the end of last year.

Scott Lines, chairman and chief executive officer, said: “I am pleased to report this success given that assets under administration rising to $769 million as of today.

“The success in winning new business is a testament to the hard work of all our staff and validates the focus we have placed on delivering top performance with a very high level of service.

“Though our return on equity is not yet at the level we would like, we feel we that we are moving towards that target in a sustainable manner.”

In asset management, revenues went up 7.5 per cent, with the performance of mutual funds and investment management rated at “very good”.

Total revenues at the firm went up 8.5 per cent to nearly $8 million.

Management and advisory fees rose 7.5 per cent to more than $3.1 million, while broking fees dropped 8.8 per cent to $2.06 million.

Net interest earnings went up 45 per cent to $990,981, while gain on securities held in inventory was $279,636.

Fees from corporate finance work went up 22 per cent to $92,656.

The firm’s net return on equity stood at 3.2 per cent for the year ended in December last year.

Mr Lines said that the company had already signed a deal to buy an office block in Nassau, Bahamas, and planned to increase staff there.

He added: “Furthermore, we are very close to opening a branch office of LOM Financial Bermuda Ltd in an additional Caribbean jurisdiction.”

Mr Lines said: “Our IT and systems infrastructure enable us to now add a new location and on board new revenue streams in an extremely efficient manner.”