Advisory firm Age Partnership has reported a £2.6m profit for the Covid-affected year ending 31 December 2021.

The Leeds based broker also reported that it has gained market share since the start of this year.

With growth in the equity release market expected to reach almost £6 billion by 2026, according to data from Mintel, Age Partnership is undertaking a significant investment programme to benefit from market conditions.

Steve Auckland, CEO at Age Partnership said: “Over the past 12 months we have heavily invested in our eMarketing, including our customer portal, which since launching has reduced customer journey by over 11 days.

“We’ve increased our marketing spend in 2022 to over £20m, up from £10m last year. This increase represents our belief in the potential for the industry over the coming months and years. Our myth busting campaign is designed to help the entire industry and demonstrate how equity release can transform later lives.

“To support the growth, we are in the middle of a recruitment drive which will see us increasing our number of advisers to 140 by the end of this year.

“There is so much potential in this market, we just need to make sure that we’re supporting our customers through challenging times whilst highlighting how equity release can actually enhance their lives.”