Openwork hard reported an 18% rise in pre-tax profits, reaching a new record of £22.6m.

The network is paying its first ever dividend to shareholders, totalling £2m.

The volume of mortgage lending increased 21% in the year to £16.4bn, while the total number of Openwork advisers across the network increased by 262 to 3,865.

Meanwhile, assets on the platform increased 11% in the year to £6.9bn.

Mark Duckworth (pictured), Openwork’s chief executive, said: “2018 was a significant year in the development of Openwork as we became an independent business in April. It is therefore very pleasing to be able to report strong results whilst also investing in the future. We are growing the scale of our advice business across our diversified offering and this has meant we have been able to help more clients than ever.

“That is enabling us to invest in our academy to develop more advisers, as well as in our front-end systems to enable our advisers to serve our clients more effectively. The record intake to the Openwork Academy in particular underlines our commitment to increase access to advice so more people across the UK can receive the expert help they need to create and protect wealth for themselves and their families. This will remain a strategic priority of the business throughout 2019 and beyond.

“Our strengthened financial position has meant we have been able to reward our long-standing and supportive shareholders with the first ever dividend. I would like to thank the growing team at Openwork, our advisers, colleagues and senior management, for the hard work and dedication which has made 2018 a success and look forward to the continued development of our business.”