Openwork has posted its first ever profit as a standalone trading company.

The network has reversed a loss of more than £13 million in 2011 and made an unaudited profit of £600,000 in 2012.

These results mark the culmination of a move towards profitability over the last few years from initial trading losses totalling £55 million in its first two years.

CEO Mary-Anne McIntyre said: “Openwork being profitable for the first time is a hugely significant milestone and is a source of great encouragement for our adviser firms, not only in knowing they are part of a stable network but also of course as shareholders in the business.

“It has been a long journey since Openwork’s launch in 2005 and this marks a turning point in its history as a standalone trading company.

“We recognise however that 2013 is likely to be extremely challenging and we will continue to use our scale to drive revenue from multiple sources while giving our advisers all the support and tools they need to thrive in difficult market conditions.”