Openwork has increased its operating profit threefold to more than £5m.

It made an operating profit of £5.5m in 2014, an increase of more than 230% on 2013 when it posted a profit of £1.7m.

It has achieved three consecutive years of profitability after making significant losses in the years following its inception in 2005.

Openwork CEO Mark Duckworth said: “That we are able to announce a dramatic rise in operating profit for 2014 is testament to both the strength of our enhanced proposition and the hard work our advisers have put in across all areas of financial advice.

“2014 was a milestone year for Openwork in a number of important ways. We strengthened our commitment to closing the protection gap with the acquisition of more than 700 specialist advisers, and saw around £1bn of new assets flow into our investment company Omnis.

“With the enhancements we have made to our proposition, we have a fantastic base from which to grow the business while helping our advisers continue to deliver the highest standards of advice to their customers.”