Fundsmith, the asset-management boutique founded by Tullet Prebon chief executive Terry Smith in 2010, has posted its first annual profit on the back of continuing good performance.

Fundsmith made £2.9 million in pre-tax profits during the 12 months ended March 31, 2013, according to accounts filed today at Companies House. That was up from a £326,000 loss the year before, and a £1.6 million loss in 2010-11, the company's first year of operation.