Wealth manager Towry reported record profits and growth in assets over the first half of the year, as the company prepares for an initial public offering by the end of next year.

The company's revenues totalled £40m over the six months, up 60% from with the same period last year, according to its interim results published today. Its earnings before interest, tax, depreciation and deamortisation increased by 50% to £6.4m.