Consultant Cyril Sweett has reported a 7% rise in profit in the first set of accounts to be published since it announced that it intended to float on the alternative investment market (AIM).

Profit for the year ended 31 March was £4.5m, up from £4.2m the previous year. Turnover rose 16% to £52m over the same period.

The UK accounted for £47m of the firm’s turnover. The Republic of Ireland produced £3.4m, France £605,000 and the rest of the EU £207,000.

The remaining £1.1m came from other international operations, largely in the Middle East.

Cyril Sweett’s management revealed in May that it was considering a flotation on AIM after a strategic business review by Close Brothers. This was approved by shareholders at an extraordinary general meeting in June.

The firm is expected to launch the flotation in the autumn, which will make it the only standalone QS on the stock market.

The results, posted at Companies House, reveal that the highest paid director, who was not named, received £240,078, including company contributions to pension schemes. A total of £11,177 was donated to charities.