The firm sold 80 percent of Morrison Securities in September 2023. for $40.5 million, having first acquired it in September 2017.

In its full-year results for the financial year 2023-2024. the firm said the sale contributed $27.1 million to its statutory net profit after tax (NPAT).

Continuing business revenue increased 26 percent to $124.6 million, while operating profit rose 88 percent to $8.7 million.

During the year Sequoia also acquired the client book of Castle Corporate, Castle Legal and Australian Business Structures and acquired Clique Paraplanning.

Revenue in the licensee and consulting services division rose 27 percent and the firm reported growth and retention of its consultants during the period.

“All of this growth was organic as adviser income, supported by the move from commissions to annual fees, the increase in adviser clients and the need for advice growing from the IFA space as the adviser pool shrank and the ability to get advice from bank or product supplier continued to close.

“Over the 12-month period we increased the number of advisers by 14, but most importantly we successfully added 70 new advisers to the group, with most of the 56 departures related to smaller non-financial advisers exiting the business and this was a key factor that improved the net margin.”

Since the end of the financial year, the firm has announced it will sell its non-life brokerage business for between $4.4 million and $5 million.

Gary Crowle, the chief executive, admitted that the 23-24 financial years had been "disruptive" after a group of shareholders tried to change the composition of the board. This affected operational momentum, caused anxiety among employees and advisors and resulted in additional costs to sustain the business and staff throughout the period.

The bid ultimately failed at an extraordinary general meeting in June, but several changes have since been made to the business in response.

This includes streamlining the existing divisional structure from four to two and an agreement that Crole will step down from the leadership role by FY26-27.

He said: “As we look back on the past year, we have faced significant challenges. The disruption in the second half affected operational momentum, caused anxiety among employees and advisors and resulted in additional costs to sustain the business and staff. Despite these headwinds, we are proud to report strong growth in revenue and operating profit.

"We are streamlining our business to deliver greater efficiency and flexibility, positioning Sequoia for continued profitable growth."

Looking ahead, the company divides its focus between organic and inorganic focus. The organic focus looks at horizontal expansion and cross-offering, technology enhancements and consultant growth, while the inorganic focus looks at active acquisitions in its legal and administrative services division and the acquisition of well-established advisory practices in the Sequoia network.

It declared a fully franked full-year dividend of 7 cents per share, which included a special dividend of 2.5 cents per share.