TRADE body Scottish Financial Enterprise has seen its turnover rise almost five per cent from £556,827 to £582,364, according to its latest accounts.

The report filed at Companies House shows pre-tax profits in 2013 rose from £5,143 to £25,238.

The organisation, which serves to promote the country's financial services industry, saw its cost of sales increase from £100,438 to £123,853 but it managed to trim administration costs from £463,833 to £445,002.

Loading article content

Membership of SFE starts at £1,100 plus VAT for not-for-profit and small firms and goes up to £9,350 for large companies. Major organisations such as Standard Life, Royal Bank of Scotland, Bank of Scotland, Aberdeen Asset Management, Alliance Trust and Clydesdale Bank are all members.

SFE is run by chief executive Owen Kelly with Sir Ewan Brown, of Noble Grossart, as its chairman. Other board members include Tesco Bank's chief executive Benny Higgins, Aegon UK's chief financial officer Clare Bousfield and RBS's Scottish corporate banking boss Ken Barclay.

The SFE accounts show director's remuneration fell from £162,082 to £156,322.

Mr Kelly said: "It has been a busy and productive year for SFE with a diverse series of member events and regular engagement with governments, officials, politicians and the media, over the implications of independence for the financial services industry."

"The role of SFE is to provide a service to members, with the continued growth in our membership and the revenue this creates, we have the opportunity to continue to reinvest our modest profits into that service."