Murgitroyd, the Alternative Investment Market-listed patent attorney, has reported a 71% jump in pre-tax profit to £2.3m on a 21% rise in turnover to £22.8m, after a year which saw its market value more than double.

Murgitroyd, the Alternative Investment Market-listed patent attorney, has reported a 71% jump in pre-tax profit to £2.3m on a 21% rise in turnover to £22.8m, after a year which saw its market value more than double.

After yesterday's announcement, which included a 94% leap in the dividend to 9p, the group's shares, issued at 121p in late 2001, advanced by almost 6%, or 27.5p, to 487.5p.

Murgitroyd's patent services span technology, engineering, electronics, chemistry and biotechnology, with clients ranging from multinational corporations to individual inventors and both in-house and external patent attorneys.

The practice also services major trademark clients ranging from the clothing, food and drinks, tobacco, pharmaceuticals and oil industries to sport, entertainment and retailing.

The 66% rise in operating profit to £2.57m and the 110% rise in basic earnings per share beat market expectations, and reflected the integration of its £1.6m Fitzpatricks acquisition, as well as "continued organic growth, economies of scale, and a proportionate reduction in overheads for the second consecutive year", according to the chairman Ian Murgitroyd.

"Murgitroyd has delivered steady growth for the sixth consecutive year and I believe the company is well placed to continue this performance," the chairman added.

His son Edward, a qualified patent attorney, moves from a fee-earning role to become head of group operations as well as heading up business development in the US, where around two-thirds of European patent filings originate. The Murgitroyd family still owns 44% of the shares.

Keith Young, chief executive, commented that this stake might continue to be reduced over time, and there was no succession masterplan, but "Ed remains in the business and is committed to it".

At its interims in January, the group highlighted an improved gross margin of 65.8%, which has been maintained. There is also an aspiration to replicate the outsourcing deal which saw Murgitroyd take over the in-house intellectual property (IP) operation of textile group Coats.

Young commented: "There are a number of IP departments out there of a similar size which either now or in the future face similar problems ... we are doing a bit of groundwork."

He added that Sweden, the only one of the five major IP jurisdictions where Murgitroyd does not yet have a base following its opening in Milan this year, "remains on the radar" for a new office. The group already has 12 offices in eight countries.

David Castle, a widely-respected trademarks authority who joined the group when his firm Castle's was taken over in January 2005, had been due to exit next January but is to stay on and become deputy chairman. Young commented that the title reflected his seniority, adding "the fact he is staying with the business is great".

European trademark filings increased by 20% last year, a reflection of economic confidence.