Midlands-based firm Dains has reported turnover up by 24% to reach £8.4m, bolstered by its acquisition mid way during the year of the Stoke on Trent accountancy business of RSM Tenon Group, which accounted for approximately half of the increase.

The increase for the year ending 31 March 2013 continues the growth trend from the firm's previous record year in 2012, which saw Dains bumped up 10 places to number 59 in the Accountancy Top 60 league table.

Operating profit last year also increased by 33% to £2.75m, with Dains reporting positive input from all five of its core service lines - accountancy and business services, audit, business recovery and insolvency, corporate finance and tax.

The firm reported double digit growth in audit for the seventh year running, strong growth in taxation services and says it remains upbeat about the strength of the corporate finance market having completed a number of high profile local transactions.

Spencer Wright, Dains chief executive, said: 'It's been a strong year as we continue to deliver responsible, profitable growth in challenging market conditions.'

He also stated: 'As an entrepreneurial and forward looking business we are continually looking to grow organically and take advantage of other strategic opportunities as they arise.'

The firm currently employs approximately 145 staff including 20 partners and directors, and Wright said they would be receiving 'a substantial discretionary profit related bonus' as a result of the firm exceeding its targets.