The organisation released its consolidated report and accounts for the financial year October 1 2015 to September 30 2016 this morning.

Turnover increased to £18.7 million.

Advantage managing director, Julia Lo Bue-Said, said: “We are delighted at the performance of the group; creating a wealthy business on behalf of our member shareholders.

“We will continue investing further in the group, an example of which was the acquisition made for the majority of shares in WIN earlier this year.

“Our success factors are not however measured purely on the profits we make, but on our ability to reinvest into the organisation, in our products and services, for the benefit of our members.”

The organisation said the average member benefit had increased from £29,000 from £28,000 last year, and is recommending a “significant increase to the member dividend”.

“Given the financial strength of the organisation we see this as an opportunity to continually look at how we deliver a world-class proposition,” added Lo Bue-Said.

Advantage finance director, Nick Moser, added: “Our strong net asset position provides a platform for us to achieve our plans to increase the levels of investment in our technology solutions and to seek out strategic opportunities that will further benefit members.”