Blue Whale Capital, the fund management company backed by billionaire Peter Hargreaves, more than doubled profit during its last financial year on the back of an almost 90% increase in investment management fee revenue.

The company, which was founded by Hargreaves and fund manager Stephen Yiu in 2016, generated a £5.6m profit in the 12 months to the end of March 2022, up from £2.5m for the previous year.