The fundraising platform JustGiving increased its profits by 10 per cent in the first year after it was acquired by Blackbaud, the latest accounts show.
Giving.com, which trades as JustGiving, made £3.8m after-tax profit in the financial year ending 31 October 2018, compared with £3.5m the previous year, according to documents filed with Companies House.
The company, which was taken over by the US-based cloud software company Blackbaud in October 2017, described the results as "satisfactory" in its annual report and financial statement, which contains the accounts and was published last week.
Turnover increased from £26.9m to £27.2m.
Staff costs fell from £12.7m to £10m. This was partly due to a reduction in wages and salaries from £9m to £8.5m as the average number of employees fell from 122 to 109.
But the biggest factor was a reduction in shares payments from £2.5m to £328,000.
A JustGiving spokeswoman said the £2.5m figure "made up the majority of awards made to directors under the previous ownership" and directors were no longer awarded this way.
The report describes the key risks as "competition from new entrants to the market, the current economic climate in regards to the UK's pending exit of the EU and changes to government regulations".
It adds: "The strategic decision taken to invest in compliance and security have reinforced JustGiving's trusted status in the market as well as provided the opportunity to diversify revenues into emerging areas."