Blackwell Publishing has seen its pre-tax profits leap to £21.8m in the year following a family dispute about the Oxford-based company's future.

Chairman Nigel Blackwell was at loggerheads with his uncle, Toby Blackwell, who wanted the company sold to a trade buyer.

Instead, merchant bank Morgan Stanley was brought in to produce recommendations about the company's future financial structure.

President Bob Campbell said: "The plan is to pursue our independent strategy, which we have done very successfully.

"We're increasing our dividend to shareholders by 83 per cent.

"We have done everything we set out to do when we merged Blackwell Publishers with Blackwell Scientific, and we have shareholder support."

Last year, the company bought US publisher Futura, and is now looking for further acquisitions.

At the time of the merger, there were redundancy fears, but the workforce has grown to more than 500.

The company, which last year opened a £3m building at Oxford Business Park, in Cowley, had an average of 20-30 vacancies at any one time, said Mr Campbell.

Pre-tax profits, including interest repayments, grew from £14.4m to £21.8m last year, and turnover was up 12 per cent from £147.4m to £165m, despite the fall in the value of the pound.

The company has added 40 new science, medical or technical journals to its publications, bringing the total to 676.

Chief executive Rene Olivieri said: "Any company doubling its profits at a time of economic turmoil has a right to be proud."