Smith & Williamson, the financial and professional services firm, has announced its interim results for the first six months of the 2019/20 financial year, which has been a period of strong growth and continuing investment in the Group’s infrastructure.
- Group operating income grew 10.3% to £148.7million (2018: £134.8 million).
- Adjusted operating profit was £27.5 million, an increase of 26.1% over the comparative period in the prior year (2018: £21.8 million).
- Adjusted basic earnings per share increased by 23.1% to 37.9p (2018: 30.8p).
- Funds under management and advice increased by 3.7% to £22.2 billion.
The first six months of the financial year have seen strong revenue growth across most of our business lines, accompanied by further strategic investment in our core systems.
The proposed merger with Tilney Group was announced on 19 September 2019 and is expected to complete in the first quarter of 2020. The merger will create the UK’s leading wealth management and professional services firm for private clients and their business interests, offering significant benefits for clients, shareholders and staff alike. The combined Group will:
- Create a unique and differentiated client proposition, covering professional services, financial planning and investment management;
- Share a fundamental commitment to client-centric values;
- Benefit from an expanded office network across 36 towns and cities in the UK, Ireland and the Channel Islands;
- Deliver investment services that can cater to the full range of clients’ investment needs, including execution-only investing, investment advisory services, centrally-managed and bespoke discretionary investment management;
- Provide clients with continuity in the relationship with their investment manager, financial planner or professional services team; and
- Through increased scale, enable enhanced investment in technology for the benefit of its clients.
David Cobb and Kevin Stopps, Co-Chief Executives of Smith & Williamson, commented:
“The first half of the year saw further progress, both in terms of our performance and, strategically, with our proposed merger with Tilney. We are looking forward to completion of the merger and starting to unlock the growth opportunities available to the enlarged group. We would like to take this opportunity to express our thanks to our colleagues for their professionalism, loyalty and hard work through a particularly intense period for the company and to our clients for their continuing support.”
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Notes to editors
Smith & Williamson is an independently owned professional and financial services group with over 1,700 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group has twelve offices; these are in London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.