Smith & Williamson, the accountancy and investment management group, has recorded strong interim results with a 14% rise in profits.
The firm, which has a tax and business services team at its South Coast office in Southampton, covering Hampshire, Dorset and Wiltshire, delivered continued growth in the six months to October 31, 2014.
Richard Green, Managing Partner at the South Coast office, said: “We are delighted to have had a strong first half, putting us in a healthy position for the full 2014/15 year. The success of the firm is based on the strength of our client relationships and the quality of our people.
“As ever, we are indebted to our clients and professional contacts for their continued support and to the vital contribution made to our success by all our colleagues across the business.”
The group registered all-time-highs for operating income, adjusted operating profit, funds under management and earnings per share.
A solid performance from the Investment Management and Banking division, as well as the Tax and Business Services division, was recorded.
Adjusted operating profits grew evenly across both sides of the business to deliver 14% growth overall, building on the previous year’s performance.
Highlights for the six months, against the comparative period for the previous year, reveal record achievements for the group, which has 11 principal offices in the UK:
· Operating income of £103.3 million, a 6% rise compared with 2013/14 (£97.3m)
· Adjusted operating profit of £19.1 million, a 14% rise compared with 2013/14 (£16.8m)
· Adjusted basic earnings per share of 28.7p, a 16% rise compared with 2013/14 (24.7p), for the first half year to October 31, 2014.
· £15.3 billion Funds Under Management for Investment Management and Banking (4% up on 2013/14 £14.7bn)
· Double-digit growth in adjusted operating profits for each division: Investment Management and Banking up 11%, Tax and Business Services up 10%.
Smith & Williamson is among the UK’s top ten accountancy firms and also ranks in the top ten independently owned private client wealth managers in the UK.
