PracticeAccounting FirmsDouble digit profits rise for Smith & Williamson

Double digit profits rise for Smith & Williamson

The firm has seen significant growth in its investment and banking, and tax and business services divisions

Smith & Williamson has reported double digit rises in the group’s operating income and adjusted operating profit during the six months to October 2016.

The firm said that it had seen significant growth in both its investment and banking, and tax and business services divisions.

Groups operating income rose to £117.5m, a 10% increase compared to the £106.5m recorded in 2015. Adjusted operating profit increased to £17.7m, up 22% from £14.5m in the previous year.

Adjusted operating profits were up 21% in the investment management and banking division, and increased to £2.4m in the tax and business services division.

Kevin Stopps, co-chief executive of Smith & Williamson and managing partner of tax and business services said: “We are delighted that both sides of our business delivered so strongly in the first half of the year, despite the uncertainty around the UK referendum, positioning us well for a healthy conclusion to the financial year.”

David Cobb, co-chief executive of Smith & Williamson and head of investment management and banking said: “While volatile, we saw higher stock market levels than the equivalent period in the prior year.

“We expect further stock market fluidity over the coming months due to likely uncertainty arising from elections in Europe, a new US President and the much anticipated triggering of Article 50 throughout which the firm will continue to guide clients’ business and wealth planning activity.”

“Looking ahead, investing in our people, platform and resources, including strategic acquisitions, for the long term benefit of our clients, remains a priority. We are particularly excited about opportunities to support Britain’s scale-up businesses, our active partnership with the ScaleUp Institute and our family office initiative,” added Stopps.

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