Smith & Williamson reports double digit growth

Smith & Williamson has reported operating income growth of 10.7% to £130.1m for the half-year 30 April to 31 October 2017, up from £117.7m for the same period last year.

The firm also reported adjusted operating profit growth of 15.8% to £20.5m.

Funds under management grew by 6.4% to £20bn in the half-year to 31 October 2017 (12% growth year-on year), and funds under administration increased by 16% to £10.7bn over the half-year period, (35% growth year-on-year).

Meanwhile, adjusted basic earnings rose by 23.1% to 29.8p, compared with 24.2p the previous year.

This year the top 10 firm has launched a client portal as well as a five-year client-focused strategy, aiming to grow revenues, profitability and assets under management.

Another key area of focus has been investment into core technology and client services.

Looking to the year ahead, Smith & Williamson will focus on private client investment management and financial planning expertise, enhancing core client services in existing regional locations and continuing the expansion of investment strategy.

Kevin Stopps, co-chief executive of Smith & Williamson, said: “Our strategy will allow us to better respond to, and take advantage of, market conditions and opportunities, including value accretive hires or acquisitions further enhancing our position as a leading adviser to private clients and their business interests.”

“We will bring this to life with new programs for client experience, talent and infrastructure,” he added.

Earlier this year a merger between the firm and Rathbones was on the cards, but ultimately fell though as Smith & Williamson said they would pursue listing instead.

David Cobb, co-chief executive of Smith & Williamson, added that the firm will “continue to prepare for a potential listing, and will be taking all the necessary steps to position the group accordingly.”

“This preparation, including the major steps we are taking to upgrade our technology platform, will take time, and we anticipate that we will not be in a position to list before the second half of 2019.”