Smith & Williamson posts record profits

Smith & Williamson has posted £25.3m profits for the year, its highest
ever figure.

The firm grew profits before tax by 39% on 2006, and saw fee income leap by
13.7% to £150.5m.

The firm benefited from favourable market conditions across its investment
management and banking, and tax and business services divisions.

‘The new year has started well and, provided there is no material
deterioration in world markets or the UK economy, following the recent turmoil
in the credit markets, we remain confident of making further progress this
year,’ said chairman Gareth Pearce.

He said the market had supported growth in funds under management, and the
requirement for audit committees to seek independent advice had generated new
business for the group during the past year.

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