Smith & Williamson, the financial and professional services group, has announced boosted funds and profits in a “solid” performance for the year ended 30 April.

The firm's business model is based on the provision of a comprehensive range of financial and professional services delivered in a personalised manner via a single, senior point of contact.

Key highlights for the year ended 30 April included:

• Operating income growth of 4.3% year-on-year to £278.1m (FY2018: £266.7m);

• Adjusted operating profit increase of 4.8% year-on-year to £48.4m (FY2018: £46.2m);

• Adjusted basic earnings per share of 71.4p, a 3.9% year-on-year increase (FY2018: 68.7p); 

• Total dividends of 36.0p per share (FY2018: 36.0p);

• Funds under management and advice increased by 6.5% year-on-year to £21.4bn (FY2018: £20.1bn);

• Funds under administration increased by 18.8% year-on-year to £13.9bn (FY2018: £11.7bn);

• Operating income for professional services grew by 6.5% to £104.7m (FY2018: £98.3m).

The group’s long-term strategy is centred on the three pillars of developing the firm’s people, delivering integrated services and enhancing technology.

In that regard the firm highlighted three areas:


• Formation of a group executive committee to lead the execution of strategy and focus on greater integration across the business as whole;

• Changes in the group’s approach to managing and developing staff to support the commitment to working in unison;

• Tangible progress in a transformative programme to enhance the group’s IT infrastructure.

Kevin Stopps, co-chief executive of Smith & Williamson, said: “This was a year characterised by solid performance, with continued investment in our strategic priorities.

“Growth rates across a number of our professional services core business areas have been encouraging, particularly in tax, assurance and business services and restructuring and recovery services.

“Our financial services business has also performed well, led by higher market levels and increased banking income.

“Clients are seeking more services from us across the full breadth of our capabilities, which enables us to deepen our relationships and expand our offering to their specific needs.”

David Cobb, co-chief executive of Smith & Williamson, said: “We remain committed to our long-term strategy and have been encouraged by engagement levels within the business and the tangible results it has delivered so far.

“We are focused on delivering profitability but place equal importance on how we achieve it in accordance with the group's strategic objectives and our commitment to growing the business sustainably.

“As we reflect on a solid performance across our business lines, we remain uniformly positive about the future of our business and are optimistic about our growth prospects.”

He added: “We continue to face challenges but our business is in a good position to withstand them.”