Wealth manager Smith & Williamson has hailed its “solid financial performance” as it boosted profits and maintained funds under management.

Half-year results for the first six months of the 2018/2019 financial year revealed profits had grown by 6.3% from £20.5m to £21.8m.

Group operating income also rose 3.6% to £134.8 million (2017: £130.1 million).

Other highlights included:

• Adjusted basic earnings per share increased by 3.4% to 30.8p (2017: 29.8p).

• Interim dividend per share remains at 10p.

• Funds under management and advice remained at £20.1bn.

The firm says its “client-focused growth strategy is centred in three key areas: developing our people, delivering integrated services and enhancing technology.”

The report said the firm had “made good progress in the first six months of this financial year, completing a review of our organisational and internal governance structures while continuing with our programme of extensive investment in new IT systems.”
 
Kevin Stopps, co-chief executive at Smith & Williamson, said: “The first six months of the financial year have been characterised by a period of steady internal progress, accompanied by a degree of external turbulence.

“We have delivered a robust set of results, reflecting continued growth and investment across the group, as we build on our longstanding position of strength and the breadth of our capabilities.
 
“Our performance further emphasises the value of our business model and the strength of our client relationships.

“We regard current market uncertainties as an opportunity for us to reinforce those relationships further, while guiding our clients through any difficulties and helping them to maximise their financial potential.”
 
David Cobb, co-chief executive at Smith & Williamson, added: “The group’s results reflect steady growth in all areas and I am pleased to report we are making good progress in the delivery of our longer-term growth strategy. 

“In spite of short-term uncertainties in the current market environment, we remain positive about the longer term outlook and potential for our business and believe we will be in a good position to capitalise on significant opportunities in the wealth management and professional services market.”