Financial and professional services firm Smith & Williamson has announced strong six-month growth amid continuing infrastructure investment and a likely merger in 2020.
The firm – headquartered in London and with 1,700 employees on its books – has grown its group operating income by 10.3% to £148.7m in the first half of the 2019/20 financial year.
The period has also seen adjusted operating profit grow by 26.1% to £27.5m, and adjusted basic earnings per share grow by 23.1% to 37.p.
Funds under management and advice have also increased, growing by 3.7% to £22.2bn.
The firm says strong revenue growth has been experienced across most business lines, and has been accompanied by strategic investment in core systems.
A further key development has been a proposed merger with Tilney Group, announced in September and expected to complete in the first quarter of 2020. Once complete, the merger will create the UK’s leading wealth management and professional services firm for private clients and their business interests.
The new-look firm will feature an expanded office network across 36 towns and cities in the UK, Ireland and Channel Islands, and offer a ‘unique and differentiated’ range of professional services, financial planning and investment management.
David Cobb and Kevin Stopps, Co-Chief Executives, said: “The first half of the year saw further progress, both in terms of our performance and, strategically, with our proposed merger with Tilney.
“We are looking forward to completion of the merger and starting to unlock the growth opportunities available to the enlarged group.
“We would like to take this opportunity to express our thanks to our colleagues for their professionalism, loyalty and hard work through a particularly intense period for the company, and to our clients for their continuing support.”