Smith & Williamson records another year of growth in improving UK economy

Mike Lea - Managing Partner at Smith & Williamson Bristol

Mike Lea – Managing Partner at Smith & Williamson Bristol

Smith & Williamson, the accountancy, investment management and tax group which has a flagship office in central Bristol, delivered another period of robust growth in the year to 30 April 2015.

Both its Investment Management and Banking division and the Tax and Business Services division reported strong results:

· 8% rise in group operating income to £215.1m (2014: £ 199.1m)
· 14.2% rise in adjusted operating profit* to £41.1m (2014: £36.0m)
· Adjusted operating profit margin of 19.1% (2014: 18.1%)
· 8.7% increase in funds under management and advice to £16.3billion (2014: £15.0bn)
· 14.8% increase in adjusted earnings per share, to 61.1p (2014: 53.2p)

Mike Lea, managing partner of the Bristol office of Smith & Williamson, comments: “We are delighted to report another solid year of growth at Smith & Williamson.

“Against the backdrop of an improving UK economy, we have continued to evolve our offering to meet the changing needs of our clients, while also maintaining careful control of costs and we look to the future with confidence.”

Looking to the future, Mike Lea comments: “We are cautious about the short-term outlook for the UK economy due to the persistently challenging economic and geopolitical conditions in Europe.

“We believe changes in the financial services environment will create opportunities for us; for example, the internationalisation of clients coupled with the importance of the UK and London as a global centre, developments in pensions and the impact of Retail Distribution Review on the wealth management sector – all of which point to change and potential opportunities.”