Smith & Williamson sees positive results

Smith & Williamson sees positive results

Smith & Williamson, the financial and professional services firm, has reported strong increases in profit during the year to 30 April 2017.

Underpinning this, it says, is growth across the broad base of the business, positive stock market performance, and ongoing investments in people, client services and infrastructure.

Group operating income - profit before tax and interest - grew to £244.6m during the period, up 9.9 per cent on the 2016 figures.

Funds under management and advice totaled £18.8bn, a growth of 17.5 per cent compared to the £16bn reported in 2016.

This was versus the 15.2 per cent increase in the MSCI WMA Stock Market Balanced Index and the 15.4 per cent increase in the FTSE 100 Index in the year.

Funds under administration saw growth of 39.4 per cent to £9.2bn compared to £6.6bn last year.

 Adjusted basic earnings per share was 60.2p, a 16.0 per cent rise compared with the prior year's 51.9p.

Rising stock markets helped drive growth at the firm, according to a statement from the company.

However David Cobb, co-chief executive of Smith & Williamson and managing partner of investment management and banking warned the forecast was troubled.

“The outlook for the coming year is marked by a heightened sense of political and economic uncertainty.

"While this may impact stock market levels, we believe we are very well positioned to help clients navigate these uncertainties and take advantage of any opportunities that may arise.”