News

Smith & Williamson Announces Solid Performance for 2018/19

  • Written By: Ben Mitchell
  • Published: Tue, 09 Jul 2019 11:05 GMT

Key highlights for the year ended 30 April 2019:

  • 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).

Smith & Williamson, the financial and professional services group, has announced a solid performance for the year ended 30 April 2019.

Smith & Williamson’s distinctive 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.

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

  • 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 our 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, added:

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


A copy of the group’s Annual Report and Accounts can be viewed at:
www.smithandwilliamson.com/annualreport2019.

*Adjusted operating profit and adjusted basic earnings per share exclude exceptional item and amortisation of intangible assets - client relationships.

Contact:

Ben Mitchell, Head of Media & Communications
020 7131 8726
Ben.mitchell@smithandwilliamson.com

Mark Gee, Media Relations Manager
0207 131 4597
Mark.gee@smithandwilliamson.com

 

Disclaimer

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing. Investment does involve risk. The value of investments can go down as well as up and investors may not receive back the original amount invested.

Note to editors

Smith & Williamson is a financial and professional services group providing a broad and deep range of services to private clients and their business interests. The firm is one of the largest independently owned investment managers in the UK in addition to being the country’s eighth largest accounting firm. Its c.1,700 people serve clients including individuals and families, businesses and their owners, and professional advisers and trustees from 12 offices in the UK, Ireland and Jersey.

Smith & Williamson Holdings Limited

Smith & Williamson LLP

Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.

Smith & Williamson Investment Management LLP.

Authorised and regulated by the Financial Conduct Authority. 

Smith & Williamson Investment Services Limited

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Smith & Williamson Fund Administration Limited.

Authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate all of the services referred to above.