Smith & Williamson delivers double digit growth in H1 2017

  • Written By: Mark Gee
  • Published: Mon, 18 Dec 2017 15:45 GMT

Smith & Williamson, the financial and professional services firm, announces continued strong results for the six months to 31 October 2017 and updates on its growth strategy and progress on preparations for a potential listing.

Financial highlights:

  • Continued strong momentum resulted in group operating income growth of £130.1m, up 10.7% year on year (H1 2016: £117.5m)
  • Adjusted operating profit up 15.8% to £20.5m (H1 2016: £17.7m)
  • £20.0bn funds under management and advice, growth of 6.4% in the period and 12% year on year (30 April 2017: £18.8bn; 31 October 2016: £17.8bn)
  • £10.7bn of funds under administration, growth of 16% in the period and 35% year on year (30 April 2017: £9.2bn; 31 October 2016: £7.9bn)
  • Adjusted basic earnings per share of 29.8p, a 23.1% rise compared with the prior year (H1 2016: 24.2p)

Other highlights:

  • Five year client-focused strategy launched; aims to deliver significant growth in revenues, profitability and assets under management and advice
  • Focus on continued investment in core technology, client services, platform, people, client experience and engagement strategies
  • Successful senior hire drive across business to broaden client access to expertise
  • Client portal launched

2018 outlook:

  • Senior hire, team and business acquisition programme to continue, with a focus on:
    • Private client investment management and financial planning expertise
    • Enhancing core client services in existing regional locations
    • Continued roll out of investment strategy

Kevin Stopps, co-chief executive of Smith & Williamson, said: “Against the backdrop of a rapidly evolving market, our focus on relationship-led expertise is exceptionally valued by clients and has again delivered strong results.

“Our strategy will allow us to better to respond to, and take advantage of, market conditions and opportunities, including value accretive hires or acquisitions further enhancing our position as a leading adviser to private clients and their business interests. We will bring this to life with new programs for client experience, talent and infrastructure.”

David Cobb, co-chief executive of Smith & Williamson, added: “Today we are fully focussed on creating value for our clients, shareholders and employees by successfully investing to deliver our growth strategy. In this light, we continue to prepare for a potential listing, and will be taking all the necessary steps to position the Group accordingly. This preparation, including the major steps we are taking to upgrade our technology platform, will take time, and we anticipate that we will not be in a position to list before the second half of 2019.”

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