Smith & Williamson reports 4.3% income growth to £278m

Accountancy firm Smith and Williamson has announced operating income growth of 4.3% as it reached £278.1m for the year ending 30 April.

This was an increase from £266.7m the previous year, which was attributed to increased professional services fee income coupled with higher market levels and a rise in banking income. Adjusted operating profit at the firm also grew by 4.8% to £48.4m compared with £46.2m in 2018.

Smith and Williamson also reported that funds under management and advice rose by 6.5% from £20.1bn to £21.4bn and added that funds under administration also grew by 18.8% from £11.7bn to £13.9bn.

Additionally the firm also experienced a 6.5% growth in operating income as it passed the £100m barrier, rising from £98.3m to £104.7m.

Co-chief executives, David Cobb and Kevin Stopps, said: “As we reflect on solid performance across our business lines we remain positive about the future and are optimistic about growth prospects. We continue to face challenges but our business is in a good position to withstand them.”