Accounting Firms

Smith and Williamson operating income jumps 10.3% in H1 results

Financial and professional services firm, Smith and Williamson has reported a 10.3% increase in group operating income in its results for the first six months of its financial year. 

The firm reported group operating income increased by 10.3% to £148.7m compared with £134.8m last year.

Adjusted operating profit also increased by 26.1% to £27.5m compared to £21.8m in 2018.

Adjusted basic earnings per share increased by 23.1% to 37.9p (2018: 30.8p) as funds under management and advice increased by 3.7% to £22.2bn.

Smith and Williamson said the first six months of the financial year has seen a “strong revenue growth” across most of its business lines. 

Earlier this month, the accounting firm announced the merger with Tilney, which is expected to complete in the first quarter of 2020.

Commenting on the results, David Cobb and Kevin Stopps, co-chief executives said: “The first half of the year saw further progress, both in terms of our performance and, strategically, with our proposed merger with Tilney

“We are looking forward to completion of the merger and starting to unlock the growth opportunities available to the enlarged group.”

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