Accounting Firms

Tilney Smith & Williamson sees operating profits soar 130%

The firm reported an adjusted operating profit increase of 130.9%, up from £34.9m to £80.6m, following the recent merger

Tilney Smith and Williamson has reported an adjusted operating profit increase of 130.9%, up from £34.9m to £80.6m, during the six months of the year to 30 June 2021

The increase was attributed to the strength of the recent merger, and the company’s “digital transformation agenda”.

As well, group operating income increased 157.5% to £261.9m (H1 2020: £101.7m), with Smith & Williamson contributing £139.1m of operating income during H1 2021 following on from the merger in 2020.

The firm also reported net new business inflows of £1.0bn (H1 2020: £0.4bn), representing 3.9% of opening assets on an annualised basis. 

After the merger, their financial services segment generated £203.7m of operating income, professional services segment generated £51.3m, and fund administration segment generated £6.8m.

Chris Woodhouse, chief executive, said: “Following on from the merger of Tilney and Smith and  Williamson last September, the first half of 2021 has been a positive period for the group, characterised by a combination of sharply rising equity markets and very healthy new business generation in both our Financial Services and Professional Services businesses.”

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