Accounting Firms

Tilney Smith & Williamson operating income spikes 83.4% to £560m

The company also announced it will be consolidated under a new name in the summer, rebranding to Evelyn Partners

Tilney and Smith and Williamson has revealed its group operating income surged 83.4% to £560.8m in the year ending 31 December 2021, up year-on-year from £305.8m.

Adjusted EBITDA also increased 63.3% year-on-year from £115.4m to £188.4, and assets under Management (AUM) increased 12.7% to an “all-time high” of £57.7bn.

Additionally, Tilney and Smith and Williamson reported “record” gross new business inflows of £6bn, representing 11.7% of opening assets, with net new business inflows growing year-on-year £2.5m, representing 4.9% of opening assets.

Meanwhile, the business reportedly continues to explore opportunities to enhance growth through acquisitions. In March 2021, the firm completed the acquisition of wealth management business HFS Milbourne, which added £376m of assets to the group in the Q2.

Tilney and Smith and Williamson also announced the company will be consolidated under a new name in the summer, rebranding as Evelyn Partners.

Chris Woodhouse, group chief executive, said: “2021 was a landmark year for the group, in which we successfully combined Tilney and Smith and Williamson, while at the same time achieving our best year ever for both organic growth and underlying profitability.

“Our increased scale, combined with strong new business generation across both our Financial Services and Professional Services businesses, has meant that it has also been a significant year in terms of financial performance.”

He added: “We also made significant progress with our digital transformation agenda. This has included the creation of a leading-edge and scalable financial services platform on which we have begun successfully migrating clients. We aim to roll-out our app and digital portal to more of our clients during 2022.”

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