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Evelyn Partners has welcomed a strong set of results in FY22, achieving a record level of operating income, continued momentum in new business, and a resilient adjusted EBITDA.
In the year ending 31 December 2022, group operating income increased 7.1% to a record level of £600.8m, up from £560.8m the prior year.
It also achieved gross new business inflows of £5.4bn, with net new business inflows of £2.3bn, the latter representing 4.0% of opening assets.
While it reported a “resilient” adjusted EBITDA of £184.3m, this was slightly below the £188.4m reported in FY21, though that had been a “record” year for the group. It added that the lower figure was also due to the impact of weaker markets, as well as continued investment in people, with headcount increasing 11.2% to 3,600 at year end.
Over the period, the firm said it made “strong progress” with its strategic priorities, including a rebrand over the period, as well as its digital and operational transformation programme and further enhancing its service offering.
CEO Chris Woodhouse said: “The group delivered a resilient financial performance in 2022, against a backdrop of challenging macroeconomic conditions and volatile markets. This is a testament to the strength of our business model, the value our clients place on expert advice, and the commitment of our people.
“The year was also one which saw the group make significant strategic progress. Our rebrand to Evelyn Partners, which took place in June, was well received by clients and marked the fact that we are now one firm united by a shared purpose – to place the power of good advice into more hands.”
He added: “Although economic headwinds remain, inflation is expected to continue to slow, and equity markets have had an encouraging start to 2023.
“As an advice-led firm with strength and scale in financial planning and both private client and business tax advisory expertise, we are particularly well placed to help clients navigate the changes to the UK tax regime set out in the Autumn Statement, alongside the ability to manage their investment portfolios. We expect this to drive continued strong demand for our expertise over the coming year and beyond.”
