Brexit uncertainty fails to hamper progress at Smith & Williamson

 
Oliver Gill
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Smith & Williamson said its investment in its asset management arm was starting to bear fruit (Source: Getty)

Mid-tier beancounters Smith & Williamson said it had delivered a strong performance despite the economic uncertainty created by the Brexit vote, revealing double-digit revenue growth over the period that straddled the referendum.

Operating income grew by 10 per cent to £117.5m, while operating profit was over a fifth higher (22 per cent) at £17.7m over the six months to October 2016.

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“We are delighted that both sides of our business delivered so strongly in the first half of the year, despite the uncertainty around the UK referendum, positioning us well for a healthy conclusion to the financial year,” said Kevin Stopps, co-chief executive of Smith & Williamson and managing partner of tax and business services.

Fruit

The firm also has an investment management division and it grew funds under management by 11 per cent compared with April 2016 to £17.8bn. Together with its banking, the division grew operating profit by 21 per cent.

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“From these results we can see that investments made in recent years are bearing fruit,” said David Cobb co-chief executive of Smith & Williamson and head of investment management and banking.

Tax and business services profits more than doubled to £2.4m. Stopps added: “Looking ahead, investing in our people, platform and resources, including strategic acquisitions, for the long term benefit of our clients, remains a priority."

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