National financial and professional services group Smith & Williamson, which has a large office in Bristol, has chalked up another year of strong growth as it continues to prepare to float on the stock market.
The group is also looking for bolt-on acquisitions to spur further expansion – although it said it would be “extremely discerning” in its targets.
Smith & Williamson grew its annual operating income by 9% to £266.7m in the year to April 30, with adjusted operating profit increasing by 13.8% to £46.2m and adjusted basic earnings per share coming in at 68.7p – a 14.1% year-on-year increase.
Funds under management and advice at the group, which has 11 offices across the UK employing 1,700 people – around 200 of them in Bristol – rose by 6.9% year-on-year to £20.1bn. Funds under administration were up by 27.2% to £11.7bn
Smith & Williamson has launched an ambitious five-year client-focused growth strategy which will enable it to profit from what it called “significant opportunities in the wealth management and professional services market”.
The group said this strategy would be supported by:
- significant investment in new IT systems
- continued commitment to attracting, retaining and developing high-quality people
- integrated delivery of the group’s comprehensive range of client services
Smith & Williamson co-chief executive Kevin Stopps said: “This was another year of solid progress for the group and builds on our longstanding position of strength. We delivered increased profitability, while also continuing to make material investments in our people and technology to support our future success.
“In the face of ongoing economic and political uncertainties, our performance once again demonstrated the value of our business model and the strength of our client relationships. In particular, it underlined the importance of our client-centric approach, through which dedicated and committed individuals deliver high-quality advice to private clients and their business interests.”
His fellow co-chief executive David Cobb added: “Our five-year strategy will help us grow and improve from an existing position of strength by serving our existing clients even better and more efficiently, while also enabling us to attract new clients.
“We are interested in making the right type of bolt-on acquisitions to accelerate our growth plans. However, we will continue to be extremely discerning in our choice of targets as we refuse to dilute the quality of our business and people.
“To execute our longer-term growth strategy, we have already announced our intention to prepare for a potential stock market listing. This will not take place until we have completed our major investment in new technology platforms, and these are unlikely to be complete before the second half of 2019.”
Pictured: David Cobb, left, with Kevin Stopps
