Smith & Williamson, a UK-based accountancy, investment management and tax group, has posted operating income of £222.5m for the year ending 30 April 2016, up 3.4% compared to £215m a year ago.
Adjusted operating profit for the year stood at £36m, a decrease from £41m in the prior year. However, if the impact of investment in central functions is removed, adjusted operating profit would have been £39.8m, the company said.
Smith & Williamson co-CEO and managing partner of tax and business services Kevin Stopps said: “This is a pleasing result given the uncertain operating environment in the period and demonstrates continued growth in fee income, building on last year’s exceptionally strong performance .”
Operating revenue for tax and business services increased 7.1% to £105.2m from £98.2m a year earlier. Fees and commission income for investment management and banking increased 0.6% year-on-year to £115.9m.
Funds under management and advice during the period were relatively stable, but have since grown to exceed £17bn at 31 July 2016, their highest ever level, the firm said.
The firm also increased in headcount by 7% during the year, including the recruitment of 16 client facing partners, directors and associate directors.
Smith & Williamson co-CEO and head of investment management and banking David Cobb said: “The growth reflects the momentum we have built in the business due to the hard work of our colleagues and reinforces our view that we remain in a strong position to capitalise on future improvements in market conditions.
“Our strategic plan is to further realise our opportunity to be the leading independent provider of a range of complementary and integrated financial services with a specific focus on our core market of private clients and their business interests.”