Smith & Williamson grows interim operating income by 10% and says listing unlikely before second half of 2019

by | Dec 20, 2017

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The financial and professional services firm Smith & Williamson has grown operating income by 10%, up from £117.5m to £130.1m, for the six months to 31 October 2017.

As for the plans to list, co-chief executive of Smith & Williamson David Cobb said: “Today we are fully focussed on creating value for our clients, shareholders and employees by successfully investing to deliver our growth strategy. In this light, we continue to prepare for a potential listing, and will be taking all the necessary steps to position the Group accordingly. This preparation, including the major steps we are taking to upgrade our technology platform, will take time, and we anticipate that we will not be in a position to list before the second half of 2019.”

Financial highlights:

  • continued strong momentum resulted in group operating income growth of £130.1m, up 10.7% year on year (H1 2016: £117.5m);
  • adjusted operating profit up 15.8% to £20.5m (H1 2016: £17.7m);
  • £20.0bn funds under management and advice, growth of 6.4% in the period and 12% year on year (30 April 2017: £18.8bn; 31 October 2016: £17.8bn);
  • £10.7bn of funds under administration, growth of 16% in the period and 35% year on year (30 April 2017: £9.2bn; 31 October 2016: £7.9bn);
  • adjusted basic earnings per share of 29.8p, a 23.1% rise compared with the prior year (H1 2016: 24.2p).

Other highlights:

  • five year client-focused strategy launched which aims to deliver significant growth in revenues, profitability and assets under management and advice;
  • focus on continued investment in core technology, client services, platform, people, client experience and engagement strategies;
  • senior hire drive across business to broaden client access to expertise;
  • client portal launched.

As for the outlook, a statement said that the senior hire, team and business acquisition programme will continue, with a focus on private client investment management and financial planning expertise, and enhancing core client services in existing regional locations. And there will be a continued roll out of investment strategy.

Co-chief executive of Smith & Williamson Kevin Stopps added: “Against the backdrop of a rapidly evolving market, our focus on relationship-led expertise is exceptionally valued by clients and has again delivered strong results.


“Our strategy will allow us to better respond to, and take advantage of, market conditions and opportunities, including value accretive hires or acquisitions further enhancing our position as a leading adviser to private clients and their business interests. We will bring this to life with new programs for client experience, talent and infrastructure.”

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