Smith & Williamson posts strong growth ahead of anticipated float

Professional services firm Smith & Williamson has today unveiled strong revenue and profit growth ahead of its planned 2019 float.

In the year ended 30 April 2018 the firm grew revenue by nine per cent to £266.7m, up from £244.6m the previous year.

Adjusted operating profit also grew 13.8 per cent to £46.2m, from £40.6m in the 2017 financial year.

The firm, which provides accountancy, wealth management and tax advice to its clients, said funds under management and advice increased by 6.9 per cent to £20.1bn and funds under administration increased 27.2 per cent to £11.7bn.

Co-chief executive David Cobb said its previously announced plan to list was unlikely to come to fruition before the second half of 2019.

“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,” he said.

Last year Smith & Williamson had a round of unsuccessful merger talks with investment manager Rathbones.

It also received an approach from wealth manager Tilney which it knocked back.

“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,” Cobb said.

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