Profits at accountancy and wealth management firm Smith and Williamson increased 26 per cent in the first half of the year, ahead of the company's planned merger with wealth manager Tilney in the new year.
The company’s results statement, released this morning (December 16) and covering the first six months of the 2019/20 financial year, showed assets under management and advice were £22.2bn, an increase of 3.7 per cent, while operating profits rose by 26 per cent to £27.5m.
The £625m merger with Tilney will formally complete in the first three months of 2020 after being announced in September.
David Cobb and Kevin Stopps, co-chief executives of the firm, wrote in their commentary on the results: “The first half of the year saw further progress, both in terms of our performance and, strategically, with our proposed merger with Tilney.
"We are looking forward to completion of the merger and starting to unlock the growth opportunities available to the enlarged group."
They added: "We would like to take this opportunity to express our thanks to our colleagues for their professionalism, loyalty and hard work through a particularly intense period for the company and to our clients for their continuing support.”
david.thorpe@ft.com
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