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Smith & Williamson interim results for the six month period ended 31 October 2006

1st February 2007

Smith & Williamson, a leading UK Investment Management & Financial Services group, reports double-digit profit growth.

“I am pleased to report that Smith & Williamson’s profit before tax for the six months to 31 October 2006 was £8.6 million, an increase of 32% over the previous year. On our preferred operating profit measure both divisions of Investment Management & Banking and Tax & Business Services recorded double digit percentage increases in profits. "

“Our strong performance in this period and our positive outlook for the full year means that we are able to announce an interim dividend of 3.0p per share, representing an increase of 20% over the previous year.”

Gareth Pearce, Chairman

Strong performance providing a solid platform for growth:

  • Operating income up 12% to £69.6 million
  • Operating profit up 16% to £11.6 million
  • Profit before tax up 32% to £8.6 million
  • Interim dividend up 20% to 3.0p per share
  • Cash balances up 51% to £31 million

Growth across both divisions:
  • Segmental profit before tax in Investment Management & Banking up 44% to £5.8 million
  • Segmental profit before tax in Tax & Business Services up 11% to £2.7 million
  • Funds under management up to £8.1 billion
  • Bristol-based Solomon Hare produced excellent results with a significant improvement in operating margins
  • New Glasgow office substantially ahead of budget
  • Eight client directors recruited during the first six months of the year
  • Background of increasing private wealth and demand for genuinely independent advice to the business sector helps to support the company’s growth

interim report table








For more information please contact:

Smith & Williamson press team:
Kate Harrison 020 7131 4228
Layisha Laypang 020 7131 4550

Director of Marketing
Ann Monks 020 7131 4372

Financial Dynamics
Ed Gascoigne-Pees 020 7269 7229
Paul Marriott 020 7269 7252

Note To Editors:

Smith & Williamson is a leading independent investment management and financial services group, with over 1,200 employees, that provides a broad range of services including investment management, financial advisory services, tax, private banking and accountancy to private clients, professional practices, companies and non-profit organisations.

The group operates from offices in London, Belfast, Bristol, Glasgow, Guildford, Salisbury, Southampton, Maidstone and Worcester.

Members of Smith & Williamson include:
-Smith & Williamson Limited
-Smith & Williamson Investment Management Limited
-Smith & Williamson Pension Consultancy Limited
-Smith & Williamson Corporate Finance Limited
-Smith & Williamson Trust Corporation Limited
-Solomon Hare LLP
-Solomon Hare Personal Finance Limited
-Cunningham Coates Limited

Nexia Smith & Williamson Audit Limited and Solomon Hare Audit LLP are independent and provide audit services to complement the specialist financial services offered by members of Smith & Williamson