S&W chairman: We have bolt-on acquisitions 'in our sights'

Pre-tax profits up 15% to £46.1m

Smith & Williamson said has it has the resources to make bolt-on acquisitions in the near-term and indicated it is considering making larger acquisitions once it has listed, as it reports its full-year results.

In its results for the year to 30 April 2018, the firm said funds under management and administration increased by 6.9% from £18.8bn a year ago to £20.1bn.  Pre-tax profit increased 15% to £46.1m, up from £39.8m a year ago, while operating income growth was up 9% from £244m to £266m.  The income growth was driven by elevated market levels, higher commissions from increased trading volumes and growth in transactional business areas. Smith & Williamson said this performance was "better than expected" given the firm incurred operating expenses of £221m, including £3.3m spent modernisi...