Smith & Williamson reports
profit and unveils new leadership

UK mid-tier firm Smith & Williamson has announced operating
income of £150.5 million ($301.9 million) for the year ended 30
April 2007, an increase of 13.7 percent over the previous year’s
result.

The Nexia International member recorded profit before tax of
£25.3 million, an increase of 39 percent from the previous
reporting period. The annual dividend was up 22.2 percent to £0.165
per share. Operating cash flows before movements in working capital
were up 23 percent to £30.4 million.

Smith & Williamson chairman Gareth Pearce commented: “Most
areas of our business benefited from supportive market conditions
and profits rose in both the investment management and banking and
the tax and business services divisions.” Profit before tax in the
investment management and banking division grew 64.3 percent to
£13.8 million; in the tax and business services division it grew
17.3 percent to £11.5 million.

“Focus by audit committees on the need for independent advice has
also generated new business opportunities for several areas of the
group,” Pearce said.

“The new year has started well and, provided there is no material
deterioration in world markets or the UK economy, following the
recent turmoil in the credit markets, we remain confident of making
further progress this year.”

Smith & Williamson has also announced two senior appointments.
David Cobb has been promoted to head of investment management and
banking, while Geoff Windebank joins the firm as group finance
director.