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April 30, 2008

Smith & Williamson reports profit and unveils new leadership

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.

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