Rising equity markets provide a boost to Tilney Smith & Williamson's performance in Leeds

Rising equity markets and healthy new business wins have provided a boost to Tilney Smith & Williamson's performance over the last half year.

By Greg Wright
Tuesday, 17th August 2021, 8:40 am
Updated Tuesday, 17th August 2021, 8:42 am
Chris Woodhouse, Chief Executive of Tilney Smith & Williamson
Chris Woodhouse, Chief Executive of Tilney Smith & Williamson

The company, which employs 70 staff at its office in Leeds, has announced its unaudited interim financial results for the six months ended 30 June 2021.

Assets under Management (AUM) increased to £54.8 billion, which is an increase of 7.0% from £51.2 billion at 31 December 2020 while group operating income soared by 157.5% to £261.9 million.

Chris Woodhouse, Chief Executive, commented: “Following on from the merger of Tilney and Smith & Williamson last September, the first half of 2021 has been a positive period for the group, characterised by a combination of sharply rising equity markets and very healthy new business generation in both our financial services and professional services businesses.

"Alongside strong organic growth, we made further progress with our M&A strategy with the completion of the acquisition of HFS Milbourne which added £376 million AUM in the second quarter.

He added: “After a record first half performance resulting in a 132.2% increase in EBITDA compared to the same period in 2020 and an industry leading 35.0% EBITDA margin, we are in a very healthy position and are optimistic about the remainder of the year. We have a strong pipeline of new business opportunities across both financial services and professional services and also have an active hiring programme for additional talent across both divisions.

“Since the merger transaction completed, excellent progress has been made with the integration and we are also ahead of where we expected to be in realising the merger synergies. The design of operating models for central functions is complete and largely implemented.

“We are also making good progress in consolidating our offices in those locations where there was overlap and remain on course to move into our new headquarters at 45 Gresham Street, London in spring 2022, with the fit-out having started in May of this year. This will provide us with a modern and spacious location in the heart of the City, designed to the highest standards of environmental sustainability and fully able to support a smart working model that can accommodate colleagues operating in the office, from their homes or other locations.

“A key component of our strategy is our digital transformation agenda, which is aimed at enhancing client experience, developing our propositions and simplifying the business to support productivity. The acceleration in our pace of digital transformation this year is the start of a multi-year plan to create leading-edge and scalable front-to-back financial services and professional services platforms.

“The combination of robust growth and good progress with the integration and our strategic priorities is testament to the hard work and dedication of our people and a shared sense of purpose. Together we have created a business that is stronger and uniquely well placed to support our clients with both the management of their personal wealth and business interests. As a result of the merger, we now have a greatly enhanced service offering for clients and the scale to invest further in technology, innovation and new talent.

“We have also been pleased to announce the appointment of new Directors to the Board since the start of the year. Chris Grigg joined the Board this month and will become Chair upon receipt of regulatory approval and Bill McNabb joined as an Independent Non-Executive Director in January. Both Chris and Bill bring extensive experience and insight to the business.”