The UK investment management and accountancy group posted a solid set of financial results in its full-year statement.

London-based Smith & Williamson generated an adjusted operating profit of £41.1 million ($62.4 million) in the year to the end of April, up 14 per cent from the previous year, thanks partly to strong performance in its investment management and banking division.

The group's investment management and banking arm enjoyed a nine per cent jump in profits to £31.5 million. Funds under management and advice also increased nine per cent year-on-year to £16.3 billion.

As group operating income increased eight per cent to £215.1 million, adjusted earnings per share climbed from 53.2p to 61.1p over the year.

“Notwithstanding volatile market conditions, the hard work and focus shown by colleagues over the past few years has built strong momentum in the business that is reflected in the current year’s results,” said Smith & Williamson's co-chief executive and head of investment management and banking, David Cobb.

“As a result, we are well placed to take full advantage of future opportunities and are committed to continue investing in our people, infrastructure and business development to ensure we capitalise on our current favourable position. At the same time, we recognise that this investment is likely to have an impact on profits in the current year.”

In terms of long-term strategy, Cobb highlighted specific focus on the division's core market of private clients. He said family office services, later life planning and entrepreneurs have been identified as key areas of focus and investment over the coming years.