Smith & Williamson, a UK-based accountancy, investment management and tax group, has posted operating income of £244.6m for the year ended 30 April 2017, an increase of 9.9% compared to £222.5m a year earlier.

Adjusted operating profit stood at £40.6m, an increase of 12.8% over £36m reported a year earlier.

The group’s funds under management and advice totalled £18.8bn at the end of April 2017, a 17.5% rise compared to £16bn a year ago. Funds under administration surged 39.4% year-on-year to £9.2bn.

Adjusted operating profit in the group’s investment management and banking unit increased 21.2% to £32m from £26.4m last year, while the unit’s funds under management and advice increased 17.5%.

Smith & Williamson co-CEO and managing partner of tax and business services Kevin Stopps said: We are delighted by the momentum in the business, which has been building over the past few years as our significant and ongoing investment programme starts to bear fruit.

“By continually improving our infrastructure and making key strategic hires to support the broadening of our services, we are well placed to further consolidate our position as a leading independent financial and professional advisor to private clients and their business interests.”