Smith & Williamson, a UK-based investment management, accountancy and tax group, has posted operating income of £117.5m for the first half of fiscal 2017, up 10% compared to £106.5m a year ago.

Adjusted operating profit for the year stood at £17.7m, a surge of 22% from £14.5m in the prior year.

Smith & Williamson co-CEO and managing partner of tax and business services Kevin Stopps said: “Looking ahead, investing in our people, platform and resources, including strategic acquisitions, for the long term benefit of our clients, remains a priority. We are particularly excited about opportunities to support Britain’s scale-up businesses, our active partnership with the ScaleUp Institute and our family office initiative.”

Adjusted operating profit for tax and business services rose to £2.4m from £1m in the previous year, and up by 21% for investment management and banking.

Funds under management and advice during the period were £17.8bn, an increase of 11% compared to £16bn as at 30 April 2016.

Smith & Williamson co-CEO and head of investment management and banking David Cobb said: “While volatile, we saw higher stock market levels than the equivalent period in the prior year. 

“We expect further stock market fluidity over the coming months due to likely uncertainty arising from elections in Europe, a new US President and the much anticipated triggering of Article 50 throughout which the firm will continue to guide clients’ business and wealth planning activity.”