Results for the year ended 30th April 2008

"I am pleased to report that Smith & Williamson achieved a record profit before tax of £31.2 million in the year ended 30 April 2008, an increase of 23% over the record 2007 result. Despite ongoing problems in the financial sector, business conditions remained satisfactory and our operating divisions, Investment Management & Banking and Tax & Business Services, both recorded solid growth in both revenue and profitability.

"Although most markets were in decline through the financial year, Investment Management & Banking recorded growth in funds under management and advice, thanks to a steady inflow of new clients. Many of these were introduced through Tax & Business Services, which itself continued to develop its reputation as an innovative advisor to a growing core of retained clients.

 "We continue to invest in the future of Smith & Williamson. Our Bristol investment management business, opened in 2007, has exceeded expectations and is now part of the second-largest office in the group. Since the year-end we expanded into the Republic of Ireland through our acquisition of Oliver Freaney & Company, a firm of accountants, tax and business advisers. In September we opened our Birmingham office with an investment management team of 20 and intend to expand its service offering over time.

"Our strong performance during the year means that we are able to announce a final dividend of 17.0p per share, taking the annual dividend to 20.5p, an increase of 24% over the previous year. Markets remain unpredictable and the UK economy faces considerable challenges, but the new year has started well and we are happy to be adding some excellent professionals to our expanding network."

Gareth Pearce, Chairman

Strong performance providing a solid platform for growth:

• Operating income up 13% to £170.3 million
• Profit before tax up 23% to £31.2 million
• Annual dividend up 24% to 20.5p per share
• Operating cash flows before movements in working capital up 20% to £36.5 million

Growth across both divisions:

• Segmental profit before tax in Investment Management & Banking up 34% to £19.8 million
• Segmental profit before tax in Tax & Business Services up 9% to £11.4 million
• Funds under management and advice up 4% to £9.3 billion
• Bristol office continuing to perform substantially ahead of expectations
• Network expanded to include Dublin and Birmingham, and significant growth in Glasgow staff numbers
• Cross-selling between divisions remains a key driver of growth

Financial Highlights:

All financial results are expressed in accordance with International Financial Reporting Standards

Notes to editors

Smith & Williamson is a leading independent investment management and financial services group, with over 1,500 employees, that provides a broad range of services including investment management, financial advisory, tax, private banking and accountancy to private clients, professional practices, companies and non-profit organisations. The group operates from offices in London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Maidstone, North London, Salisbury, Southampton and Worcester.

Members of Smith & Williamson include:

• Smith & Williamson Holdings Limited
• Smith & Williamson Limited
• Smith & Williamson Investment Management Limited
• NCL Investments Limited
• Cunningham Coates Limited
• Smith & Williamson Corporate Finance Limited
• Smith & Williamson Fund Administration Limited
• Smith & Williamson Financial Services Limited
• Smith & Williamson Trust Corporation Limited
• Smith & Williamson Nominees Limited
• Smith & Williamson (Bristol) LLP
• Smith & Williamson Investment Management (Ireland) Limited
• Smith & Williamson Trustees (Jersey) Limited
• Smith & Williamson Group Holdings Limited
• Smith & Williamson Corporate Services Limited

Nexia Smith & Williamson Audit Limited and Nexia Smith & Williamson Audit (Bristol) LLP are independent and provide audit services to complement the specialist financial services offered by members of Smith & Williamson.