The UK accountancy, investment management and tax group said revenues held up well in the face of market volatilities.

Smith & Williamson boosted its operating income by 3.4 per cent year-on-year to £222.5 million ($283.5 million) in the year ending 30 April 2016, generating an operating profit of £36 million, a dip from last year’s record of £41 million.

Both the tax and business services and investment management and banking divisions generated growth, the group reported. Operating revenue for tax and business services rose 7.1 per cent to £105.2 million, with notable increases across audit and business assurance, corporate finance, forensics, financial services and fund administration.

Fees and commission income for investment management and banking grew 0.6 per cent to £115.9 million. Meanwhile, funds under management and advice were “relatively stable” during the period and have since grown to exceed £17 billion as at the end of July 2016, a record high.

“Our strategic plan is to further realise our opportunity to be the leading independent provider of a range of complementary and integrated financial services with a specific focus on our core market of private clients and their business interests,” said David Cobb, co-chief executive of Smith & Williamson and head of investment management and banking.

“Against the background of weak markets during the period, revenues for the investment management and banking division have held up well thanks to solid underlying organic growth.”

Smith & Williamson’s new private client portal is due to go live in the financial year 2016-17.