The company’s operating income increased by 10.3% to £148.7 million, an increase from £134.8m in 2018.

Smith & Williamson’s adjusted operating profit was £27.5m, an increase of 26.1% (£21.8m) over the comparative period in the prior year.

The company’s adjusted basic earnings per share increased by 23.1% to 37.9p from 30.8p in 2017.

Its funds under management and advice increased by 3.7% to £22.2 billion.

The first six months of the financial year have seen strong revenue growth across most of our business lines, accompanied by further strategic investment in our core systems.

The proposed merger with Tilney Group was announced on 19 September 2019 and is expected to complete in the first quarter of 2020. The merger will create the UK’s leading wealth management and professional services firm for private clients and their business interests, offering significant benefits for clients, shareholders and staff alike.

David Cobb and Kevin Stopps, co-chief executives of Smith & Williamson, said: “The first half of the year saw further progress, both in terms of our performance and, strategically, with our proposed merger with Tilney. We are looking forward to completion of the merger and starting to unlock the growth opportunities available to the enlarged group.”