Professional services group deliver record first half performance

Wealth management and professional services group Evelyn Partners has delivered a record first half performance with a 18.3% increase in adjusted EBITDA and assets under management closing at an all-time high of £62.2bn.

The firm, which has offices in Bournemouth, Bristol, Exeter and Southampton, said that for the six months to the end of June, it generated £3.5bn of gross inflows, with net flows remaining positive, which alongside positive markets and investment performance drove assets under management (AUM) to the record figure.

Strong growth in operating income combined with a disciplined approach to cost management resulted in a 18.3% increase in adjusted EBITDA to £103.9m.

Paul Geddes, group chief executive, said: “We have made a great start to the year supporting our clients in addressing their financial needs and delivering strong financial performance. Healthy top-line growth combined with a disciplined approach to managing our costs, resulted in a 18.3% increase in adjusted EBITDA, which is our key measure for underlying cash profits.

“In Professional Services, we continued to see strong organic growth in fee income and the benefit of the five acquisitions we completed last year coming through. We will build on this over the coming months, with the recently announced acquisition of the Manchester, Leeds and Newcastle offices of Haines Watts which has brought us 150 new colleagues. In our Financial Services business, positive market movements in the first half and resilient new business generation have delivered higher AUM and operating income.

“Since the merger in 2020, Evelyn Partners has demonstrated the strength and resilience of its business model in challenging market conditions, including during the pandemic and subsequently in an environment of high inflation and interest rates. Despite this we have delivered net inflows of new assets every quarter since the merger. Our Professional Services business has shown consistently strong growth in operating income, offering a broad range of services to private clients and businesses.

“With inflation having settled back and the first interest rate cut made in the UK, there are good grounds to be positive on the medium-term outlook despite the turbulence seen in global equity markets in recent days. Evelyn Partners is well positioned to support clients navigate periods of market volatility and with potential changes to tax and pensions on the horizon we also expect to see strong demand for financial advice in the second half of the year.”