Profits soar at online anti money laundering services firm
An Ilkley-based online provider of anti money laundering services has reported soaring pre-tax profits and revenues.
SmartSearch has reported a 1,450% increase in turnover in five years, from £379,000 in 2012 to £5.5m in 2017. Pre-tax profits increased from £600,000 in 2016 to over £1.5m in 2017 and the team has grown from seven to 90 after a recent move into new headquarters in Ilkley.
The firm has developed a world-leading Anti-Money Laundering (AML) verification platform which is already used by more than 3,000 businesses across the world, including 25% of the UK’s top law firms and one in three top UK accountancy firm.
John Dobson, chief executive at SmartSearch said the company was currently taking on 40 to 50 new clients every month. He said: “Demand for our service is huge; we now have more than 30,000 users and have increased turnover by almost 2000% since 2011.”
He added: “Our aim is to hit £20m turnover by 2020.”
Leeds accountants Brown Butler are now advising SmartSearch to support the firm through its ambitious growth plans.
Dobson said: “In the short time we have been working together we have quickly developed a very productive working partnership that we can build on as our business continues to grow.”
Robert Solyom, Director at Brown Butler, said: “We are really pleased to have brought SmartSearch as a new client to the business and it was apparent from the beginning of our relationship that the company was in an excellent position to grow.
“We initially assisted with making R&D Tax Relief claims in respect of the work the company had undertaken developing its IT infrastructure, and will now be providing ongoing accounting, audit and tax advice.”
