Kingswood saw 10% profit growth across the group and a 41% increase in UK & Ireland revenue in its H1 2023 results.

Group operating profit was £5.0m, £0.5m or 10% higher than H1 2022.

UK and  Ireland revenue increased by 41% compared to the same period last year, of which 86% was recurring in nature, with operating profit of £7.7m "and in line with expectations".  

Group Assets under Management and Advice (AuM/A) at June 2023 were £12.0bn, having increased by £1.5bn compared to December 2022, supported by UK&I acquisitions of Barry Fleming & Partners (BFP) and Moloney Investments Ltd (MMPI) and in the US by the on-boarding of an additional 9 registered representatives. 

In the UK, migration of AuA into its Discretionary Central Investment Propositions, notably the IBOSS AM MPS solution has gathered pace with AuM reaching £1.05bn in June 2023, up from £0.65bn on December 2022 - an increase of 62%.

David Lawrence, Kingswood chief executive said: "I am delighted to share our interim financial results for 2023. Despite continued economic and market uncertainties, the group has delivered strong growth year over year, and we continue to build the business into a leading participant in the sector. Our business fundamentals remain strong, with positive net asset growth, high levels of recurring revenue and very low adviser and consequently client attrition.

"We continue to have a clear growth focus across the business with complementary investment in our People, Technology and Client Experience to enable and support this. Whilst our focus remains on inorganic opportunities with which we have a proven integration model, organic growth has seen an increased focus across our three drivers of more advice for more clients, migration of AuA into our investment propositions and growing our IBOSS IFA distribution channel. 

"In the US, whilst market conditions have impacted performance, the fundamentals across both the investment banking and alternatives divisions give us confidence that as markets recover an accelerated growth trajectory will re-appear."