Income growth and an operating profit rising to £46.2m have been revealed by a financial and professional services firm with offices in Cheltenham.

Funds under management at the company, which has its Gloucestershire base in Festival House, Jessop Ave, have also risen by 6.9 per cent year-on-year to £20.1bn.

Not surprisingly Smith & Williamson described its annual results as a "strong performance", adding plans were also afoot for a possible flotation.

Kevin Stopps, co-chief executive at the firm, which employs an estimated 1,700 staff, said: "We delivered increased profitability, while also continuing to make material investments in our people and technology to support our future success.

"In the face of ongoing economic and political uncertainties, our performance once again demonstrated the value of our business model and the strength of our client relationships."

David Cobb, co-chief executive of Smith & Williamson, said the firm continued to have strong ambitions to expand.

"We are interested in making the right type of bolt-on acquisitions to accelerate our growth plans. However, we will continue to be extremely discerning in our choice of targets as we refuse to dilute the quality of our business and people.

"To execute our longer-term growth strategy, we have already announced our intention to prepare for a potential stock market listing.

"This will not take place until we have completed our major investment in new technology platforms, and these are unlikely to be complete before the second half of 2019."

Highlights for the year ended 30 April 2018:

• Operating income growth of 9.0 per cent year-on-year to £266.7m (FY 2017: £244.6m)

• Adjusted operating profit increase of 13.8 per cent year-on-year to £46.2m (FY 2017: £40.6m)

• Adjusted basic earnings per share of 68.7p, a 14.1 per cent year-on-year increase (FY 2017: 60.2p)

• Total dividends of 36.0p per share, a 12.5 per cent increase year-on-year (FY 2017: 32.0p)

• Funds under management and advice increased by 6.9 per cent year-on-year to £20.1bn (FY 2017: £18.8bn);

• Funds under administration increased by 27.2 per cent year-on-year to £11.7bn (FY 2017: £9.2bn).