Revenue increased 488% year-on-year to £149.7m for Financial Planner and wealth manager Kingswood for the year ended 31 December 2021.

Kingswood attributed the growth to the integration of UK and US acquisitions.

Operating profit increased by £5.5m for £6.3m, a rise of 688%.

Group assets under management and advice increased 15% year-on-year to £6.8bn. 

Kingswood completed four acquisitions in the UK in 2021, adding £2.4m in annual operating profit and £1.8bn in assets under management and advice to the group.

The Financial Planner and wealth manager has made a further five UK acquisitions in the first half of this year. Allots Financial Services, Joseph R Lamb Financial Advisers, DJ Cooke Life and Pensions, AiM Independent Financial advisers and Vincent & Co Ltd have added £2.7m of annual operating profit and £0.8bn AUA to the group.

A further eight UK acquisitions are currently in exclusive due diligence. Should all eight acquisitions come to completion, they would add a total of £7.7m annual operating profit. Kingswood said all are expected to conclude in the third quarter of this year.

David Lawrence, CEO at Kingswood, said: “Kingswood continues to demonstrate a strong track record in sourcing and securing acquisitions and in doing so is quickly building scale. We have a single-minded focus on both financial advice/Planning and investment management activity, relying on leading market external expertise for other aspects of the client value-chain.

“I believe to be a truly successful firm we must put the client at the heart of the relationship, be highly accessible, have a clear proposition and most importantly provide great value for money. Our staff and technology are key enablers to deliver this success and will therefore be critical pillars of our strategy today and moving forwards.”

The Financial Planning and wealth management firm’s UK revenues for 2021 were 87% recurring in nature.

The firm plans to build its UK assets under management to £10bn in the UK, and £12.5bn globally, in the near-term. Longer term it hopes to hit £20m of operating profit.

Kingswood now has 292 staff across the UK and US managing £9bn of client assets.