Tilney Group posted a statutory pre-tax loss of £9.1 million for final full year prior to its merger with Smith & Williamson, as acquisition finance costs took a toll on the bottom line.

According to the firm’s newly-released annual accounts for 2019, revenue was up 2.8 percent to £235.4 million, while operating and administrative expenses grew 7 percent to £189.6 million.

A supporting statement from chief executive Chris Woodhouse indicted that a rise in costs was down to hiring (it recruited 72 staff during the year taking headcount to 1,217); a restructure of its investment funds; as well as investment in te...