British wealth manager Charles Stanley has posted a financial loss of £300,000 for the year ended 31 March 2016, compared to a loss of £6.1m a year ago.
The firm’s revenues during the period dropped 5.4% to £141.6m from £149.7m in the prior year. Cash balance surged 68.7% to £48.1m from £28.5m.
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At the end of March, the firm’s funds under management fell to £20.5bn from £21.3bn, while discretionary funds increased to £9.4bn from £9.3bn.
The results come as the firm completes a sweeping overhaul of its core business. The business is now divided into four operating units, namely investment management and Charles Stanley Direct, new asset management and financial planning divisions.
The firm has also offloaded its non-core assets in the year, including Charles Stanley Securities and Charles Stanley Financial Solutions.
Charles Stanley CEO Paul Abberley said: "Our three-fold priorities for the year were to arrest the decline in profitability, determine and begin to implement the strategic direction for Charles Stanley and build the foundations upon which we can drive sustainable growth. Solid progress was achieved in each.
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By GlobalData"We have reduced our losses by £5.8m, refocused on core activities that will allow us to deliver high levels of customer satisfaction, and made significant progress in terms of making the Group more efficient over the long-term. We look forward to another year of progress as we pursue our aim of becoming the UK’s leading wealth manager."
