British wealth manager Charles Stanley has posted pre-tax profit of £8.8m for the year ended 31 March 2017, compared to a loss of £0.3m in the previous year.
Revenue remained stable at £141.6m. The firm’s funds under management and administration totalled £24bn at the end of March 2017, an increase of 17.1% from £20.5bn a year earlier.
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The business’ cash balance rose to £58.4m from £48.4m a year ago, while core business operating margin increased to 7.1% from 3.1% last year.
Dividend for 2017 was 6 pence per share, a 20% surge from 5 pence per share in 2016.
Charles Stanley CEO Paul Abberley said: “2017 was a year of significant progress at Charles Stanley with our transformation programme delivering increased profitability, more satisfied clients and improved staff engagement.
“Our strategy is now in place with improved governance, better cost control, a revised remuneration policy and clear plans to grow each of our client servicing divisions – Investment Management Services, Asset Management, Financial Planning and Charles Stanley Direct – and to extract operating efficiencies across front and back office alike.”
