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November 27, 2014updated 04 Apr 2017 1:51pm

Charles Stanley reports 4% rise in revenue

British wealth management and brokerage firm Charles Stanley has logged revenues of £72.9m for the six months ended 30 September 2014, an increase of 4.1% from £70m a year ago.

By Verdict Staff

British wealth management and brokerage firm Charles Stanley has logged revenues of £72.9m for the six months ended 30 September 2014, an increase of 4.1% from £70.0m a year ago.

Total client funds stood at £20.2bn, up by 9.2% from the figure of £18.5bn at 30 September 2013.

Within this figure discretionary managed funds increased by 6.1% from £8.2bn to £8.7bn during the period.

The firms reported a loss before tax for the half-year of £3.9m compared to £4.9m for the first half of the previous year.

For the six months to 30 September 2014, fee income increased 17.8% compared with the half-year ended 30 September 2013, while commission income fell to 15.8%.

The company’s financial planning and wealth management unit has increased its gross revenue by 7.7% to £2.8m from £2.6m over the year.

For the six months ended 30 September 2014, revenues at the group’s financial services division and Charles Stanley Direct were up 20.6% and 66.7% respectively.

Sir David Howard, chairman of Charles Stanley, said: "It is disappointing to have to report a loss before tax of £3.9 million and a reduced underlying profit before tax of £1.5 million, not least because this does not reflect the good progress achieved in many areas of the Group.

"I am delighted that Paul Abberley has accepted the Board’s invitation to succeed me as Chief Executive of Charles Stanley, having previously been CEO of Aviva Investors London," he added.

 

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