British wealth management and brokerage firm Charles Stanley has reported a profit before tax of £2m for the six months ended 30 September 2015, compared with a loss of £3.9m a year ago.
The group logged revenues of £70.8m from the core business for the first half of 2015, an increase of 4% from £68.4m a year earlier.
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Profit before tax from the firm’s core business was £3m for the six months ended 30 September 2015, up 200% from £1m a year ago due to a 3.5% increase in revenues and improved cost margins.
As on 30 September 2015, the group’s total funds under management and administration stood at £20bn, up 1% from £20.2bn in the year ago period.
The group’s discretionary funds increased 2.3% from £8.7bn to £8.9bn during the period. Costs reduced 5% to £73.1m from £77m a year ago.
Charles Stanley’s asset management division has reported a 4.7% rise in revenues to £2.8bn for the first half of 2015 as a result of strong growth from the collectives portfolio and IHT services. The unit’s operating loss has dropped from £0.5m to £0.4m for this period.
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By GlobalDataCharles Stanley Group CEO Paul Abberley said: "Significant progress has been made during the period, in line with the stated three-to-five year strategy announced at the last set of results.
"We have articulated our intention to build a holistic offering, built around full service and bespoke investment management, complemented by Asset Management and Financial Planning divisions, and have successfully reorganised the business divisions to reflect this.
"Our digital offering, Charles Stanley Direct, has now been woven more closely into the core business and its encouraging performance during the period – significant account growth, increased profitability and reduced overhead costs – is a pattern we hope to continue moving forward."
