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March 14, 2018

Close Brothers adjusted operating profit rises 6% in H1

Close Brothers Group has posted an adjusted operating profit of £142.3m for the six months to 31 January 2018, an increase of 6% compared to £134.2m a year ago.

The group’s profit attributable to shareholders was £104m, an increase of 7% compared with £96.8m in the year ago period.

Operating income rose 7% to £405.5m from £378.3m a year earlier. Adjusted operating expenses increased 6% year-on-year to £239.4m.

The group’s common equity tier 1 (CET1) capital ratio at the end of January 2018 stood at 12.7%, versus 12.6% at the end of July 2017.

Operating profit at the company’s Winterflood Securities business increased 2% to £14.7m from £14.4m a year ago.

Adjusted operating profit in the company’s asset management business surged 25% year-on-year to £11.4m. The firm attributed the rise to strong net inflows and positive market movements.

Close Brothers CEO Preben Prebensen said: “We are pleased with our performance and progress in the first half, delivering higher profit while staying true to our client and customer focused model, and maintaining our prudent and disciplined approach. All our businesses have achieved a good performance year to date, and we remain well positioned for the full year.”

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