Close Brothers profits haven risen 3% for the year ended 31 July 2018. Operating profits for the year hit £271.2m compared to £262.5m a year ago.

The firm’s adjusted operating profit stood at £278.6m, up 4% from £268.7m last year.

Adjusted operating income was £805.8m, a 6% rise from £761.4m in the previous year. Adjusted operating expenses increased 6% year-on-year to £480.5m.

The group’s asset management arm posted adjusted operating profit of £23.1m for the year ended 31 July 2018, a 33% surge from £17.4m a year earlier.

Managed assets increased 17% to £10.4bn on a year-on-year basis, with net inflows soaring 43% to £1bn from £757m last year.

Close Brothers Group CEO Preben Prebensen said: “I am pleased to report another good performance in the 2018 financial year, achieving both continued strong profitability and significant strategic progress. All of our businesses have continued to successfully navigate and make the most of current trading conditions, while continuing to focus on maximising opportunities in future years.

“Our strategic priorities are clear and unchanged, and we remain strongly committed to our proven business model, maintaining confidence in our ability to trade successfully in a range of economic conditions. All of this ensures we can continue to support our customers and clients, and deliver value for our shareholders, through all stages of the financial cycle.”

Close Brothers announced a new financial director earlier this year. PBI reported in July that Mike Morgan would replace Jonathan Howell as the new group financial director.