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September 27, 2017

Close Brothers annual profit increases 13%

Close Brothers has reported adjusted operating profit of £264.8m for the year ended 31 July 2017, a rise of 13% compared to £233.6m a year ago.

Operating income stood at £765.6m, up 11% from $687.4m in the previous year. Adjusted operating expenses increased 11% year-on-year to £460.6m.

The group’s assets totalled £9.3bn at the end of July 2017, up by £537m from £8.7bn in the previous year.

The group’s asset management arm posted adjusted operating profit of £17.4m for the year ended 31 July 2017, a surge of 21% compared to £14.4m a year ago. The unit recorded positive net flows of £757m, versus £508m last year.

Close Brothers Group CEO Preben Prebensen said: In an evolving market environment, we remain committed to our established business model, which relies on the expertise of our people to deliver consistently high levels of service, building deep and sustainable  relationships with clients and intermediaries.

“As a business,  we  remain well positioned longer -term , focusing on protecting our margins and  underwriting discipline, improving  our model through continued  investment and extending  into  new  products and markets.”

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