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Charles Stanley full-year results statement

Read the full statement and also watch the video of Chief Executive, Paul Abberley and Chief Financial Officer, Ben Money-Coutts discussing the Group's full-year results.

by
Charles Stanley

14.06.2017

To view the full Results Document PLEASE CLICK HERE

Results for the year ended 31 March 2017

 

Charles Stanley Group PLC (the Group) or (Charles Stanley) today announces its preliminary results for the year ended 31 March 2017:

Financial highlights:

  • Reported profit before tax of £8.8 million (2016: £0.3 million loss)
  • Reported revenue in line with previous year despite disposal of non-core activities - £141.6 million (2016: £141.6 million)
  • Balance sheet strengthened - Group cash balance increased to £58.4 million (2016: £48.4 million)
  • Funds under Management and Administration up 17.1% to £24.0 billion (2016: £20.5 billion)
  • Core Business operating margin improved to 7.1% (2016: 3.1%); 2020 target of 15%
  • Total 2017 dividend increased 20% to 6.0 pence per share (2016: 5.0 pence per share)

Operational highlights:

  • New remuneration arrangements for investment managers successfully completed
  • Transformation programme beginning to deliver increased profitability
  • All non-core activities disposed of - EBS sale completed on 31 May 2017
  • Governance framework overhauled, providing clarity of divisional mandates and individual responsibilities

Paul Abberley, Chief Executive Officer, commented:

“2017 was a year of significant progress at Charles Stanley with our transformation programme delivering increased profitability, more satisfied clients and improved staff engagement. Our strategy is now in place with improved governance, better cost control, a revised remuneration policy and clear plans to grow each of our client servicing divisions – Investment Management Services, Asset Management, Financial Planning and Charles Stanley Direct – and to extract operating efficiencies across front and back office alike. As a result we are more streamlined, focused and in a position to deliver profitably the products and services our clients want and need.

Looking ahead, our aim remains to become the UK’s leading wealth manager by 2020. The Group has benefited this year from favourable markets but there is global economic and political uncertainty to be navigated including the UK’s departure from the EU. While there is much speculation about the impact of Brexit on the financial services industry, we are confident that Charles Stanley, which has been at the heart of the City for over two centuries and weathered many storms, will continue successfully to serve our clients.”

 

To view the full results document PLEASE CLICK HERE.

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