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Charles Stanley Group PLC - Results for the half-year ended 30th September 2018

Charles Stanley Group PLC today announces its Interim results for the half-year ended 30th September 2018. Read the full statement here.

by
Charles Stanley

22.11.2018

To view the full results document please click here.

Charles Stanley Group PLC today announces its interim results for the six months ended 30 September 2018.

Financial highlights:

  •  Continued revenue growth across all divisions, with Core Business revenue up 5.0% to £77.7 million (HY 2018: £74.0 million)
  • Funds under Management and Administration (“FUMA”) increased by 5.0% to £25.0bn (FY 2018: £23.8bn), with Discretionary funds up by 7.3% to £13.2 billion
  • Core Business1 profit before tax up 5.6% to £5.7 million (HY 2018: £5.4 million)
  • Core Business profit margin2 improved to 9.3% (HY 2018: 8.4%)
  • Robust balance sheet, with net assets of £102.8 million and cash balances of £67.0 million
  • Regulatory capital resources up 16.2% to £75.5 million (HY 2018: £65.0 million)
  • Interim dividend increased by 10% to 2.75 pence per share (HY 2018: 2.50 pence per share)

Operational highlights:

  • Charles Stanley Direct turned into a profitable business
  • Further progress with the implementation of revised pricing structures
  • Continued investment in the expansion of the Financial Planning division
  • Improvement in our digital offering further enhancing the client user experience with the launch of new apps and a significant upgrade of the website
  • Growth of the intermediary sales team and distribution capabilities
  • Launched a central remuneration scheme to ensure operational gearing flows through from the enhanced sales capability

Paul Abberley, Chief Executive Officer, commented:

“The first half of the financial year delivered another solid set of results. Our turnaround strategy is starting to bear fruits with funds, revenues and profits from the Core Business all increasing on the prior period. I am also pleased to state that all four of our operating divisions reported higher turnovers. Two of those divisions, Financial Planning and Charles Stanley Direct, saw robust increases - up 20.7% and 34.6% respectively.

Whilst the progression of our revenues and profit margin has been pleasing, we are fully focused on increasing the rate of improvement. In tandem with the efforts to improve the rate of top line growth by building higher margin assets and implementing revised pricing structures, we are also sharpening our investment capabilities in marketing and sales. In addition, we have identified several core programmes to improve operating efficiency in both the front and back offices.

Subject to market conditions and the level of trading activity, we expect to make continued progress in the second half of the financial year and remain fully committed to our vision of transforming Charles Stanley into the UK’s leading wealth manager.”

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