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Results for the year ended 31 March 2019

Charles Stanley Group PLC today announces its preliminary results for the year ended 31 March 2019

by
Charles Stanley

31.05.2019

Watch the video (above), read the full announcement or view the presentation

Charles Stanley Group PLC (‘the Group’) or (‘Charles Stanley’) today announces its preliminary results for the year ended 31 March 2019:

Financial highlights 

  • Discretionary funds up by 6.5% to £13.1 billion (2018: £12.3 billion)
  • Reported revenue of £155.2 million (2018: £150.9 million), with growth in all divisions
  • Core Business1 profit before tax of £11.6 million (2018: £10.9 million)
  • Core Business pre-tax profit margin2 improved to 9.2% (2018: 8.8%)
  • Reported profit before tax of £11.0 million (2018: £11.4 million)
  • Reported basic earnings per share up 3% to 17.74 pence (2018: 17.23 pence)
  • Total 2019 dividend increased 9.4% to 8.75 pence per share (2018: 8.0 pence per share)
  • Balance sheet strengthened - Cash position3 up 23.7% to £81.2 million (2018: £65.6 million) and regulatory capital solvency ratio increased to 214% (2018: 177%)

Post year end highlights

  • Restructure of the Group’s operating model – As recently announced, the Group is undertaking a significant transformation project to simplify and standardise structures and processes to deliver an integrated business model and a seamless customer proposition
  • Estimated restructuring costs of £9.5 million are expected to be incurred over a two to three year period. The restructure should yield immediate cost reductions which are expected to build up to annualised savings in excess of £4.5 million from FY 2022 onwards. The restructuring will result in a net charge to the Group’s profit in the financial year ending 2020 but be positive thereafter.
Paul Abberley, Chief Executive Officer, commented:

“As demonstrated by our results, the Group continues to deliver improvements in performance. I am confident that following the completion of the recently announced operating model restructure, Charles Stanley will be well placed to accelerate the rate of progress and deliver our medium-term target of a 15% profit margin. This will be achieved through top line growth alongside cost control to improve overall productivity.”

1The Core Business figures represent the results of the Group’s four main operating divisions, excluding held for sale activities and adjusting items which are listed on page 11.
2This represents the Core Business profit as defined in note 1 above excluding the charge in respect of non-cash share options awarded to certain investment management teams under revised remuneration arrangements settled in 2017, expressed as a percentage of Core Business revenues.
3The cash position is inclusive of treasury bills held by the Group for short term deposit purposes.

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