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Interim results for the six months ended 30 September 2021

Charles Stanley Group PLC today announces its preliminary results for the six months ended 30 September 2021

| 5 min watch

  • £27.4Bn FuMA
  • £9.3M Underlying* profit
  • 4p Interim dividend

Financial highlights

  • Record level of Funds under Management and Administration (“FuMA”), up 7.0% at the half year end to £27.4bn (FY 2021: £25.6bn)Revenue stable at £171.2m (2020: £173.0m)
  • Revenue up by 12.2% to £91.9m (H1 2021: £81.9m), with growth across all three divisions
  • Underlying* profit before tax up by 40.9% to £9.3m (H1 2021: £6.6m)/ Reported profit before tax of £4.7m (H1 2021: £4.8m), including one-off exception items relating to the Raymond James Offer
  • Underlying* pre-tax profit margin increased to 10.1% (H1 2021: 8.1%)
  • Underlying* EPS up by 46.1% to 14.52 pence per share (H1 2021: 9.94 pence per share)/ Reported EPS of 6.99 pence per share (H1 2021: 7.06 pence per share)
  • Strong balance sheet strengthened:
    • net assets up by 2.8% to £126.7m (31 March 2021: £123.3m)
    • cash balances of £93.4m at 30 September 2021 (31 March 2021: £105.4m)
    • regulatory capital solvency ratio of 199% (H1 2021: 174%) with increased capital resources of £103.7m (H1 2021: £92.8m)
  • Interim dividend increased to 4.0p per share^ (H1 2021: 3.0p per share)

Offer by Raymond James

  • The proposed acquisition by Raymond James UK Wealth Management Holdings Limited, a wholly owned subsidiary of Raymond James Financial, Inc. (“Raymond James”), to be effected by way of scheme of arrangement, remains subject to FCA approval and sanction by the Court, and is currently expected to complete in December 2021.

Outlook

  • Trading conditions are favourable and the Group is well-positioned, supported by a strong balance sheet, no debt and good cash flows.

*Underlying profit before tax and earnings per share excludes exceptional items.
^As set out in the Scheme Document, payment of such interim dividend to Charles Stanley shareholders is subject to the acquisition of the Company by Raymond James not having been sanctioned by the Court by 10 December 2021.

We remain confident that our acquisition by Raymond James will bring benefits for clients and staff and create new opportunities for the business to flourish. We look forward to the future with optimism

Paul Abberley, Chief Executive Officer

Paul Abberley, Chief Executive Officer of Charles Stanley Group plc, commented:

“The Group has performed well, aided by the improvement in investor confidence following the onset of the coronavirus vaccination programme and global economic recovery. We are continuing with initiatives to enhance our customer proposition, including a streamlined digital offering. The recommended Offer by Raymond James is expected to conclude in December 2021, subject to FCAand Court approvals. We remain confident that our acquisition by Raymond James will bring benefits for clients and staff and create new opportunities for the business to flourish. We look forward to the future with optimism.”

Nothing on this website should be construed as personal advice based on your circumstances. No news or research item is a personal recommendation to deal.

Interim results for the six months ended 30 September 2021

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