Close Brothers profits climb despite challenges for Winterflood

Natalie Kenway
clock

Close Brothers has reported a strong first half of its financial year 2014/15 despite a more challenging environment for its Winterflood business.

In company results, the group said operating profit before tax climbed 16% to £106.2m for the six months to the end of January 2015, and adjusted basic earnings per share grew by 19% to 58.2p. However, its securities arm Winterflood saw adjusted operating profit drop by 23% to £10.3m, compared to £13.4m in 2014. The statement said it "experienced difficult market conditions, characterised by both low retail investor risk appetite throughout the period, and episodes of increased volatility." In the asset management business, Close reported "steady progress", despite a net inflow of £12...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Trustpilot