Charles Stanley hit by £3.9m H1 loss

Charles Stanley has reported a £3.9m pre-tax loss for the six months to 30 September, driven by costs arising from the ongoing "major upgrade" of its systems and processes.

The group said costs for the period stood at £77m, up from £65.4m last year, as a result of these changes as well as ongoing investment in D2C service Charles Stanley Direct. At the same time, total funds remained static at £20.2bn compared with the £20.1bn level seen as of 31 March, while revenue rose 4.1% year-on-year to £72.9m. The £3.9m loss, which comes as incoming CEO Paul Abberley (pictured) commences a strategic review, compares with a pre-tax profit of £4.9m for the equivalent period last year. It follows a September warning that results would be “materially below” expecta...