Update: Charles Stanley shares rise 5% after firm returns to profit

Two years of losses

Laura Dew
Paul Abberley, Charles Stanley chief executive, said the firm had made 'significant progress'

Paul Abberley, Charles Stanley chief executive, said the firm had made 'significant progress'

Charles Stanley shares are up 5% this morning after the firm announced a significant increase in annual profits following its restructure, after seeing two consecutive years of losses.

Shares in the wealth management company rose 5.1% to trade at 360p and are now up 23% since the start of the year.  In its results for the year to 31 March 2017, the wealth management firm said pre-tax profit was £8.8m, up from a loss of £300m a year ago. In 2015, the firm reported a loss of £6.1m. This was driven by strong financial markets and the transformation programme the firm has been undergoing for the past two years. This has involved disposing of non-core assets, streamlining the business and focusing on four client-facing divisions. However, the results stated this figur...

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