Charles Stanley has said it has achieved the first two steps towards becoming "the UK's leading wealth manager by 2020" but warned it embarks on the "hardest step" while facing numerous headwinds such as incoming regulatory frameworks and lower trading activity.
In interim results for the six months to 30 September, the group reported a number of strong figures, including a 53.3% increase in profit before tax to £6.9m, up from £4.5m for the previous six months to the end of March this year. The wealth manager saw its funds under management and administration rise by 1.3% to £24.3bn, while core business revenue was up 9.8% to £74m. Its balance sheet also strengthened having seen regulatory capital resources increase from £61.4m to £65m over the 2017 financial year. Meanwhile, it announced an increase in its dividend to 2.5 pence per share. ...
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