Charles Stanley sees pre-tax profits rise 30% amid firm restructure

Asset management revenue up to £7m

Wealth manager Charles Stanley has seen a 30% rise in pre-tax profits to £11.4m but admits core business remains below its pre-tax profits target as it faces headwinds going into 2019.

In its final results for the year to 31 March 2018, the firm said pre-tax profits increased from £8.8m in 2017 to £11.4m.  This included pre-tax profits of £10.9bn in the core business but Charles Stanley said this was still a "long way" from its medium-term target. The firm wants to increase its core business operating margin to 15% in the medium term, it is currently 7.2%.  This was hindered by share-based options in remuneration agreements agreed with the investment management teams. Charles Stanley warns 'major regulatory change' may impact third and 'hardest step' of turnar...