Charles Stanley reports 80% profit jump

Added 24th November 2016

Charles Stanley reported an 80% increase in pre-tax profits for the first half of 2016, compared with the same period last year as it pitches to become the UK’s “leading wealth manager by 2020”.

Charles Stanley reports 80% profit jump

In the six months to 30 September, the wealth management group reported funds under management and administration were up 13%, from £20bn to £22.5bn, while earnings per share increased by 46%, from 3.04p to 4.44p.

The group’s interim dividend per share remained stable at 1.5 pence.

Reporting positive momentum across all divisions, a new client onboarding process and a new range of risk-rated pooled vehicles being prepared for launch, the group said its operating margin target of 15% remained achievable.

Following a consultation over its remuneration structure – separating out employed and self-employed associates - the board will now seeking shareholder approval for the implementation of a new share plan of up to an additional 5% of the current issued share capital of the company for the employed teams only.

Paul Abberley, chief executive of Charles Stanley, said: “The conclusion of the remuneration process is a significant milestone and marks the successful conclusion of the first stage of our turnaround strategy.  

“We are maintaining momentum and the group is now in a healthier position on a more sustainable basis. With operational foundations in place and productivity initiatives underway, we are well positioned to pursue the second phase of our strategy, with an emphasis on building the delivery of organic growth.”

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