LONDON (Alliance News) - Charles Stanley Group PLC on Wednesday raised its dividend following strong revenue and profit growth in its recently ended financial year.
Charles Stanley lifted its total dividend by 33% to 8.00 pence from 6.00p paid the year before.
The investment management company said pretax profit rose 30% in the year to the end of March to GBP11.5 million from GBP8.8 million the prior year, as revenue climbed 6.6% to GBP150.9 million from GBP141.6 million.
Funds under management and administration decreased year-on year to GBP23.8 billion from GBP24.0 billion, while discretionary funds increased by 7.9% to GBP12.3 billion from GBP11.4 billion. The company said it experienced a deterioration in market conditions in the last quarter of the financial year.
Administrative expenses grew to GBP142.2 million from GBP136.1 million a year earlier.
Looking ahead, Charles Stanley said it expects greater volatility and lower returns due to the rising inflation. In the UK, political risk adds an extra dimension, it said, while in the US global trade barriers are also causing concern.
"2018 has been another year of progress for Charles Stanley. We completed the disposal of non-core activities, further built profitability and began to scale the business," said Chief Executive Paul Abberley.
"The focus for the 2019 financial year will be on driving top line revenue growth whilst improving operational efficiency," added Abberley.
Shares in Charles Stanley were trading 3.5% lower at 333.00p each on Wednesday.
