CAY.L Share News (CAY)

Investment management firm Charles Stanley has reported a £3.9m loss for the six months to 30 September following increased costs during a period of static markets.The company invested heavily in a major systems upgrade during the period in an effort to enhance its client offering. Despite revenues growing 4.1% to £72.9m, the firm did not manage to turn a profit.Charles Stanley reported a headline loss of £3.9m during its second half, compared to £4.9m made in the same period last year. The firm's basic earnings per share also decreased to 7.90p from 8.52p a year prior.Despite Charles Stanley's disappointing results, the firm will maintain its dividend at a constant 3.00p per share.Charles Stanley chairman, Sir David Howard, said: "It is disappointing to have to report a loss before tax of £3.9m, not least because this does not reflect the good progress achieved in many areas of the group."We are investing heavily in a major upgrade of our systems and processes to enhance the proposition to our clients, and in several developments for the future including our award-winning service Charles Stanley Direct. This has impacted on our costs in a period of static."As of 14:30, the group's share price dropped 3.73% to 303.13p per share.