28 Jul 2009 07:00
INTERIM MANAGEMENT STATEMENT
QUARTER ENDED 30 JUNE 2009
As the Chairman will advise shareholders at today's Annual General Meeting, Charles Stanley Group PLC is pleased to announce that its revenue for the three months to 30 June 2009, the first quarter of its financial year 2009-10, was 2.4% higher, at £26.0 million, than the comparable figure of £25.4 million for the three months to 30 June 2008.
Since 31 March 2009 the business has performed solidly in markets that continue to be challenging. Income has been resilient across all three divisions and we have strengthened the securities division with a number of new hires.
Total client funds under investment management or administration rose during the quarter by 10.0% from £9.0 billion at 31 March 2009 to £9.9 billion at 30 June 2009. Within this figure the funds under discretionary management increased by 11.1% from £2.7 billion to £3.0 billion. For the same period, the FTSE 100 strengthened by 8.3% from 3926 to 4249 and the FTSE APCIMS Balanced Portfolio Index by 3.9%.
It is difficult to predict how much longer the current conditions will prevail. However, with a strong balance sheet Charles Stanley is well placed to take advantage of further acquisition opportunities.
Quarter ended 30 June 2009
| Private Clients £'000 | Financial Services £'000 | Charles Stanley Securities £'000 | Total
£'000 | |
| Commission | 11,893 | 8 | 2,206 | 14,107 |
| Fees | ||||
| Investment Management | 5,108 | 51 | - | 5,159 |
| Administration | 4,035 | 2,123 | - | 6,158 |
| Corporate Finance | - | - | 543 | 543 |
| Other | - | - | - | 71 |
| Total | 21,036 | 2,182 | 2,749 | 26,038 |
| 30 June 2009 | 31 March 2009 | Change | |
| £bn | £bn | % | |
| Discretionary funds under management | 3.0 | 2.7 | 11.1% |
| Advisory funds under management | 2.0 | 1.9 | 5.3% |
| Total funds under management | 5.0 | 4.6 | 8.7% |
| Advisory dealing funds | 2.1 | 2.0 | 5.0% |
| Execution only funds | 2.8 | 2.4 | 16.7% |
| Total administered funds | 4.9 | 4.4 | 11.4% |
| Total funds under management and administration | 9.9 | 9.0 | 10.0% |
For further information please contact
Charles Stanley Group PLC Canaccord Adams Ltd
Peter Hurst, Director Simon Bridges
Michael Lilwall, Director Phone: 020 7050 6500
Magnus Wheatley, Head of Press & Public Relations Oriel Securities Ltd
Phone: 020 7149 6273 Tom Durie
Email: magnus.wheatley@charles-stanley.co.uk Phone: 020 7710 7600
Notes for editors
Charles Stanley Group PLC has four trading companies, Charles Stanley & Co. Limited, EBS Management plc, Griffiths & Armour (Financial Services) Limited and Garrison Investment Analysis Limited.
Charles Stanley & Co. Limited provides full-service stockbroking, financial planning and benefit consultancy and small and mid cap advisory and institutional broking.
EBS Management plc provides specialist pensions administration services.
Griffiths & Armour (Financial Services) Limited is a specialist provider of corporate employee benefits services.
Garrison Investment Analysis Limited markets unit trusts, open-ended investment company units and packaged financial products to private clients, both directly and in wrappers such as ISAs and pensions.
All four trading companies are regulated by the Financial Services Authority. The Group has 32 offices around the United Kingdom.