CAY.L Regulatory News (CAY)

22 Jan 2009 07:00



INTERIM MANAGEMENT STATEMENT

QUARTER ENDED 31 DECEMBER 2008

Charles Stanley Group PLC is pleased to announce that its revenue for the three months to 31 December 2008, the third quarter of its financial year 2008-09 was 3.0% higher, at £ 27.0 million, than the comparable figure of £ 26.2 million for the three months to 31 December 2007. Adding this to our half-year results announced in November 2008, revenue for the nine months to 31 December 2008 was 3.4% lower, at £ 76.0 million, than the comparable figure of £78.7 million for the nine months to 31 December 2007. 

We have been pleased with the performance of the two acquisitions in the first half of the current year, the business of Truro Stockbrokers and the UK private client stockbroking business of Insinger de Beaufort. In the latest three months we have completed the purchase of Griffiths and Armour (Financial Services) Ltd, a leading benefits consultancy business based in Liverpool and Watford. This has also got off to an excellent start. 

Total client funds under investment management or administration declined during the quarter by 8.5% from £10.1 billion at 30 September 2008 to £9.2 billion at 31 December 2008. Within this figure the funds under discretionary management declined by 5.3% from £2.9 billion to £2.8 billion. For the same period, the FTSE 100 fell by 9.6% from 4903 to 4434 and the FTSE APCIMS Balanced Portfolio Index by 5.4%.

The markets continue to be volatile and it is impossible to predict how much longer the current depressed conditions will prevail. However Charles Stanley continues to make good progress, and, with a strong balance sheet and net cash and cash equivalents as at 31 December 2008 of £33.9 million (£20.1 million as at 30 September 2008), is well placed to take advantage of further acquisition opportunities.

Quarter ended 31 December 2008

For further information please contact

Charles Stanley Group PLC Canaccord Adams Ltd

Peter Hurst, Director  Simon Bridges

Michael Lilwall, Director Managing Director

Magnus Wheatley, Head of Press & Public Relations Phone: 020 7050 6500

Phone: 020 7149 6273

Email: magnus.wheatley@charles-stanley.co.uk

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 three companies are regulated by the Financial Services Authority. The Group has 32 offices around the United Kingdom.