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26 Jan 2011 07:00
Charles Stanley Group PLC
25 Luke Street
London
EC2A 4AR
T: 020 7739 8200
F: 020 7739 7798
DX: 123150 BROADGATE-1
www.charlesstanleyplc.co.uk
INTERIM MANAGEMENT STATEMENT
26 January 2011
QUARTER ENDED 31 DECEMBER 2010
Charles Stanley Group PLC is pleased to announce that its revenue for the three months to 31 December 2010, the third quarter of its financial year 2010/11, was 13.7% higher, at £32.3 million, than the comparable figure of £28.4 million for the three months to 31 December 2009.
The second six months started strongly and the Group has seen a good performance across all three divisions.
Total client funds under management and administration rose during the quarter by 5.9% from £13.5 billion at 30 September 2010 to £14.3 billion at 31 December 2010. Within this figure the funds under discretionary management increased by 9.8% from £4.1 billion to £4.5 billion. For the same period, the FTSE 100 strengthened by 6.3% from 5549 to 5900 and the FTSE APCIMS Balanced Portfolio Index by 4.7%.
On 20 January 2011 the Financial Services Compensation Scheme ("FSCS") issued a press release announcing a second interim levy for 2010/11 for the costs of major investment failures. We have now received invoices from the Financial Services Authority setting out the allocation of this interim levy. The FSCS levy for 2010/11 for the Group totals £2.6 million of which £204,000 had been provided in our interim results for the six months to 30 September 2010.
Despite this, trading continues at good levels and while it is difficult to see very far ahead we feel a degree of optimism about the final quarter.
Quarter ended 31 December 2010
Private Clients £'000 |
Financial Services £'000 | Charles Stanley Securities £'000 |
Other £'000 |
Total £'000 | |
Commission | 14,332 | 52 | 2,274 | - | 16,658 |
Fees | |||||
Investment Management | 7,386 | 117 | - | - | 7,503 |
Administration | 5,608 | 1,759 | - | - | 7,367 |
Corporate Finance | - | - | 782 | - | 782 |
Other | - | - | - | 5 | 5 |
Total | 27,326 | 1,928 | 3,056 | 5 | 32,315 |
Quarter ended 31 December 2009
Private Clients £'000 |
Financial Services £'000 | Charles Stanley Securities £'000 |
Other £'000 |
Total £'000 | |
Commission | 13,476 | 17 | 1,688 | - | 15,181 |
Fees | |||||
Investment Management | 5,172 | 100 | - | - | 5,272 |
Administration | 5,378 | 1,841 | - | - | 7,219 |
Corporate Finance | - | - | 745 | - | 745 |
Other | - | - | - | 6 | 6 |
Total | 24,026 | 1,958 | 2,433 | 6 | 28,423 |
Nine months ended 31 December 2010
Private Clients £'000 |
Financial Services £'000 | Charles Stanley Securities £'000 |
Other £'000 |
Total £'000 | |
Commission | 40,412 | 176 | 5,637 | - | 46,225 |
Fees | |||||
Investment Management | 20,332 | 331 | - | - | 20,663 |
Administration | 16,512 | 5,932 | - | - | 22,444 |
Corporate Finance | - | - | 2,720 | - | 2,720 |
Other | 54 | 54 | |||
Total | 77,256 | 6,439 | 8,357 | 54 | 92,106 |
Nine months ended 31 December 2009
Private Clients £'000 |
Financial Services £'000 | Charles Stanley Securities £'000 |
Other £'000 |
Total £'000 | |
Commission | 39,617 | 43 | 5,769 | - | 45,429 |
Fees | |||||
Investment Management | 16,262 | 203 | - | - | 16,465 |
Administration | 13,850 | 5,985 | - | - | 19,835 |
Corporate Finance | - | - | 2,561 | - | 2,561 |
Other | 81 | 81 | |||
Total | 69,729 | 6,231 | 8,330 | 81 | 84,371 |
Funds under management and administration | 31 Dec 2010 | 30 Sep 2010 |
Change |
£bn | £bn | % | |
Discretionary funds under management | 4.5 | 4.1 | 9.8% |
Advisory funds under management | 2.6 | 2.5 | 4.0% |
Total funds under management | 7.1 | 6.6 | 7.6% |
Advisory dealing funds | 3.0 | 2.9 | 3.4% |
Execution only funds | 4.2 | 4.0 | 5.0% |
Total administered funds | 7.2 | 6.9 | 4.3% |
Total funds under management and administration |
14.3 |
13.5 |
5.9% |
For further information please contact
Charles Stanley Group PLC Canaccord Genuity 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 Neil Langford
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, CS Financial Solutions 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. CS Financial Solutions 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 33 offices around the United Kingdom.
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