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8 Sep 2014 07:00
Trading Update
8 September 2014
On 23 July 2014 the Board reported its interim management statement including results for the quarter ended 30 June 2014. Despite improving fee income and discretionary funds, the poor performance of commission income caused by low transaction volumes, and the continuation of costs relating to the upgrading of quality of service and the roll out of our direct to client proposition, all put pressure on profit margins.
This trading pattern has continued through July and August. Whilst management have taken actions to reduce the cost base and boost income the Board now expects that, barring a significant improvement in the markets, trading results will be materially below current market expectations.
Total client funds stood at £20.5 billion at 31 August 2014, an increase of 1.9% from £20.1 billion recorded at 31 March 2014 and managed funds £11.8 billion, an increase of 4.7%. The Board remains particularly encouraged by the rate of progress of Charles Stanley Direct which has increased its assets by 18% to £0.9 billion over the same five month period to 31 August 2014.
A full update will be made with the Group's interim results for the half year to September 2014 which is expected to be announced in mid-November.
For further information please contact:
Charles Stanley Group PLC | Canaccord Genuity | Peel Hunt LLP |
Sir David Howard, Chairman | Martin Green | Guy Wiehahn |
James Rawlingson, Finance Director | ||
Phone: 020 7739 8200 | Phone: 020 7523 4619 | Phone: 020 7418 8893 |
Magnus Wheatley | ||
Head of Press & Public Relations | ||
Phone 020 7149 6273 | ||
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