British wealth manager Charles Stanley has reported pre-tax profit of £11m for the year ended 31 March 2019.

This is a fall of 3% from last year’s profit of £11.4m.

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The firm’s annual revenue stood at £155.2m, versus £150.9m in the previous year.

All business divisions of the firm registered rise in revenue.

In Investment Management Services, revenue increased to £132.8m from £131.2m.

Asset Management revenue increased to £7.4m from £7m, while Financial Planning revenue increased to £7.3m from £6.3m.

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Revenue at Charles Stanley Direct rose to £7.7m from £5.9m.

Funds under management and administration totalled £24.1bn at the end of March 2019, a rise of 1% from £23.8bn a year ago.

Discretionary funds increased 6% to £13.1bn from £12.3bn.

The 2019 dividend of 8.75 pence per share was 9% higher compared to 8 pence per share in 2018.

Commenting on the performance, Charles Stanley CEO Paul Abberley said: “As demonstrated by our results, the Group continues to deliver improvements in performance.

“I am confident that following the completion of the recently announced operating model restructure, Charles Stanley will be well placed to accelerate the rate of progress and deliver our medium-term target of a 15% profit margin.

“This will be achieved through top line growth alongside cost control to improve overall productivity.”