Charles Stanley profits were £5.1m for the six months ended 30 September 2018, a slump of 26% compared to £6.9m a year ago.
The results were in contrast to the pre-tax profit of £11.4m the Group reported for the year ended 31 March 2018, a surge of 30%.
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The firm recorded revenue growth across all units, with core business revenue increasing 5% to £77.7m on a year-on-year basis.
Pre-tax profit at the group’s core business increased 6% to £5.7m from £5.4m last year, driven by Investment Management Services. Core business profit margin was 9.3% at the end of September 2018, versus 8.4% a year earlier.
The group’s funds under management totalled £25bn at the end of September 2018, up 5% from £23.8bn in the previous year. The rise was said to be driven by discretionary funds that managed £13.2bn as at 30 September 2018.
Charles Stanley CEO Paul Abberley said: “Our turnaround strategy is starting to bear fruits with funds, revenues and profits from the Core Business all increasing on the prior period,”
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By GlobalData“I am also pleased to state that all four of our operating divisions reported higher revenues. Two of those divisions, Financial Planning and Charles Stanley Direct, saw robust increases – up 21% and 35%, respectively.”
