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,”
“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.”
