Charles Stanley Group PLC Trading update (2576M)
July 27 2017 - 1:48AM
UK Regulatory
TIDMCAY
RNS Number : 2576M
Charles Stanley Group PLC
27 July 2017
27 July 2017
Charles Stanley Group PLC
Trading update for the three months ended 30 June 2017
Charles Stanley Group PLC ("Charles Stanley" or "the Group")
today issues a trading update for the first quarter ended 30 June
2017. The Group is showing steady growth in line with management
expectations.
Total Funds under Management and Administration ("FuMA") at 30
June 2017 were GBP24.1 billion representing an increase of 0.4%
against GBP24.0 billion at 31 March 2017. This represents a
reasonable rate of growth when set against a backdrop of marginally
adverse market conditions. Over the same period the FTSE UK Private
Investor Balanced Index fell by 0.3%.
Significantly, this growth came under the higher margin
discretionary fund category, which increased 3.5% (GBP0.4bn) in
part due to transfers from lower margin advisory services. Advisory
managed and advisory dealing fund categories fell by 4.2%
(GBP0.1bn) and 5.6% (GBP0.1bn) respectively during the quarter.
Execution-only fell by 1.2% (GBP0.1bn) overall although Charles
Stanley Direct continued its strong progress, up 4.6% to
GBP2.4bn.
Total Group revenues on a year-to-date basis are up 13.3% from
GBP33.8 million to GBP38.3 million. Excluding EBS Management PLC,
the pensions administration business which was sold by the Group on
31 May 2017, revenues from continuing activities for the quarter
ended 30 June 2017 increased by 13.9% to GBP37.7 million (quarter
to 30 June 2016: GBP33.1 million).
Paul Abberley, Chief Executive Officer, commented:
"Trading conditions remain stable against the backdrop of a
relatively flat market over Q1. Our strategy remains on track to
deliver long term growth in revenues, margins and profits, which in
turn will support our progressive dividend policy and thus generate
long-term shareholder value."
For further information, please contact:
Charles Stanley Canaccord Peel Redleaf Communications
Joanne Vowles Genuity Hunt Charlie Geller
Public Relations Andrew Buchanan Guy Wiehahn 020 7382 4730
Manager 020 7523 020 7418 CScapitalmarkets@redleafpr.com
Via Redleaf 4661 8893
Notes to editors:
Charles Stanley traces its origins back directly to 1792 and is
one of the oldest firms on the London Stock Exchange. Charles
Stanley today provides holistic wealth management services to
private clients, charities and smaller institutions. These are
delivered by over 400 professionals located in 24 offices
throughout the UK, both direct to clients and to intermediaries.
Our services include investment portfolio management and financial
planning, supported by in-house administration to enhance the
quality of service provided. In addition, Charles Stanley Direct
provides an award winning direct to customer execution-only dealing
platform for equities and funds.
FUNDS UNDER MANAGEMENT AND ADMINISTRATION
Change
Jun 17 Mar 17 since
GBPbn GBPbn Mar 17
Discretionary funds 11.8 11.4 3.5%
Advisory managed funds 2.3 2.4 (4.2%)
-------------------------- ------- ------- -------
Total managed funds 14.1 13.8 2.2%
-------------------------- ------- ------- -------
Advisory dealing funds 1.7 1.8 (5.6%)
Execution only funds 8.3 8.4 (1.2%)
-------------------------- ------- ------- -------
Total administered funds 10.0 10.2 (2.0%)
-------------------------- ------- ------- -------
Total FuMA 24.1 24.0 0.4%
FTSE UK Private Investor
Balanced Index 4,110 4,122 (0.3%)
The change in managed funds since 31 March 2017 is explained in
more detail in the table below:
Discretionary Advisory
managed managed Total Change
GBPbn GBPbn GBPbn %
Funds at 1 April
2017 11.4 2.4 13.8
New clients 0.1 - 0.1
Transfers 0.1 (0.1) -
Net inflow/(outflow)
from existing clients 0.4 - 0.4
Lost clients (0.1) - (0.1)
Net inflow/(outflow)
of funds 0.5 (0.1) 0.4 2.9%
Market movement (0.1) - (0.1) (0.7%)
Funds at 30 June
2017 11.8 2.3 14.1 2.2%
REVENUE
The table below sets out the revenues of the Group for the
quarter ended 30 June 2017 along with the prior year comparatives
on a like for like basis.
Quarter ended 30 June 2017
Investment Asset Financial Charles Core Held Total
Management Management Planning Stanley Business For
Services Direct Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fees
Fees ex
trail 21,279 1,734 1,299 564 24,876 542 25,418
Trail 165 2 - 308 475 - 475
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Total fees 21,444 1,736 1,299 872 25,351 542 25,893
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Commission 11,452 207 11 376 12,046 - 12,046
Interest
income 267 5 - 48 320 - 320
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Total 33,163 1,948 1,310 1,296 37,717 542 38,259
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Quarter ended 30 June 2016 (1)
Investment Asset Financial Charles Core Held Total
Management Management Planning Stanley Business For
Services Direct Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fees
Fees ex
trail 17,465 1,359 1,019 367 20,210 697 20,907
Trail 250 5 1 240 496 - 496
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Total fees 17,715 1,364 1,020 607 20,706 697 21,403
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Commission 11,295 156 6 283 11,740 - 11,740
Interest
income 514 7 4 119 644 1 645
------------ ------------ ------------ ---------- --------- ---------- -------- --------
Total 29,524 1,527 1,030 1,009 33,090 698 33,788
------------ ------------ ------------ ---------- --------- ---------- -------- --------
(1) The revenue figures for the quarter ended 30
June 2016 have been presented in line with the
classification of the Group's four operating divisions
used for the quarter ended 30 June 2017 to ensure
a like for like comparison. Held For Sale revenues
for the quarter ended 30 June 2017 is in respect
of EBS Management PLC, which was sold by the Group
on 31 May 2017 and was previously reported within
the Financial Planning division.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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