Charles Stanley profits drop 37% on euro woes

Charles Stanley, the stockbroking and investment management group, reported pre-tax profits fell 37% to £8.5m for the year ended 31 March 2012.

This compared to £13.4m for the previous year as the escalating eurozone crisis hit the number of shareholder transactions over the period. Revenues for the year were also down 5% to £119.6m, compared to £125.6m the previous year. However, fees were up 8% to £67.4m. Its financial services division reported revenues rose from £9.4m in 2011 to £11.6m in 2012, but its larger private client division suffered a fall from £106m to £100.5m over the period. Funds under management and administration rose 6% to £15.4bn from £14.5bn in 2011. The group's profits were once again hit by a su...