Charles Stanley raises dividend as revenues and profits jump

Stockbroker and discretionary wealth manager Charles Stanley today reported a jump in revenues and profits, and a hike in its interim dividend, as it continues to benefit from a shift among clients either moving to self-invest or to use discretionary services.

The group, announcing its half-year results, said revenues had risen 17% to £70m compared to the same time last year, while underlying profit before tax was up 43% to £8m. Revenues climbed as a result of a jump in AUM, which stood at £18.5bn, up 4.5% in the last six months and 18.6% compared to a year ago. The groups's profit before tax after one-off costs for launching its new execution-only service, Charles Stanley Direct, and including the impact of the FSCS levy, was also up 44% at £4.9m. The FSCS levy bill itself also dropped from £1.4m to £1.2m, although Charles Stanley warne...