Close reports profit growth and boost for Winterflood over half-year

Close Brothers has reported rising profits for the six months to January, with its broker arm Winterflood especially benefiting from improved trading conditions.

In its half-year results to 31 January 2014, the group reported adjusted operating profit increased 21% to £97.2m, while operating pre-tax profit was up 21% at £94.8m. In the securities division, Winterflood's adjusted operating profit increased 81% to £13.4, reflecting stronger trading relative to the first half of 2013, the group said. Earlier in the year it had suggested AIM trading in particular had helped lift Winterflood's performance. Adjusted operating profit in the asset management business increased to £3.2m and AUM rose 2% to £9.3bn. Close increased its interim dividend ...