Close Brothers profits climb despite challenges for Winterflood

Close Brothers has reported a strong first half of its financial year 2014/15 despite a more challenging environment for its Winterflood business.

In company results, the group said operating profit before tax climbed 16% to £106.2m for the six months to the end of January 2015, and adjusted basic earnings per share grew by 19% to 58.2p. However, its securities arm Winterflood saw adjusted operating profit drop by 23% to £10.3m, compared to £13.4m in 2014. The statement said it "experienced difficult market conditions, characterised by both low retail investor risk appetite throughout the period, and episodes of increased volatility." In the asset management business, Close reported "steady progress", despite a net inflow of £12...