Rathbones' profits jump 64% as firm's 'full project agenda' gains traction

Busy first half of 2018

Rathbones has announced an increase of 64.3% in profit before tax to £43.7m for the first half of 2018, as the company focuses on a number of developments including the acquisition of Scottish wealth manager Speirs & Jeffrey and the launch of its Global Sustainability fund.

The group said the rise in pre-tax profits from £26.6m not only reflects its underlying performance but also a number of significant non-underlying items in 2017, which have not recurred in 2018. Underlying profit before tax (excluding charges in relation to client relationships and goodwill, the London head office relocation and acquisition-related costs) increased 11.5% from £43.3m to £48.3m in the first six months of 2018. The group said its underlying profit margin remained strong at 31.5%, compared to 30.4% in 2017. Rathbones reported total funds under management at 30 June 2018 ...