Close Brothers shares drop 4.8% following 'challenging' results

Group's profits tank by 90%

Close Brothers Asset Management (CBAM) had a rocky end to 2022, with profits falling by nearly half due to a reduction in income.

Statutory operating profit before tax in the six months to the end of January 2023 fell to £7.8m, down from £13.7m the same period a year ago, a drop of 43%. Adjusted operating profit in CBAM fell 41% to £8.6m, down from £14.5m in the first half of 2022 as stable costs were more than offset by the reduction in income.   Total operating income declined by 7% to £71m, down from £76.9m, reflecting a lower average assets under management due to markets and lower client activity.  Following the release of the group's results, Close Brothers' share price fell by 4.8% in early morning tra...