British wealth management and brokerage firm Charles Stanley Group has reported a profit before tax of £6.9m for the six months period ended 30 September 2017, an increase of 53% compared to £4.5m a year ago.
Profit before tax from the firm’s core business was £5.4m, a surge of 28% over £4.2m reported in the year ago period.
Compared to the previous year, the firm’s revenues increased 8% to £74.6m while core business revenue increased 10% to £74m.
The group’s funds under management and administration at the end of September 2017 totalled £24.3bn, as against £24bn a year ago. Discretionary funds rose 14% year-on-year to £12.1bn.
Charles Stanley’s asset management arm posted pre-tax profit of £0.5m for the first half of fiscal 2018, versus £0.4m in the corresponding year ago period. The unit’s revenue dropped 26% to £3.9m from £3.1m a year ago.
Charles Stanley Group CEO Paul Abberley said: “Charles Stanley aims to become the UK’s leading wealth manager by 2020. The first step toward this has now been delivered and the business has returned to profitability, achieving topline growth by focusing on core wealth management activities.
“Our second step has been to put in place improved governance, better cost control and revised remuneration structures. We are now focused on the third but hardest step, that of invigorating our new business channels and more generally improving our productivity across both front and back office.”