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Investment company Charles Stanley reported a sharp jump in profit amid growth across all its divisions. The company warned, however, that a decline in stockmarket values and lower interest rates would hurt growth. For the year ended 31 March 2020, pre-tax profit was up 57.3% to £17.3m and revenue climbed 11.5% to £173.0m on-year.
The company proposed a final dividend of 6p per share, taking the total dividend to 9p per share, up from 8.75p a share last year.
The company said its multi-year transformation programme launched a year ago was on track to deliver expected savings of £2.6m in 2021 and £4.5m a year from 2022.
Looking ahead, the company warned the decline in stockmarket values and interest rates wojd significantly reduce group's revenue, although commission income was currently proving resilient due to increased trading activity.
At 9:42am: (LON:CAY) Charles Stanley Group PLC share price was +4p at 278p