Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Wealth manager Rathbone Brothers held its interim dividend steady after it posted a 37% rise in first-half profit, though its underlying earnings fell slightly.
Pre-tax profit for the six months through June increased to £27.3m, up from £20.0m on-year. Underlying profit, a smoothed measure that excludes one-off gains and losses, fell 1.3% to £46.0m.
The company kept its dividend unchanged at 25p per share.
Total net inflows were £1.3bn in the first six months of 2020, compared to £0.5bn on-year, representing an annualised growth rate of 5.3%.
'An acceleration of net inflows in the second quarter helped our funds under management and administration reach £49.4bn at 30 June 2020, down 2.0% over the half year against a backdrop where the FTSE 100 index decreased by 18.2%' chief executive Paul Stockton said.
'Underlying profit margins remained resilient as our business model responded strongly to the challenges of the Covid-19 pandemic whilst also creating opportunities to leverage the advantages of remote working and streamlining procedures.'
At 8:56am: (LON:RAT) Rathbone Brothers PLC share price was +113p at 1629p