21st Jan 2016 09:27
LONDON (Alliance News) - Charles Stanley Group PLC on Thursday said "challenging" trading conditions in the third quarter of its financial year extended into January, amid a "general decline" in market values and "lower" trading activity.
One of the oldest firms on the London Stock Exchange, the UK wealth manager said total client funds amounted to GBP20.8 billion at the end of 2015, a decrease of 2.3% over the nine months since March 31. Over the same period, the FTSE 100 decreased by 7.8% and the WMA Balanced Portfolio Index decreased by 4.2%.
Revenue from continuing operations was down 0.5% to GBP102.6 million over the nine-month period versus the corresponding period the prior year.
"Progress continues to be made with the implementation of the group's turnaround strategy and we remain confident in our long term prospects," Chief Executive Paul Abberley said.
Abberley, who was named chief executive in October 2014, has been overseeing efforts to arrest a decline in profitability and to sell unwanted assets such as its corporate broking and employee benefits businesses.
Shares in Charles Stanley were down 4.9% at 302.00 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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