22nd Sep 2015 07:04
LONDON (Alliance News) - Financial services company Close Brothers Group PLC on Tuesday said its adjusted operating profit for its recently-ended financial year was pushed higher by a strong performance in its banking arm, while its securities business saw an improvement in conditions in the second half.
The group, which runs banking, asset management and market-making securities divisions, said its adjusted operating profit for the year to the end of July was GBP224.9 million, up from GBP193.7 million, driven by a 15% rise in adjusted operating profit in its banking arm. The group's adjusted operating profit is before amortisation of intangible assets on acquisition.
Close said it also made good progress in its asset management division in the year, with total client assets rising 11% to GBP10.8 billion and an adjusted operating nearly double the year before at GBP17.8 million, while Winterflood Securities, due to mixed market conditions over the course of the year, saw its adjusted operating profit fall to GBP24.6 million from GBP26.6 million, better than had been feared following an improvement in conditions in the second half.
Close said it will pay a final dividend of 35.5 pence per share, up from 32.5 pence, bringing its total dividend to 53.5 pence, up from 49.0 pence.
"We are pleased to report another year of strong performance for Close Brothers with good results across all of our businesses. After successive years of exceptional growth the group is in better shape than ever, which means we are well positioned to invest in supporting and extending our tried and tested business model and continue to deliver sustainable growth over the long term," said Chief Executive Preben Prebensen.
Shares in Close were up 0.8% to 1,493.97 pence shortly after market open on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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