4th Mar 2021 10:35
(Alliance News) -Â Rathbone Brothers PLC on Thursday reported a robust result for 2020 in an "immensely challenging year".
Shares in the wealth manager were up 4.6% at 1,651.26 pence in London on Thursday, the stock the top performer in the FTSE 250 in mid-morning trade.
Total funds under management and administration reached GBP54.7 billion at the end of 2020, up 8.5% from GBP50.4 billion a year ago. Total net inflows were GBP2.1 billion versus GBP600 million in 2019.
Pretax profit for 2020 rose to GBP43.8 million from GBP39.7 million.
The company deemed its performance strong in a "turbulent" year for financial markets.
Rathbone recommended a final dividend of 47p for 2020, up from 45p in 2019, to take the full-year payout to 72p, up 2.9% on the year before.
"This reflects confidence in the outlook for the business and its strong capital position," the company said of its dividend, adding that 2020 marks the 11th consecutive year in which it has increased the total annual dividend.
Chief Executive Paul Stockton said: "Whilst we expect 2021 to remain volatile, our balance sheet is robust with a strong capital position. Our near-term focus is to execute our growth strategy, to build our market share, to balance ongoing investment in the business, and to continue to apply strict cost discipline. Rathbones will emerge stronger after the challenges of the pandemic begin to subside."
By Lucy Heming;Â [email protected]
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