25th Jul 2007 08:00
Charles Stanley Group PLC25 July 2007 INTERIM MANAGEMENT STATEMENT THREE MONTHS ENDED 30 JUNE 2007 Charles Stanley Group PLC is pleased to announce that its revenue for the threemonths to 30 June 2007, the first quarter of its financial year 2007-08, was6.1% higher, at £25.9 million, than the comparable figure of £24.4 million forthe three months to 30 June 2006. We indicated in the preliminary statement of our results for the year ended 31March 2007, which was issued on 7 June 2007, that we had completed theacquisition of a new office in Exeter at the year end, and that further majorteams have joined us since the year end in London and Guildford. On 14 June 2007we announced the acquisition of Garrison Investment Analysis Ltd, one of theUK's leading discount financial intermediaries, based in Beverley, EastYorkshire, for an initial consideration of £6 million (for 75% of the business)and a further £2 million payable for the balance in two years' time. The Exeter office and Garrison Investment Analysis Ltd have performed well andin line with our expectations. The further major teams that have joined us sincethe year-end have not yet contributed to revenue, but are incurring costs. Total client funds under investment management and/or administration increasedduring the quarter by 10.6% from £10.56 billion at 31 March 2007 to £11.68billion at 30 June 2007. Within this figure the funds under discretionarymanagement rose by 13.1% from £2.56 billion to £2.90 billion. We remain confident of the prospects for the year. 3 months ended 30 3 months ended 30 Change June 2007 June 2006 £'000s £'000s Revenue 25,945 24,442 6.1% 30 June 2007 30 June 2006 Change £ bn £ bn Total funds under management oradministration 11.68 10.56 10.6%Of which: Discretionary funds undermanagement 2.90 2.56 13.1% Note: total funds under management or administration as at 30 June 2007 includethe introduction during the three months to 30 June 2007 of £390 million by ournew Exeter office and £396 million by Garrison Investment Analysis Ltd. Withinthe figure for total funds, discretionary funds under management include £233million introduced during this period by our Exeter office. For further information please contact Charles Stanley Group PLC Bridgewell Securities Ltd Hudson SandlerSir David Howard, Chairman Ben Money-Coutts 29 Cloth FairPeter A. Hurst, Finance Director Managing Director London EC1A 7NNPhone: 020 7739 8200 Phone: 020 7003 3124 Magnus WheatleyFax: 020 7953 2948 Phone: 020 7796 4133 Note for editors Charles Stanley Group PLC is the parent company of Charles Stanley & Co Limited,one of the UK's leading independently owned, full service stockbroking,corporate finance and institutional advisory groups. As members of the LondonStock Exchange since 1852, Charles Stanley is also one of the longestestablished UK brokers. The company provides a comprehensive range of tailored personal investmentservices to private clients, trusts, charities and pension funds. The CharlesStanley corporate finance and institutional broking division, Charles StanleySecurities, specialises in providing comprehensive, specialist corporateadvisory and equity research, sales and sales trading services. Charles Stanley currently has some £11.68 billion of client funds undermanagement and administration (at 30 June 2007). Through its regional network of28 offices across England and Scotland, the group provides private, corporateand institutional clients with a comprehensive range of discretionary, advisoryand execution-only products and services. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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