Interim Management Statement

27th Jan 2010 07:00



Charles Stanley Group PLC 

25 Luke Street 

London 

EC2A 4AR 

T: 020 7739 8200 

F: 020 7739 7798 

DX: 123150 BROADGATE-1 

www.charlesstanleyplc.co.uk 

INTERIM MANAGEMENT STATEMENT

27 January 2010

QUARTER ENDED 31 DECEMBER 2009

Charles Stanley Group PLC is pleased to announce that its revenue for the three months to 31 December 2009, the third quarter of its financial year 2009-10, was 5.2% higher, at £28.4 million, than the comparable figure of £27.0 million for the three months to 31 December 2008. 

Since 30 September 2009 the business has continued to show resilience in what remain difficult trading conditions. The Group has seen a solid performance across all three divisions and has sought to strengthen the business with selective hires.

Total client funds under investment management or administration rose during the quarter by 4.3% from £11.6 billion at 30 September 2009 to £12.1 billion at 31 December 2009.  Within this figure the funds under discretionary management increased by 5.7% from £3.5 billion to £3.7 billion. For the same period, the FTSE 100 strengthened by 5.4% from 5134 to 5413 and the FTSE APCIMS Balanced Portfolio Index by 2.5%.

The Group is well positioned across all its divisions should the economic recovery prove sustained. With a strong balance sheet Charles Stanley is well placed for future growth opportunities.

Dividend

The Board is recommending the payment of a second interim dividend of 5.00p. (2008/09: nil). It is at this stage the Board's intention to pay also a final dividend bringing the total dividend payment for the year to no less than last year's amount of 8.75p subject to market conditions.

A scrip alternative will be offered giving shareholders the opportunity to increase their shareholding without incurring dealing costs or stamp duty. Further details are set out at the end of this statement.

  Quarter ended 31 December 2009

	Private Clients £'000	Financial Services £'000	Charles Stanley Securities £'000	Total £'000
Commission	13,476	17	1,688	15,181
Fees
Investment Management	5,172	100	-	5,272
Administration	5,378	1,841	-	7,219
Corporate Finance	-	-	745	745
Other	-	-	-	6
Total	24,026	1,958	2,433	28,423

Quarter ended 31 December 2008

	Private Clients £'000	Financial Services £'000	Charles Stanley Securities £'000	Total £'000
Commission	11,423	30	2,067	13,520
Fees
Investment Management∗	6,847	20	-	6,867
Administration	4,160	1,641	-	5,801
Corporate Finance	-	-	812	812
Other	-	-	-	2
Total	22,430	1,691	2,879	27,002

* Includes £2 million relating to an over accrual of fees resulting from the ongoing fee project which took place throughout the year.

Nine months ended 31 December 2009

	Private Clients £'000	Financial Services £'000	Charles Stanley Securities £'000	Total £'000
Commission	39,617	43	5,769	45,429
Fees
Investment Management	16,262	203	-	16,465
Administration	13,850	5,985	-	19,835
Corporate Finance	-	-	2,561	2,561
Other				81
Total	69,729	6,231	8,330	84,372

Nine months ended 31 December 2008

	Private Clients £'000	Financial Services £'000	Charles Stanley Securities £'000	Total £'000
Commission	33,996	72	5,953	40,021
Fees
Investment Management	13,319	107	-	13,426
Administration	16,070	4,307	-	20,377
Corporate Finance	-	-	2,061	2,061
Other				79
Total	63,385	4,486	8,014	75,964

Funds under management or administration	31 Dec 2009	30 Sep 2009	Change
	£bn	£bn	%
Discretionary funds under management	3.7	3.5	5.7%
Advisory funds under management	2.4	2.3	4.3%
Total funds under management	6.1	5.8	5.2%
Advisory dealing funds	2.6	2.6	0.0%
Execution only funds	3.4	3.2	6.3%
Total administered funds	6.0	5.8	3.4%
Total funds under management or administration	12.1	11.6	4.3%

Details of the scrip dividend, including an election form, will be sent to shareholders on 12 February 2010. If your shareholding is in uncertificated form in CREST (and was in uncertificated form as at the relevant record date), you can only elect to receive your dividend in the form of new shares by means of the CREST procedure to effect such an election.

Date	Event
27 January 2010	Interim Management Statement announced
3 February 2010	Shares quoted ex-Dividend
3 to 9 February 2010	Dealing days for calculating the price of the new shares to be offered pursuant to the scrip
5 February 2010	Record date for the second interim dividend
12 February 2010	Details of scrip dividend posted to shareholders
26 February 2010	Final date for receipt of the scrip dividend mandate forms, electronic elections or CREST elections
25 March 2010	Dividend payment date, first day of dealing in the new shares
June 2010	Final results announced

For further information please contact

Charles Stanley Group PLC Canaccord Adams Ltd

Peter Hurst, Director  Simon Bridges

Michael Lilwall, Director Phone: 020 7050 6500

Magnus Wheatley, Head of Press & Public Relations Oriel Securities Ltd

Phone: 020 7149 6273 Tom Durie

Email: [email protected] Phone: 020 7710 7600

Notes for editors

Charles Stanley Group PLC has four trading companies, Charles Stanley & Co. Limited, EBS Management plc, Griffiths & Armour (Financial Services) Limited and Garrison Investment Analysis Limited. 

Charles Stanley & Co. Limited provides full-service stockbroking, financial planning and benefit consultancy and small and mid cap advisory and institutional broking. 

EBS Management plc provides specialist pensions administration services. Griffiths & Armour (Financial Services) Limited is a specialist provider of corporate employee benefits services. Garrison Investment Analysis Limited markets unit trusts, open-ended investment company units and packaged financial products to private clients, both directly and in wrappers such as ISAs and pensions.

All four trading companies are regulated by the Financial Services Authority. The Group has 32 offices around the United Kingdom.

ENDIMSGMGZMNVZGGZM

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