1st Nov 2007 12:30
Close Brothers Group PLC01 November 2007 Embargoed for release 12.30 pm on Thursday 1st November, 2007 CLOSE BROTHERS GROUP plc INTERIM MANAGEMENT STATEMENT 1ST NOVEMBER, 2007 Close Brothers Group plc ("Close Brothers"), the independent merchant bank,presents its first interim management statement ("IMS") for the financial yearending 31st July, 2008, as required by the UK Listing Authority's Disclosure andTransparency Rule 4.3. This IMS will also be presented to those attending theClose Brothers' Annual General Meeting today. Financial position and performance Overall our performance is satisfactory and broadly consistent with ourexpectations at the time we announced our Preliminary Results on 24th September,2007. Against a background of market volatility, trading has been satisfactory ifsomewhat mixed for Asset Management, nevertheless funds under management havecontinued to grow. Our Banking division has achieved loan book and profit growth in line with ourexpectations, on the back of good performances from our commercial asset financeand property businesses. Bad debts remain at low levels. After a slower than normal start to the year due to the credit crisis, ourSecurities division has seen some improvement in market conditions and is nowtrading in line with previous years. Corporate Finance has had a quiet start, but the division remains profitableacross all its operations and continues to build its pipeline. Liquidity Customer deposits have increased slightly since the year end and the groupremains conservatively funded with a strong balance sheet. Highlights We completed the acquisition of our strategic investment in Mako, the exchangetraded derivatives market maker, at the end of September and it is trading inline with expectations. Board changes In October we announced the appointment of our new finance director, JonathanHowell, who is currently finance director of the London Stock Exchange plc. Weexpect Jonathan to join Close Brothers in early February 2008. In September we announced that Peter Buckley would be retiring this year andthat Jamie Cayzer-Colvin would be joining the board as a non-executive director.Peter Buckley will retire on 31st December, 2007 and Jamie Cayzer-Colvin willjoin the board on 1st January, 2008. Enquiries to: Colin Keogh Close Brothers 020 7655 3100 Justin Clarke Close Brothers 020 7655 3100 Emma Burdett Maitland 020 7379 5151 Anthony Silverman Maitland 020 7379 5151 Further information on Close Brothers can be found on the company's website atwww.closebrothers.co.uk. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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