Released: 06 Mar 2003
Rathbone Brothers Plc, the group that specialises in discretionary investment management for private clients, announces preliminary results for the year ended 31st December 2002.
Headlines:
- Operating income rises by 1.4% to £79.8m.
- Funds under management fall by 9% to £5.3bn, a significant achievement given the fall in the FTSE 100 Index of 24%.
- Pre-tax profits before exceptional items and goodwill amortisation at £18.4m fall only 11%.
- Earnings per share, before goodwill amortisation, decline by 20% from the figure for 2001 (restated) to 33.91p.
- Recommended final dividend is maintained at 16p, making an unchanged total of 26p for the year.
- As announced on 5th September 2002, Micky Ingall is to retire as Chairman and will be succeeded by Mark Powell.
Micky Ingall, Chairman, commented:
"During 2002, Rathbones experienced a very satisfactory inflow of new clients. In particular, the Unit Trust company delivered an outstanding investment performance, growing its funds under management by 18% despite a fall of 24% in the main UK index.
“Against the background of falling markets, I believe that the 11% drop in pre-tax profits is a very creditable performance. It is also important to emphasise the financial strength of Rathbones - the Group has no core debt and remains both profitable and cash generative. Consequently, despite a fall in profits, the recommended final dividend is maintained at 16p.”
“As announced at the time of our interim figures, I am retiring both as Chairman and as a member of the Board of Rathbone Brothers Plc at the AGM on 7th May. Despite market conditions, I believe that I leave Rathbones in an extremely strong situation and, relative to the financial sector, the Group has never been stronger. The Board intend to elect Mark Powell, currently Deputy Chairman, as my successor and I am totally confident that under his able direction, together with our Chief Executive Roy Morris, Rathbones will continue to prosper.”
For further information, please contact:
Rathbone Brothers Plc (020 7399 0000)
- Micky Ingall, Chairman
- Mark Powell, Deputy Chairman
- Andy Pomfret, Finance Director
Luther Pendragon (020 7618 9100)
- Tim Trotter (Trotter & Co)
- Jon Bennett
- Andrew Sharkey
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