Released: 03 Mar 2004
Rathbone Brothers Plc, the group that specialises in discretionary investment management for private clients, announces preliminary results for the year ended 31st December 2003.
Highlights:
- Total funds under management rise by 28% from £5.3bn to £6.8bn of which £500m now relates to Rathbone Unit Trust Management.
- Operating income rises by 2.4% to £82m.
- Pre-tax profits, before exceptional gains and before goodwill amortisation, rise by 7.5% to £19.7m. Pre-tax profits, before exceptional gains and after goodwill amortisation, decline 2.6% to £14.2m.
- Earnings per share, before goodwill amortisation, increase by 12.4% to 38.11p. Earnings per share, after goodwill amortisation, increase by 0.7% to 24.07p.
- Recommended final dividend is maintained at 16p, making an unchanged total of 26p for the year.
Commenting on the preliminary results, Mark Powell, Chairman of Rathbone Brothers Plc, said:
“2003 proved to be a year of considerable stockmarket volatility. It is therefore especially pleasing that funds under management had, by the year end, risen 28%, from £5.3bn to £6.8bn.
The growth in our client base has been a feature of all parts of our investment management business and we believe that it reflects our consistent and continuing commitment to providing Investment Management and Trust services to wealthy private investors and trustees. 2003 has seen particular growth in the provision of investment management services to Charities. Excellent investment performance has continued to attract funds to our range of Unit Trusts and funds under management within Rathbone Unit Trust Management are now over £500m.
We have welcomed the improved market conditions of the last few months. Our chosen areas of activity remain competitive but, provided that stockmarket conditions do not deteriorate markedly, we can be more optimistic about the future. I have no doubt that Rathbones is in an excellent position to grow its businesses successfully.”
Ends
For further information, please contact:
Rathbone Brothers Plc (020 7399 0000)
- Mark Powell, Chairman
- Andy Pomfret, Finance Director
Luther Pendragon (020 7618 9100)
- Tim Trotter (Glenfern) (020 7399 0444)
- Beany McLean
- Andrew Sharkey
View the full press release in PDF format.