Released: 09 Sep 2004
Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private clients and trustees, announces its interim results for the six months to 30th June 2004.
Highlights:
- Operating income increased by 18.0% to £47.3m (30th June 2003: £40.1m. Full year 2003: £81.8m).
- Operating profit before goodwill amortisation of £13.2m, an increase of 40.4% over the same period in 2003 (30th June 2003: £9.4m. Full year 2003: £19.7m).
- Operating profit after goodwill amortisation was £10.2m, an increase of 54.5% on the same period last year (30th June 2003: £6.6m. Full year 2003: £14.2m).
- Total funds under management increased by 2.9% to £7.0 billion compared with a fall in the FTSE 100 Index of 0.3% over the same period.
- Funds under management in Rathbone Unit Trusts increased by 34.7% over the period from £481m to £648m.
- Operating profit (before goodwill amortisation) in the Trust Division was £1.7m compared to £1.2m in the first half of 2003.
- Earnings per share before goodwill amortisation rose by 26.6% to 23.03p compared to 18.19p for the same period in 2003. Earnings per share after goodwill amortisation rose by 40.0% to 15.83p compared to 11.31p for the same period in 2003.
- The interim dividend is to be increased by 5.0% to 10.5p per share.
Mark Powell, Chairman of Rathbone Brothers Plc, commented: “These significantly improved results reflect the growth in funds under management that has been achieved in recent years in all parts of our business, and our ability to provide settlement and systems support cost effectively. Since the end of June the market has continued to trade in a relatively narrow range and markets have been characteristically quiet in the holiday period. Provided there are no unexpected adverse developments in world stock markets, we expect to return to higher levels of activity from September onwards and Rathbones can therefore continue to look forward to the future confidently.”
For further information contact:
Rathbone Brothers Plc (020 7399 0000)
Mark Powell, Chairman
Andy Pomfret, Finance Director (Chief Executive elect)
Emily Morris, Marketing Director
Fishburn Hedges (020 7839 4321)
Andrew Marshall
Mark Tierney
View the full press release in PDF format.