Released: 01 Sep 2005
and funds under management
Rathbone Brothers Plc, a leading provider of discretionary fund
management and wealth management services for private clients and
trustees, today announces its interim results for the six months to
30 June 2005 prepared under the International Financial Reporting
Standards (IFRS) regime. Results for comparative periods have been
restated for IFRS. Mark Powell, Chairman of Rathbone Brothers Plc,
commented: “Pre-tax profits (before one-off costs of
£1.4m associated with our approach to Rensburg) increased by
21.1% over the first half of 2005 to £16.1m. Total funds
under management rose by 9.1% to £8.4bn, including funds
under management in our unit trust company which are now over
£1bn.”
Highlights
- Operating profit (before one-off costs of £1.4m) of
£16.1m, an increase of 21.1% (30 June 2004: £13.3m.
Full year 2004: £28.5m). - Operating profit (after one-off costs) of £14.7m, an
increase of 10.5% (30 June 2004: £13.3m. Full year 2004:
£28.5m). - Total funds under management increased by 9.1% over the six
months to 30 June 2005 to £8.4bn compared with an increase in
the FTSE 100 Index of 6.2% and an increase in the FTSE APCIMS
Balanced Index of 5.1% over the same period. - Funds managed by Rathbone Unit Trust Management increased by
20.2% over the period to £983m as at 30 June 2005 and have
now risen to over £1bn. - Operating income increased by 14.0% to £53.9m (30 June
2004: £47.3m. Full year 2004: £95.5m). - Reported earnings per share have risen by 9.4% to 25.46p (30
June 2004: 23.28p) but excluding the one-off costs have risen by
19.5%. - Interim dividend is increased by 9.5% to 11.5p per
share.
“The increase in funds under management is testimony to
our ability to attract and retain client funds. We remain committed
to providing a segregated investment management service for clients
with sums in excess of £100,000. The Rathbone service
continues to be provided on a personal basis by a qualified fund
manager. Plans are well underway for an increased marketing effort
in relation to SIPPs in anticipation of legislative changes next
year.
“A particularly pleasing aspect of the first half has been
the success of our unit trust company whose funds under management
now exceed £1bn, compared with £818m at 31 December
2004, demonstrating excellent long-term investment performance and
strong marketing and client service.
“World stock markets have maintained their comparative
strength since 30 June 2005, despite the political and economic
uncertainties which exist. Levels of new business enquiries are
encouraging and we look forward with confidence.”
For further information contact:
| Rathbone Brothers Plc | Fishburn Hedges |
| 020 7399 0000 (Switchboard) | 020 7839 4321(Switchboard) |
| Mark Powell, Chairman | Andrew Marshall |
| Andy Pomfret, Chief Executive | Sarah Frost |
| Sue Desborough, Finance Director | |
Emily Morris, Marketing Director
|
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