Released: 08 Mar 2006
Rathbones sees strong growth in profits and funds under management, and announces two new non-executive appointments
Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private clients and trustees, announces its preliminary results for the year ended 31 December 2005, prepared under International Financial Reporting Standards.
Highlights:
- Operating income increased by 18.5% to £113.2 million (2004: £95.5 million).
- Profits before tax, aborted acquisition costs and LSE-related profits, were £34.4 million, an increase of 28.4% (2004: £26.8 million).
- Profits before tax were £35.3 million, an increase of 23.9% (2004: £28.5 million).
- Funds under management growth has continued post the year end and on 2 March 2006, total funds under management were £10 billion.
- Unit trust profits increased by 182.4% to £3.8 million (2004: £1.3 million).
- Basic earnings per share rose by 22.7% to 60.13p (2004: 48.99p).
- Recommended final dividend is 18.5p, making a total of 30.0p (2004: 27.5p) for the year – an overall increase of 9.1%.
- Two new non-executives appointed: Oliver Corbett, group finance director of SVB Holdings PLC, and Mark Robertshaw, chief financial officer and chief operating officer of The Morgan Crucible Company plc.
- Acquisition of Dexia’s UK private banking business subject to approval by the Court - hearing scheduled for 23 March 2006.
Mark Powell, chairman of Rathbone Brothers Plc, commented: “As announced on 13 January 2006, funds under management across the board rose by 23.4% to £9.5 billion over the course of 2005. Particularly noteworthy is the achievement of Rathbone Unit Trust Management where funds under management over the year increased by 46.5% to £1.2 billion. The value of segregated portfolios under management within Rathbone Investment Management rose by 20.6% to £8.3 billion.
“This growth in funds under management has continued since the year end with total funds under management as at 2 March 2006 standing at £10 billion, including £1.3 billion managed by Rathbone Unit Trust Management.
“These are record results for Rathbones. We are busy and face the future in all three of our activities with enthusiasm and confidence.”
For further information contact:
| Rathbone Brothers Plc | 020 7399 0000 (Switchboard) |
| Mark Powell, Chairman | |
| Andy Pomfret, Chief Executive | |
| Emily Morris, Marketing Director | |
 | |
| Smithfield | |
| Reg Hoare/Katie Hunt | 020 7360 4900 |
Notes for editors:
Rathbone Brothers Plc
Rathbone Brothers Plc specialises in providing, through its
subsidiaries, personalised investment management and wealth
management services for private clients and trustees, including
discretionary asset management, tax planning, trust and company
management, and banking services. It manages £10 billion of
funds, including £1.3 billion managed by Rathbone Unit Trust
Management Limited (as at 2 March 2006).
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