Charles Stanley Group PLC Q2 Trading Update & Notice of Results (1056C)
15 October 2020 - 5:00PM
UK Regulatory
TIDMCAY
RNS Number : 1056C
Charles Stanley Group PLC
15 October 2020
CAY.L
Charles Stanley Group PLC
("Charles Stanley" or the "Group")
Trading Update for the Three Months ended 30 September 2020 and
Notice of Results
Charles Stanley, the wealth management services group, is
pleased to provide a trading update for the second quarter of its
financial year, covering the three months ended 30 September
2020.
Trading Update
Total Funds under Management and Administration ("FuMA") in the
quarter increased by 0.9% to GBP22.8 billion against the prior
quarter. This compared to a 0.4% decrease over the same period in
the MSCI WMA Private Investor Balanced Index. Compared to the
financial year-end position at 31 March 2020, FuMA were up 12.9%.
However, this material movement mainly reflected the market
disruption caused by the coronavirus pandemic, and average FuMA
over the first half of GBP22.1 billion was 9.4% lower than average
FuMA of GBP24.4 billion over the first half of last year.
Group revenue for the quarter decreased by 6.8% to GBP39.9
million (Q2 2020: GBP42.8 million), resulting in a 4.1% reduction
over the first half to GBP82.0 million (H1 2020: GBP85.4 million).
The relative outperformance of revenues over the six months by
comparison to average FuMA is the result of an improved revenue
margin, which increased by 4.4bps to 74.3bps (H1 2020: 69.9 bps) as
discretionary funds increased to 59.7% of total FuMA (H1
2020:56.5%), fees and commissions were stable, aided by the growth
of the Financial Planning division, and interest income
declined.
Notice of Results
The Group's unaudited interim results for the six months ended
30 September 2020 will be published on 19 November 2020.
Paul Abberley, Chief Executive Officer of Charles Stanley,
said:
"The Group has traded and operated resiliently during the first
half. Our focus remains on supporting clients and staff during
these difficult times, and we are confident of further progress
during the second half."
Charles Stanley Group PLC LEI: 213800LBSEGKE5MCYC90
For further information, please contact:
Charles Stanley Canaccord Genuity Peel Hunt KTZ Communications
Siobhan Griffiths David Tyrrell Andrew Buchanan Katie Tzouliadis
Via KTZ Communications 020 7523 4677 020 3597 020 3178 6378
8680
Notes to editors:
Charles Stanley provides holistic wealth management services to
private clients, charities, trusts and institutions. Its origins
trace back to 1792 and the Group is one of the oldest firms on the
London Stock Exchange. The Group has a national presence, with 26
locations and 850 professionals. Its wealth management services are
provided direct to clients and to intermediaries
Funds under Management and Administration
Sep 2020 Jun 2020 Mar 2020
GBPbn GBPbn GBPbn
Discretionary funds 13.6 13.4 12.0
Advisory managed funds 1.2 1.3 1.2
------------------------------------ --------- --------- ---------
Total managed funds 14.8 14.7 13.2
------------------------------------ --------- --------- ---------
Advisory dealing funds 1.1 1.1 1.0
Execution-only funds 6.9 6.8 6.0
------------------------------------ --------- --------- ---------
Total administered funds 8.0 7.9 7.0
------------------------------------ --------- --------- ---------
Total FuMA 22.8 22.6 20.2
------------------------------------ --------- --------- ---------
MSCI WMA Private Investor Balanced
Index 1,568 1,574 1,423
------------------------------------ --------- --------- ---------
The change in FuMA since 30 June 2020 is explained in more
detail in the table below:
Discretionary Advisory Advisory
managed managed dealing Execution-only Total
GBPbn GBPbn GBPbn GBPbn GBPbn
Funds at 1 July 2020 13.4 1.3 1.1 6.8 22.6
New clients 0.1 - - 0.1 0.2
Transfers - - - - -
Net outflows from
existing clients (0.1) - - (0.1) (0.2)
Lost clients (0.1) (0.1) - (0.1) (0.3)
Net outflows of funds (0.1) (0.1) - (0.1) (0.3)
Market movement 0.3 - - 0.2 0.5
Funds at 30 September
2020 13.6 1.2 1.1 6.9 22.8
Revenue
The table below sets out the unaudited revenues of the Group for
the quarter ended 30 September 2020 along with the prior year
comparatives on a like-for-like basis.
Quarter ended 30 September
2020
Investment Financial Charles Revenue
Management Planning Stanley
Services Direct
GBPm GBPm GBPm GBPm
Fees 27.0 2.2 1.6 30.8
Commission 8.1 - 0.5 8.6
Interest turn 0.4 - 0.1 0.5
----------------
Total 35.5 2.2 2.2 39.9
---------------- ------------ ---------- --------- --------
Quarter ended 30 September
2019
Investment Financial Charles Revenue
Management Planning Stanley
Services Direct
GBPm GBPm GBPm GBPm
Fees 27.7 2.2 1.5 31.4
Commission 8.8 - 0.3 9.1
Interest turn 1.8 - 0.5 2.3
----------------
Total 38.3 2.2 2.3 42.8
---------------- ------------ ---------- --------- --------
Six months ended 30 September 2020
Investment Financial Charles Revenue
Management Planning Stanley
Services Direct
GBPm GBPm GBPm GBPm
Fees 53.7 4.5 2.9 61.1
Commission 17.7 - 1.2 18.9
Interest turn 1.6 - 0.4 2.0
---------------
Total 73.0 4.5 4.5 82.0
--------------- ------------ ---------- --------- --------
Six months ended 30 September 2019
Investment Financial Charles Revenue
Management Planning Stanley
Services Direct
GBPm GBPm GBPm GBPm
Fees 54.8 3.9 2.9 61.6
Commission 18.4 - 0.7 19.1
Interest turn 3.7 - 1.0 4.7
---------------
Total 76.9 3.9 4.6 85.4
--------------- ------------ ---------- --------- --------
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