Charles Stanley’s profits skyrocket ahead of takeover

Charles Stanley has reported unprecedented profits ahead of its takeover by Raymond James.

In its interim results, Charles Stanley reported a pre-tax profit minus the exceptional costs relating to the takeover of £9.3m. This is an increase of over 40 per cent from its pre-tax profit of £4.8m last year. 

Similarly, revenues were up to £92m, an increase of just over 10 per cent from last year. Meanwhile, assets under management grew 7 per cent to £27.4bn.

The results come as Raymond James received regulatory and court approval for the takeover, which is expected to complete in December. The deal is worth £278.9m.

Paul Abberley, chief executive of Charles Stanley, said: “The group has performed well, aided by the improvement in investor confidence following the onset of the coronavirus vaccination programme and global economic recovery. 

“We are continuing with initiatives to enhance our customer proposition, including a streamlined digital offering.”

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