Close Brothers  

Close Brothers reports strong growth

Close Brothers reports strong growth

Close Brothers has seen its profits before tax increase by 5 per cent to £138.6 for the six months to the end of January 2018.

The company's assets under management increased to £11.8bn as the company saw "strong" net inflows of £573m.

Preben Prebensen, chief executive of Close Brothers, said: "We are pleased with our performance and progress in the first half, delivering higher profit while staying true to our client and customer focused model, and maintaining our prudent and disciplined approach.

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"All our businesses have achieved a good performance year to date, and we remain well positioned for the full year.

"Longer term, we are confident that the consistent application of our business model, along with our strong customer relationships, the expertise of our people and the quality of our service will allow us to continue performing well in all market conditions."

Close Brothers's asset management division saw a "significant improvement" in its performance, with an adjusted operating profit of £11.4m, up 25 per cent year-on-year.

The overall company saw its operating income increase by 7 per cent to £405.5m, giving Close Brothers a margin of 35 per cent.

The banking division delivered "strong returns and profit growth", with adjusted operating profit up 5 per cent to £128.5m.

damian.fantato@ft.com