Charles Stanley Q1 revenues up, total assets down 4.7%

Charles Stanley saw an 11.2% jump in revenues for the three months to 30 June to £28.9 million, from £26 million a year ago, as the group recovered from a tricky start to the year.

The group felt the impact of turbulent markets through the quarter, recording a 4.7% drop in total client funds under investment management and administration from £12.8 million on 31 March to £12.2 billion at 30 June.

But the fall compares to a drop of 13.4% on the FTSE over the same period, and a drop of 7.9% on the Apcims Balanced Portfolio Index over the same three months.

At 09:00 the group's shares were unchanged at 205p.

The group also announced that finance director Peter Hurst would be stepping down after 24 years in  the role.

In its interim statement, the group said it was ‘well positioned’ across all its divisions  but was wary about the nature of the economic recovery.

It added: ‘With a strong balance sheet Charles Stanley is well placed for future growth opportunities.’