Released: 27 July 2006
27 July 2006
Rathbone Brothers Plc
Interim results for the six months to 30 June 2006
Rathbones announces record interim results
Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private clients and trustees, today announces its interim results for the six months to 30 June 2006.
Highlights
- Profits before tax for the first half of 2006 are £22.3
million compared to £14.7 million for the same period in
2005.
- 2006 first half results include profits of £1.9 million from a part disposal of the Company’s holding in London Stock Exchange plc; 2005 first half results include costs of £1.4 million in relation to an aborted acquisition.
- Full year reported profits for 2005 were £35.3 million.
- Operating income increased by 21.9% to £65.7 million (30 June 2005: £53.9 million; full year 2005: £113.2 million).
- Total funds under management increased by 12.6% over the six months to 30 June 2006 to £10.7 billion compared with an increase in the FTSE 100 Index of 3.8% and an increase in the FTSE/APCIMS Balanced Index of 0.9% over the same period.
- Funds managed by Rathbone Unit Trust Management increased by 16.7% over the period to £1.4 billion as at 30 June 2006.
- Basic earnings per share have risen to 38.59p (30 June 2005: 25.46p).
- Interim dividend payable is increased by 17.4% to 13.5p (30 June 2005: 11.5p).
Mark Powell, Chairman of Rathbone Brothers Plc, commented: “The setback to world markets and the increased volatility that has been experienced since early May this year will have some impact upon our business. At the same time these trends underline the value to wealthy private investors of the professional investment management of their portfolios, supported by a thorough and soundly-based investment process and delivered in a way that is appropriate to each individual client.
“Our current view of world markets is that they are likely to stabilise towards the end of the year and that sentiment will recover thereafter. This view underlines our continuing confidence in the growth of Rathbones as a provider of high quality investment management and tax and trust services to a wide range of clients.”
An analysts' meeting will be held at 10.45 for 11.00am at the offices of Dresdner Kleinwort, 30 Gresham Street, EC2 2XY.
For further information contact:
Rathbone Brothers Plc 020 7399 0000
(Switchboard)
Mark Powell, Chairman
Andy Pomfret, Chief Executive
Sue Desborough, Finance Director
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 nearly £11
billion of funds, including £1.4 billion managed by Rathbone
Unit Trust Management Limited (as at 30 June 2006).
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