Released: 01 March 2007
1 March 2007
Rathbone Brothers Plc
Preliminary results for the 12 months to 31 December 2006
"Rathbone Brothers Plc: Record profits and strong funds under management growth in 2006"
Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private investors and trustees, announces its preliminary results for the year ended 31 December 2006.
Highlights:- Operating income increased by 18.1% to £133.7 million (2005: £113.2 million).
- Profits before tax rose by 26.6% to £44.7 million (2005:
£35.3 million).
- 2006 results include profits of £3.2 million (2005: £2.3 million) from a part disposal of the Company’s holding in London Stock Exchange Group plc; 2005 results also include £1.4 million of costs in relation to an aborted acquisition.
- Unit trust profits increased by 34.2% to £5.1 million (2005: £3.8 million).
- Basic earnings per share rose by 27.4% to 76.62p (2005: 60.13p).
- Recommended final dividend is 21.5p, making a total of 35p (2005: 30p) for the year – an overall increase of 16.7%.
- Successful integration of the acquisition of the investment management and private banking business of Dexia Banque Internationale à Luxembourg S.A., London Branch bringing 11 investment managers and £600 million in funds under management into Rathbone Investment Management.
Mark Powell, chairman of Rathbone Brothers Plc, commented:
"Record profits and strong funds under management growth of 28.4% to £12.2 billion have been achieved in a year which has seen helpful stock market conditions in the UK and overseas, an important acquisition and some valuable recruitments.
"The year has also seen continuing improvements in the infrastructure of Rathbones and an increase in the underlying rate of net organic growth of funds under management to 7.2% within Rathbone Investment Management and 41.7% in our unit trust business. These statistics reflect the impact of our increased emphasis on marketing generally and especially marketing to financial intermediaries and, within Rathbone Unit Trust Management, the excellent performance record of the Rathbone Income Fund in particular.
"Subject to market conditions, it seems reasonable to expect a further year of growth in 2007. We face the future with genuine optimism."
For further information contact:
| Rathbone Brothers Plc | 020 7399 0000 (Switchboard) |
| Mark Powell, Chairman | |
| Andy Pomfret, Chief Executive | |
| Emily Morris, Marketing Director | |
| Smithfield | |
| Reg Hoare/Miranda Good | 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 investors and trustees, including
discretionary fund management, unit trusts, tax planning, trust and
company management, pension and banking services. It manages
£12.2 billion of funds, including £1.9 billion managed
by Rathbone Unit Trust Management Limited (as at 31 December
2006).
View the full press release in PDF format.