Released: 06 March 2008
6 March 2008
Rathbone Brothers Plc
Preliminary results for the 12 months to 31 December 2007
Strong organic growth continues at Rathbone Brothers Plc
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 2007.
Highlights:
- Operating income increased by 15.6% to £154.5 million (2006: £133.7 million).
- Profits before tax rose by 16.8% to £52.2 million (2006:
£44.7 million).
- Excluding gains on a part disposal of London Stock exchange shares, underlying profit before tax rose by 22.7% from £41.5 million to £50.9 million.
- Funds under management rose by 7.2% over 2007 to £13.12 billion (£12.24 billion).
- Organic growth of funds under management in Rathbone Investment Management (in the UK and Jersey) at highest ever level of 7.8%.
- Basic earnings per share rose by 14.7% to 87.88p (2006: 76.62p).
- Recommended final dividend is 25p, making a total of 41p (2006: 35p) for the year – an overall increase of 17.1%.
- Acquisition of Citywall Financial Management adds an office in Exeter.
Mark Powell, chairman of Rathbone Brothers Plc, commented:
“Record results have been achieved and the rate of net organic growth of funds under management, at 7.8 per cent, is the highest that Rathbone Investment Management, in the UK and Jersey, has ever announced. These statistics reflect our continuing commitment to promoting Rathbones as the investment manager of choice for private investors and trustees, and we believe it reflects a growing awareness of Rathbones. Particular efforts have been made in promoting our services to professional intermediaries, to charity trustees and in the increasingly important market for self-invested personal pensions.
“Despite the uncertainties created by the problems being experienced in credit markets and high levels of day-to-day volatility in equity markets, Rathbones is well placed to continue to grow our investment management and other services. In part, this reflects the quality of our client relationships and we are confident of the long term future.”
For further information contact:
| Rathbone Brothers Plc | 020 7399 0000 (Switchboard) |
| Mark Powell, Chairman | |
| Andy Pomfret, Chief Executive | |
| Emily Morris, Marketing Director | |
| Smithfield | 020 7360 4900 (Switchboard) |
| Reg Hoare | |
| Miranda Good |
Notes for editors:
Rathbone Brothers Plc
Rathbone Brothers Plc specialises in providing, through its
subsidiaries, high quality, 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 £13.12 billion of funds, including £1.89
billion managed by Rathbone Unit Trust Management Limited (as at 31
December 2007).
View the full press release in PDF format.