Close posts earnings up 16pc but Winterflood unit weighs
Close Brothers yesterday said that adjusted operating half-year profit to the end of January rose by 16 per cent to £108.6m despite weakness from its Winterflood arm.
Its asset management business, led by Martin Andrew, accounted for £5.1m of the profit – a rise of 59 per cent in the corresponding period the previous year. This was buoyed by assets under management rising five per cent to £10.2bn.
Its banking division’s profit was 19 per cent higher at £106.4m, reflecting 3.2 per cent loan book growth year-to-date to £5.5bn and an improved debt ratio of 0.7 per cent.
However, securities unit Winterflood was hit by difficult market conditions, such as low retail investor risk appetite, with profit slumping 23 per cent to £10.3m.