TIDMCAY
RNS Number : 1337P
Charles Stanley Group PLC
14 October 2021
14 October 2021
CAY.L
This announcement replaces the announcement released at 7.00am
on 14 October 2021 (RNS Number 0157P). The six months ended 30
September 2021 IMS and CFS divisional revenue figures have been
updated. All other details remain unchanged.
Charles Stanley Group PLC
("Charles Stanley" or the "Group")
Trading Update for the three months ended 30 September 2021
Charles Stanley, the wealth management services group, is
pleased to provide a trading update for the second quarter of its
financial year, covering the three months ended 30 September
2021.
Trading Update
Total Funds under Management and Administration ("FuMA") in the
quarter rose marginally by 1.1% to GBP27.4 billion against the
prior quarter at GBP27.1 billion. This compared to a 0.2% increase
over the same period in the MSCI WMA Private Investor Balanced
Index. FuMA were up by 7.0% against the financial year-end position
of GBP25.6 billion at 31 March 2021. Average FuMA increased by
22.2% over the first half of the financial year to GBP27.0 billion
(H1 2020: GBP22.1 billion), reflecting buoyant stock markets.
Revenue over the second quarter increased by 15.3% to GBP46.0
million (Q2 2020: GBP39.9 million), with increases in fee income of
19.5% and commission income of 3.4% offsetting a significant
contraction in interest income of 40%. Revenue over the first half
increased by 12.1% to GBP91.9 million (H1 2020: GBP82.0 million).
Revenue margins over the period decreased by 6.2bps to 68.1bps (H1
2020: 74.3 bps), which reflected lower trading activity and
commission income, as well as lower interest rates compared to the
same period than a year ago.
Update on recommended acquisition by Raymond James UK Wealth
Management Holdings Limited ("Raymond James"), a wholly-owned
subsidiary of Raymond James Financial, Inc.
As announced by Charles Stanley on 16 September, the requisite
majority of shareholders voted in favour of the court-sanctioned
scheme of arrangement (the "Scheme") to effect Raymond James'
recommended cash acquisition of Charles Stanley (the
"Acquisition"). The Scheme remains subject to the satisfaction or
(where applicable) waiver of remaining conditions, including the
FCA having notified Raymond James in writing of its approval of the
change of control of Charles Stanley & Co Limited and Myddleton
Croft Limited as a result of the Acquisition (or the requisite time
period for such approval having elapsed without the FCA having
objected to the Acquisition) and the Court sanctioning the Scheme
at a sanction hearing, which is expected to be held in the fourth
quarter of 2021. Any updates to the expected timetable, including
the time and date of the Court hearing to sanction the Scheme once
confirmed, will be announced through a Regulatory Information
Service.
Notice of Results
The Group's unaudited interim results for the six months ended
30 September 2021 will be published on 18 November 2021.
Paul Abberley, Chief Executive Officer of Charles Stanley,
said:
"The Group continues to display good momentum across all areas,
with growth in revenues from all our divisions."
Charles Stanley Group PLC LEI: 213800LBSEGKE5MCYC90
For further information, please contact:
Charles Stanley
Joanne Higginson
Via KTZ Communications
020 7149 6061
Peel Hunt
Andrew Buchanan
020 3597 8680
N.M. Rothschild & Sons Limited
Jonathan Eddis
020 7280 5000
KTZ Communications
Katie Tzouliadis
020 3178 6378
Katie.tzouliadis@ktz.co.uk
Notes to editors:
Charles Stanley provides holistic wealth management services to
private clients, charities, trusts and institutions. Its origins
trace back to 1792 and the Group is one of the oldest firms on the
London Stock Exchange. The Group has a national presence, with 26
locations and over 800 professionals. Its wealth management
services are provided direct to clients and to intermediaries.
Further Information
This announcement is for information purposes only and is not
intended to and does not constitute, or form any part of, an offer
to sell or an invitation to purchase or subscribe for any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to the Acquisition or otherwise.
Important notices relating to financial and corporate
advisers
N.M. Rothschild & Sons Limited ("Rothschild & Co"),
which is authorised and regulated by the FCA in the United Kingdom,
is acting exclusively for Charles Stanley and for no one else in
connection with the Acquisition and will not regard any other
person as its client in relation to the Acquisition and will not be
responsible to anyone other than Charles Stanley for providing the
protections afforded to clients of Rothschild & Co, nor for
providing advice in relation to any matter referred to in this
announcement.
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated
in the United Kingdom by the FCA, is acting exclusively for Charles
Stanley and for no one else in connection with the matters
described in this announcement and will not regard any other person
as its client in relation to the matters referred to in this
announcement and will not be responsible to anyone other than
Charles Stanley for providing the protections afforded to clients
of Peel Hunt nor for providing advice in relation to matters
described in this announcement.
Forward Looking Statements
This announcement contains certain forward-looking statements
with respect to Charles Stanley. These forward-looking statements
include information concerning future strategic objectives,
business prospects, anticipated savings, financial results
(including expenses, earnings, liquidity, cash flow and capital
expenditures), industry or market conditions, demand for and
pricing of our products, acquisitions and divestitures, anticipated
results of litigation, regulatory developments, effects of
accounting pronouncements, and general economic conditions. In
addition, words such as "believes", "expects", "anticipates",
"plans", "estimates", and future or conditional verbs such as
"will", "may", "could", "should", and "would", as well as any other
statement that necessarily depends on future events, are intended
to identify forward-looking statements. Forward-looking statements
are not guarantees, and they involve risks, uncertainties and
assumptions.
These forward-looking statements are based on numerous
assumptions regarding the present and future business strategies of
such persons and the environment in which each will operate in the
future. By their nature, these forward-looking statements involve
known and unknown risks and uncertainties because they relate to
events and depend on circumstances that will occur in the future.
The factors described in the context of such forward-looking
statements in this announcement may cause the actual results,
performance or achievements of any such person, or industry results
and developments, to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. No assurance can be given that such
expectations will prove to have been correct and persons reading
this announcement are therefore cautioned not to place undue
reliance on these forward-looking statements which speak only as at
the date of this announcement. All subsequent oral or written
forward-looking statements attributable to Charles Stanley or any
persons acting on its behalf are expressly qualified in their
entirety by the cautionary statement above. Charles Stanley
undertakes no obligation to update publicly or revise
forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally
required.
Publication on website
A copy of this announcement and the documents required to be
published pursuant to Rule 26.1 and Rule 26.2 of the Code will be
made available (sub ject to certain restrictions relating to
persons resident in Restricted Jurisdictions), free of charge, at
charles-stanley.co.uk/recommended-offer-for-charles-stanley by no
later than 12 noon on the Business Day following the date of this
announcement.
Neither the contents of the website nor the content of any other
website accessible from hyperlinks on such website is incorporated
into, or forms part of, this announcement.
Funds under Management and Administration
Sep 2021 Jun 2021 Mar 2021
GBPbn GBPbn GBPbn
Discretionary funds 16.3 16.1 15.2
Advisory managed funds 1.3 1.3 1.3
------------------------------------- --------- --------- ---------
Total managed funds 17.6 17.4 16.5
------------------------------------- --------- --------- ---------
Advisory dealing funds 1.2 1.2 1.2
Execution-only funds 8.6 8.5 7.9
------------------------------------- --------- --------- ---------
Total administered funds 9.8 9.7 9.1
------------------------------------- --------- --------- ---------
Total FuMA 27.4 27.1 25.6
------------------------------------- --------- --------- ---------
MSCI WMA Private Investor Balanced
Index 1,781 1,778 1,704
------------------------------------- --------- --------- ---------
The change in FuMA since 30 June 2021 is explained in more
detail in the table below:
Discretionary Advisory Advisory
managed managed dealing Execution-only Total
GBPbn GBPbn GBPbn GBPbn GBPbn
Funds at 1 July 2021 16.1 1.3 1.2 8.5 27.1
New clients 0.2 - - - 0.2
Transfers - - - - -
Net inflows from existing - - - - -
clients
Lost clients (0.2) - - (0.1) (0.3)
Net flows of funds - - - (0.1) (0.1)
Market movement 0.2 - - 0.2 0.4
Funds at 30 September
2021 16.3 1.3 1.2 8.6 27.4
Revenue
The tables below set out the unaudited revenues of the Group for
the quarter and six months ended 30 September 2021 along with the
prior year comparatives on a like-for-like basis.
Quarter ended 30 September
2021
Investment Financial Central Financial Revenue
Management Planning Services
Services
GBPm GBPm GBPm GBPm
Fees 28.6 3.1 5.1 36.8
Commission 7.8 - 1.1 8.9
Interest 0.2 - 0.1 0.3
--------------
Total 36.6 3.1 6.3 46.0
-------------- -------------- ---------- ------------------ --------
Quarter ended 30 September
2020
Investment Financial Central Financial Revenue
Management Planning Services
Services
GBPm GBPm GBPm GBPm
Fees 24.6 2.2 4.0 30.8
Commission 7.6 - 1.0 8.6
Interest 0.3 - 0.2 0.5
--------------
Total 32.5 2.2 5.2 39.9
-------------- -------------- ---------- ------------------ --------
Six months ended 30 September
2021
Investment Financial Central Financial Revenue
Management Planning Services
Services
GBPm GBPm GBPm GBPm
Fees 56.7 5.9 9.8 72.4
Commission 16.3 - 2.4 18.7
Interest 0.5 - 0.3 0.8
----------------
Total 73.5 5.9 12.5 91.9
---------------- --------------- ---------- ------------------ --------
Six months ended 30 September
2020
Investment Financial Central Financial Revenue
Management Planning Services
Services
GBPm GBPm GBPm GBPm
Fees 48.8 4.5 7.8 61.1
Commission 16.7 - 2.2 18.9
Interest 1.5 - 0.5 2.0
----------------
Total 67.0 4.5 10.5 82.0
---------------- --------------- ---------- ------------------ --------
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END
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