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Charles Stanley's Profits Surge By One Third In Half Year
Tom Burroughes
10 November 2010
Charles Stanley, the London-listed stockbroker and wealth manager, today reported a pre-tax profit for the half-year ended 30 September of £7.3 million (around $11.7 million), a 33 per cent surge from a year ago. On an adjusted basis, pre-tax profit rose 24 per cent year-on-year to £8.2 million, the firm said in a statement. The profit rise was made on the back of a 7 per cent gain in revenues of £59.7 million. Funds under management and administration rose to £13.5 billion from £11.6 billion a year earlier, a 16 per cent rise. "The second six months of our year have started strongly, and although the uncertainties for the medium-term make it difficult to see very far ahead, the performance of share prices suggests that investors are taking a positive view," said Sir David Howard, chairman of Charles Stanley.