Charles Stanley forecasts same revenue despite volume drop

 
Michael Bow
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CHARLES Stanley, the city broker and investment manager, yesterday said its interim revenues were on track to keep pace with last year’s figures, despite the depression in transaction volumes seen across the City broking sector.

The firm said it expected to report revenues for March to September at “around the same level” as last year, when total income came in at £60.2m.

The firm said it expected to hit a similar figure despite a reduction in transaction volumes and subsequent drop in commission income.

Brokers have been struggling to maintain growth on the back of very quiet trading activity, with several reporting falls last week.

However, Charles Stanley said fee income is set to have grown year on year, helping hold up revenues.

Costs are also expected to have increased, including a £1.4m hit from paying a contribution to the Financial Services Compensation Scheme.