Charles Stanley profit and revenue up

STOCKBROKER and wealth manager Charles Stanley has reported a pre-tax profit of £7.3m for the half-year.

On an adjusted basis, pre-tax profit rose 24 per cent year-on-year to £8.2m, the firm said in a statement.

The profit was fuelled by a seven per cent rise in revenues of £59.7m.

Funds under management and administration rose to £13.5bn from £11.6bn a year earlier.

David Howard, chairman of Charles Stanley said: "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."