Close Brothers profits rise

City A.M. Reporter
Financial services group Close Brothers posted higher full-year profits that met market expectations, and said its businesses continued to have good prospects despite the current tough economic climate.

Close Brothers, whose services include merchant banking, securities dealing and wealth management, said that adjusted operating profits for the full year ending July 2011 rose 13 per cent to £131m.

Profits were boosted by higher earnings at its core banking division, although earnings fell at Close Brothers' securities unit and its asset management division posted a loss.

"Economic and market conditions are uncertain, but we have a strong financial position, continue to see good prospects for our businesses and are well placed to continue delivering solid results," Close Brothers chief executive Preben Prebensen said in a statement.