Revenues fall 15 per cent at broker Charles Stanley

INVESTMENT manager Charles Stanley has suffered a drop in revenue from £32.2m to £27.3m for the three months to 31 December.

The 15.5 per cent decrease was largely a result of low trade volumes, which meant commission income fell from £16.6m to £10.6m.

The firm managed to boost fee income by 5.8 per cent to £16.6m during the same period.

Charles Stanley blamed “reduced bargain volumes caused by the poor trading environment, euro uncertainty and depressed UK economy” for the results but was keen to emphasise that it had successfully retained £14.48bn of client funds, just down on the £14.5bn it managed in March 2011.

The firm had previously issued a profit warning in October. Shares closed down 2.39 per cent at 265p.