Close Brothers Group

Close Brothers confident of solid full-year result


Close Brothers Group PLC (LSE: CBG) said it remains confident of delivering a solid overall result for the 2010 financial year, give the good performance for the financial year to date.

In an interim management statement relating to the third quarter from February 1 2010 to April 30 2010, the financial services company said it delivered a good overall performance in the period and continued to benefit from favourable conditions for many of its businesses.

The Banking division had a continued strong performance in the third quarter.  As at 30 April 30, the loan book had increased to £2.70 billion from £2.58 billion as at January 31 2010 largely due to organic growth in Asset Finance within Commercial, and Motor Finance operations in Retail.  

The Asset Management division had a modest third quarter despite some small non-recurring investment gains on the group's residual private equity portfolio.  Funds under Management grew to £7.60 billion at the end of the third quarter from £7.29 billion at end-January reflecting positive market movements. Investment spend in support of the Private Clients growth initiative continues and will have a negative impact on the division's result this financial year and next, Close Bros said.

The Securities division has had a good overall performance in the third quarter. Although average bargains per day at Winterflood have been slightly higher compared to the first half of the financial year, there has been a decline in the income per bargain.  Close Brothers Seydler's performance has been more muted whilst Mako has benefited from recent market volatility.

Quick facts: Close Brothers Group

Price: £13.97

Market: LSE
Market Cap: £2.12 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Kavango Resources 'talking to a number of big players' to...

Kavango Resources PLC's (LON:KAV) Mike Moles tells Proactive London's Andrew Scott is in talks with several larger mining firms about forming a joint venture to develop the Ditau project in Botswana. It comes after drilling analysis suggested the potential presence of rare earth elements...

2 hours, 12 minutes ago

2 min read