Charles Stanley and WH Ireland both benefit as trading activity rebounds

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Wealth management groups Charles Stanley PLC (LON:CAY) and WH Ireland PLC (LON;WHI) both reported improved trading in their latest quarters despite coronavirus disruption.

Charles Stanley said funds under management had recovered well from a sharp decline at the end of three months to March.

Group revenue overall for the first quarter of the financial year was 1.7% higher than a year ago, it added, helped by more trading activity and a boost from its financial planning arm.

Funds under management at 30 June were up 11.9% from the end of March to GBP22.6bn, while revenues rose to GBP42.2mln (GBP41.5mln).

Paul Abberley, chief executive, said: “The Group has delivered a good trading performance in the first quarter”

WH Ireland, meanwhile, said it had made its first profit (around GBP200,000) for ‘a number of years’ in the three months to June.

The group’s funds under management also rebounded strongly to GBP2.1bn at the end of the quarter compared to 1.8bn in March.

Philip Wale, chief executive, said: “Despite challenging market conditions, we have seen a significant improvement in operational performance which has led to the first quarterly profit for the Group in the new financial year.

“Our continued strong focus on cost management has led to a further reduction in the run rate of administration expenses to a level where we can deliver profitability consistently.”

For the year to march, WH Ireland posted a loss of GBP3.2mln (GBP10.2mln) on revenues of GBP22.8mln.

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