Close Bros Asset Management returns to profit

24th Sep 2013 07:04

Finance house Close Bros reported a strong set of full year results as Asset Management returned to profit while Banking and Securities improved and underlined its confidence in future trading with an increased dividend. Adjusted operating income increased 10% to £582.9m for the year ended July 31st 2013 and adjusted operating profit increased 24% to £166.5m, reflecting strong growth in Banking and a return to profitability in Asset Management. Adjusted basic earnings per share increased 23% to 83.1p.Assets under management (AuM) grew 9% to £9.1bn, reflecting market movements. The division returned to profitability as planned, with an adjusted operating profit of £4.0m compared to a loss of £4.3m previously.In the Banking division, adjusted operating profit rose 17% to £157.8m, following loan book growth of 13% to £4.6bn and an improved bad debt ratio of 1.2%.Adjusted operating profit in Securities improved slightly to £25.7m despite difficult markets, it said.Chief Executive Preben Prebensen said: "It was a strong financial performance, with continued good growth in Banking supported by an improving contribution from Securities and Asset Management."We have a strong position in our chosen markets and we remain well funded and capitalised. We continue to see good opportunities for growth and believe we are well positioned for the current financial year." The full year dividend per share has been increased 7% to 44.5p.CJ