Charles Stanley warns rising costs to 'hit profits by 10%'

Jenna Towler
clock

Charles Stanley's pre-tax profits are likely to fall 10% short of market expectations due to rising costs, the wealth manager has warned.

In a note ahead of its full year results on 20 June, the firm said outgoing costs had continued to rise and while revenues were well ahead of expectations profits would be hit. It also blamed ‘cost items of an exceptional nature'. It said the costs had come during a "year of transition" when the business has invested in its foundations to secure future growth. It said post-Retail Distribution Review work and other professional fees were some of the one-off costs. Additional IT systems and risk management expenses were also listed. The firm added that elements of the increased cost...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Aviva named the preferred platform provider by advisers

Aviva named the preferred platform provider by advisers

Quilter remains in second place followed by AJ Bell and Transact

Isabel Baxter
clock 04 March 2024 • 1 min read
Bravura returns to profitability in H1 amid business 'reset'

Bravura returns to profitability in H1 amid business 'reset'

Platform technology provider gross revenues up 7.4% in first half

Jenna Brown
clock 20 February 2024 • 1 min read
So far, so bleak: Incumbent platforms' miserable year

So far, so bleak: Incumbent platforms' miserable year

'There are firms that are trying to buck the trend'

Alex Cowan-Sanluis
clock 14 February 2024 • 4 min read