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

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 costs were...