Revenues fell however, with £141.6m being recorded over the year versus £149.7m the year before. It maintained its total dividend at 5p per share.
The company has been in a state of flux recently as it carried out a strategic review. It is reorganising the business into four divisions; investment management services, asset management, financial planning, and its platform Charles Stanley Direct.
In its results presentation the company also revealed plans to expand its financial planning business.
Chief executive Paul Abberley said: “Our three-fold priorities for the year were to arrest the decline in profitability, determine and begin to implement the strategic direction for Charles Stanley and build the foundations upon which we can drive sustainable growth. Solid progress was achieved in each.”
“We have reduced our losses by £5.8m, refocused on core activities that will allow us to deliver high levels of customer satisfaction, and made significant progress in terms of making the Group more efficient over the long-term,” Abberley added. “We look forward to another year of progress as we pursue our aim of becoming the UK’s leading wealth manager.”
