Charles Stanley losses slow to £300k

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Charles Stanley has seen its financial losses slow to £300,000 for the year ended 31 March, compared to losses of £6.1m in 2015.

However, revenues dropped to £141.6m compared to £149.7m a year earlier.

The wealth manager undertook a strategic review in 2016, reorganising the business into four operating divisions: investment management services, asset management, financial planning, and its platform Charles Stanley Direct.

“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,” chief executive Paul Abberley said in a statement, adding that “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.”