Acquisition gives a boost to Rathbone profits and payout
Friday 12 April 1996
Announcing a 20 per cent rise in pre-tax profits to pounds 7.4m for 1995, Oliver Stanley, chairman, said the group was still on the look-out for further deals but would not diversify from its core activities.
Mr Stanley said he was pleased with the performance of Laurence Keen, which Rathbone acquired last March for pounds 10m in shares.
The existing investment management departments in London and Liverpool are still expanding and, following the Laurence Keen deal, Rathbones has pounds 2bn of funds under management. Both the trust and advisory department enjoyed good years, with significant increases in business.
Mr Stanley said that with much of the trust department's revenue earnings and operating expenses in Swiss francs, the group was helped and hindered by the currency's strength.
Group turnover rose from pounds 18m to pounds 28m. Earnings per share rose from 21p to 21.3p and the final dividend was increased from 9p to 10p.
Rathbone was established in 1742 to manage the fortunes of the Liverpool Rathbone family, which made its fortunes in timber and ships. It has expanded into the management of private client money since it merged with Combined Financial Services in 1988.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...