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 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...