Charles Stanley sees flat half year

Stockbroking firm Charles Stanley said overall it expects to report six-month revenues at around the same level as last year as continued macro-economic trends continue to weigh on transaction volumes.

The group said since its interim update in July this year it has seen a broad continuation of economic headwinds.

"These conditions have continued to depress transaction volumes, leading to a reduction in commission income. Fee income has continued to grow and shows a material increase over the comparable period last year," it said in Monday's update.

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"Overall we expect to report revenues at around the same level as for the same period last year," it confirmed.

Charles Stanley added that costs during the half-year have increased, partly as it deals with new assets from individuals and teams as well as a general increase in regulatory costs, which include a £1.4m contribution to the FSCS levy.

CJ