StockMarketWire.com - Wealth manager Rathbone Brothers held its interim dividend steady after it posted a 37% rise in first-half profit, though its underlying earnings fell slightly.

Pre-tax profit for the six months through June increased to £27.3m, up from £20.0m on-year. Underlying profit, a smoothed measure that excludes one-off gains and losses, fell 1.3% to £46.0m.

The company kept its dividend unchanged at 25p per share.

Total net inflows were £1.3bn in the first six months of 2020, compared to £0.5bn on-year, representing an annualised growth rate of 5.3%.

'An acceleration of net inflows in the second quarter helped our funds under management and administration reach £49.4bn at 30 June 2020, down 2.0% over the half year against a backdrop where the FTSE 100 index decreased by 18.2%' chief executive Paul Stockton said.

'Underlying profit margins remained resilient as our business model responded strongly to the challenges of the Covid-19 pandemic whilst also creating opportunities to leverage the advantages of remote working and streamlining procedures.'


At 8:56am: [LON:RAT] Rathbone Brothers PLC share price was +113p at 1629p



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