Higher fees income helps stockbroker

Chairman David Howard said: "Charles Stanley has produced another excellent set of half-year results, with an increase of 33 per cent in our profit before tax compared with 12 months ago, and an increase in the same period of

16 per cent in clients' funds

under management and administration.

"The second six months of our year have started strongly, and although the uncertainties for the medium-term make it difficult to see very far ahead, the performance of share prices suggests that investors are taking a positive view. I think they are right.

"While there is still some way to go before we can be clear about the broader outlook, in relation to Charles Stanley I feel a degree of optimism about the months ahead."

The London-based fund manager raised its interim dividend 14 per cent to 2.5p.

April-September pre-tax profit before special items was 8.2m, compared with 6.6m a year ago.

Revenue rose seven per cent, to 59.7m. Fees from private clients was up nine per cent.

Charles Stanley opened an office in Leeds two years ago and now manages 65m on behalf of its clients. It is headed by investment manager Jono Baker.

Charles Stanley's shares, which have gained 13 per cent in value since June when the company posted a full-year profit and gave a positive outlook, closed at 247.5p, a rise of two per cent.