logo
Plus   Neg
Share
Email

Amended: Close Brothers: FY Adj. Operating Profit Declines; CEO Prebensen To Step Down

(Corrects headline to say CEO is to "step down")

Close Brothers Group plc (CBG.L), a merchant banking group, said the group delivered a solid performance with continued strong returns and profitability during the year ended 31 July 2019. The Group reported higher profits in Banking while the Asset Management division and Winterflood faced more challenging conditions. Adjusted operating profit was down 3 percent to 270.5 million pounds. Adjusted earnings per share from continuing operations was 135.7 pence compared to 139.3 pence.

For the fiscal year period, on a statutory basis, operating profit before tax declined to 264.7 million pounds from 271.2 million pounds. Earnings per share from continuing operations was 132.5 pence compared to 135.3 pence.

For the fiscal year, net interest income increased to 505.7 million pounds from 486.1 million pounds, last year. Non-interest income was 310.7 million pounds compared to 319.7 million pounds.

Also, the Group announced Preben Prebensen has decided to step down as chief executive. He will remain with the group for the next 12 months. The Board will commence a formal search for a successor.

The board proposed a final dividend per share of 44.0 pence, resulting in a full-year dividend per share of 66.0 pence, an increase of 5 percent on the prior year. The final dividend will be paid on 26 November 2019 to shareholders on the register at 11 October 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon is expanding the aircraft fleet of its air cargo network by leasing 12 additional Boeing 767-300 converted cargo aircraft from Air Transport Services Group Inc. This comes amid increased demand for shipments due to the coronavirus pandemic. These aircraft will join Amazon Air's existing fleet of 70 aircraft to bring its total network to more than 80 aircraft. New York's transit agency The Metropolitan Transportation Authority or MTA has pulled its newest subway cars from service after two cars got detached from a moving train. New York City Transit Interim President Sarah Feinberg launched an investigation into the matter. The entire R179 fleet from Canadian company Bombardier Inc. has been pulled until further notice after the incident in Chambers AMC Entertainment Holdings, Inc., the world's largest theatre chain, said it has substantial doubt in its ability to continue its business as theaters across the world remain closed for months now following coronavirus or Covid-19 pandemic. In a regulatory filing, the company said it is "generating effectively no revenue", and that additional capital, if needed, may not be available.
RELATED NEWS
Follow RTT