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Close Brothers FY Adj. Operating Profit Declines - Quick Facts

Close Brothers Group Plc (CBG.L) reported operating profit before tax of 140.9 million pounds for the year ended 31 July 2020 compared to 264.7 million pounds, previous year. Earnings per share from continuing operations was 72.5 pence compared to 132.5 pence. The Group noted that impairment charges increased to 183.7 million pounds from 48.5 million pounds, prior year, primarily reflecting the forward-looking recognition of impairment charges under IFRS 9 to incorporate the impact of Covid-19. Adjusted operating profit decreased 47% to 144.0 million pounds. Adjusted earnings per share from continuing operations was 74.2 pence compared to 135.7 pence.

Fiscal year net interest income was 494.0 million pounds compared to 505.7 million pounds, prior year. Non-interest income increased to 372.1 million pounds from 310.7 million pounds.

The board of Close Brothers Group said it is proposing a 40.0 pence dividend in respect of the full financial year.

Close Brothers Group plc also announced that Geoffrey Howe, Independent Non-executive Director and Senior Independent Director, has notified the Board that he will not seek re-election at the AGM. The Board has appointed Oliver Corbett, Independent Non-executive Director and Chair of the Audit Committee, to the additional role of Senior Independent Director on an interim basis.

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