Business
Preliminary results for the year end 31 July 2018
Preliminary results for the year end 31 July 2018.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n \nRNS Number : 7816B Close Brothers Group PLC 25 September 2018 \n\n \n \n \n \n \n \nPreliminary results for the year ended 31 July 2018\n \nGood Performance in the Year\n\n\n\n\n· \n\n\nThe group reported a good performance in the year, with a 4% increase in adjusted1 operating profit to £278.6 million, an increase of 5% in adjusted basic earnings per share to 140.2p and an RoE of 17.0%2\n\n\n\n\n· \n\n\nThe proposed full year dividend per share of 63.0p represents growth of 5%, reflecting our progressive dividend policy\n\n\n\n\n· \n\n\nBanking delivered an adjusted operating profit of £251.8 million, up 2% on the prior year, with continued low impairments and a strong net interest margin as we maintain our pricing and underwriting discipline\n\n\n\n\n· \n\n\nThe increase in Banking was driven by Commercial, with adjusted operating profit growth of 5% and Property, up 3%, while adjusted operating profit in Retail was down 2%\n\n\n\n\n· \n\n\nThe loan book grew 6.6% on an underlying3 basis to £7.3 billion, reflecting our strong customer proposition and the diversification benefits of our loan portfolio\n\n\n\n\n· \n\n\nWinterflood delivered another strong result, with operating profit of £28.1 million, in line with the prior year\n\n\n\n\n· \n\n\nAsset Management delivered a 33% increase in adjusted operating profit to £23.1 million, with strong net inflows at 12% of opening managed assets\n\n\n\n\n \n\n\n\n\nFinancial Highlights2\n\n\n \nFull year 2018\n\n\n \nFull year 2017\n\n\n \nChange %\n\n\n\n\nAdjusted operating profit1 \n\n\n£278.6m\n\n\n£268.7m\n\n\n4\n\n\n\n\nOperating profit before tax (continuing operations)\n\n\n£271.2m\n\n\n£262.5m\n\n\n3\n\n\n\n\nAdjusted basic earnings per share (continuing operations)\n\n\n140.2p\n\n\n133.6p\n\n\n5\n\n\n\n\nBasic earnings per share (continuing operations)\n\n\n136.2p\n\n\n130.2p\n\n\n5\n\n\n\n\nBasic earnings per share (continuing and discontinued operations)\n\n\n134.7p\n\n\n128.3p\n\n\n5\n\n\n\n\nDividend per share\n\n\n63.0p\n\n\n60.0p\n\n\n5\n\n\n\n\nReturn on opening equity \n\n\n17.0%\n\n\n 18.1%\n\n\n \n\n\n\n\nNet interest margin \n\n\n8.0%\n\n\n...