Charles Stanley shares drop as it reveals fall in revenues
Shares in Charles Stanley (LON:CAY) took a tumble this morning as it said downward pressure on revenues had continued.
The stockbroker released a statement this morning, covering the period from October 1 last year to January 25, and included trading results for the three months to end 2011.
In those three months, revenues had fallen to £27.3 million versus £32.3 million in the comparative period, it said
As at 8.50 am, shares in the firm were down 9.76 per cent, to change hands at 245 pence each.
Income from commission was also down £6 mln to stand at £10.6 million.
Charles Stanley put this down to reduced bargain volumes caused by the poor trading environment, uncertainty with the Euro and the depressed UK economy.
The company added that the continued difficult institutional securities market was also reflected in this result.
However, the company did reveal that total client funds of £14.48bn showed underlying growth over the nine months of the financial year to date, despite the difficult trading conditions, and remained comparable to the level in March this year, which was £14.50 billion.
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