STOCKBROKER Charles Stanley has reported a fall in third quarter revenues, although total fees showed an improvement.
The firm, which has a stockbroking and financial solutions office in the city’s Chapel Street, issued a trading update covering the three months to December 31.
It showed third quarter revenues of £27.3m, compared with £32.3m in the corresponding period a year earlier.
However, the group said this was a continuation of the trend highlighted in the half year statement as a result of the downward pressure on revenues.
Total fees increased by 5.8% to £16.6m, despite a fall in market values since December 2010, although commission income of £10.6m fell by £6m due to reduced bargain volumes caused by the poor trading environment, Euro uncertainty and the depressed UK economy.
Total client funds of £14.48bn reflect underlying organic growth over the past nine months, despite difficult trading conditions, and the broker said it remains comparable to March 2011 levels of £14.5bn.
