LONDON -- Close Brothers Group
Underneath the headline results was something of a mixed bag. While adjusted operating profit in the banking division increased 27% to 135 million pounds, difficult market conditions saw it plummet 55% in the securities division, falling to 24.5 million pounds. Continued restructuring saw asset management record a small adjusted operating loss of 4.3 million pounds.
Commenting on the results, chief executive Preben Prebensen said:
We have achieved a solid overall performance as we continue to focus on executing our strategy and maximising the opportunity for each of our businesses in the current market environment. Banking continued to grow strongly while Securities has been affected by difficult trading conditions. Asset Management has substantially completed its restructuring and is now positioned for future profitability.
Looking forward, our strong balance sheet and the market positions of our businesses leave us well positioned for the current financial year.
There will be a 1.0 pence increase in the final dividend, at 27.5 pence, giving a full-year dividend of 41.5 pence per share, up 4% on 2011.
Right now, Close Brothers yields a healthy 4.6% dividend, estimated to rise to over 5% for 2013. Reinvestment of dividend income can give a massive boost to your portfolio's performance.
What's more, you can discover the shares he now holds -- and which losers he's avoided -- within "8 Shares Held by Britain's Super Investor."
You can download this free Fool report about market legend Woodford today. But hurry, the report is available for a limited time only.
Are you looking to profit from this uncertain economy? "10 Steps to Making a Million in the Market" is the very latest Motley Fool guide to help Britain invest. Better. We urge you to read the report today -- it's free.
Further Motley Fool investment opportunities:
Jon doesn't own shares in Close Brothers.
The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.