Strong growth in discretionary funds up 13% to £24.0 billion (29 September 2013: £21.3 billion).
Total income of £290.5 million (29 September 2013: £283.7 million), an increase of 2%.
Fee income increased by 17% to £177.3m (29 September 2013: £152.0 million).
Commission income declined by 5% to £88.6 million (29 September 2013: £93.5 million) in line with reduced transaction volumes resulting from market volatility in the second half.
Statutory profit before tax of £8.6 million (29 September 2013: £28.4 million) a decrease of 70%, due to previously announced exceptional write off.
Substantial increase in exceptional costs to £38.0 million, including previously announced write off of major technology project (29 September 2013: £12.1 million).
Adjusted profit before tax £60.2 million (29 September 2013: £52.1 million), an increase of 16%.
Adjusted profit before tax margin increased to 20.7% (29 September 2013: 18.4%).
Strong balance sheet underpinned by growing cash generation with net cash of £135.1 million (29 September 2013: £113.5 million).
Diluted adjusted earnings per share 16.5p (29 September 2013: 14.8p) an increase of 11%.
Diluted earnings per share of 2.4p (29 September 2013: 8.0p) a decrease of 70%.
Final dividend increased by 24% to 6.25p, full year dividend up by 15% to 9.9p.
Overall good progress on improving underlying business performance and profitability.
Decision taken to limit implementation of new operating software under development to execution only business.
Discretionary funds grew by 7%, excluding investment performance, largely driven by growing financial intermediary sources of new client funds.
Discretionary funds represent 82% of total managed funds, ahead of 80% target.
Good progress on achieving the stated margin target for adjusted profit before tax of 25% by end of 2016.
Further restructuring and reinvestment in the business as part of transformation strategy:
- Operational savings being achieved through focus on core discretionary business.
- Investment in client service - design and implementation of enhanced client advice process begun during the year.
- Strengthening the business - investment in operational processes and key management resources.
Declaration of dividend
The Board proposes a final dividend of 6.25p per share, to be approved at the 2015 AGM and payable on 23 March 2015 to shareholders on the register at close of business on 6 March 2015, with an ex-dividend date of 4 March 2015.