Leeds stockbroker Redmayne Bentley sees its revenue and profits rise

The Leeds-based firm, which also marked its 145th year in business, increased assets under administration and management by 22.7 per cent and 17.1 per cent, respectively, reflecting the recovery of the market and positive portfolio performance.

Revenue increased 13.9 per cent year-on-year and profits were up 5.4 per cent.

The results were delivered against the impact of the base rate cuts in February and March 2020 leading to a fall in interest income and increased costs as the firm continued investment for future growth.

Operating costs were up by 7.5 per cent, due to the continuation of infrastructure projects and investment in systems, processes and people, the Leeds-based stockbroker said.

It added that operational cash levels remain strong, leaving the firm well positioned for new opportunities in the industry.

In the final quarter of its 2020/21 business year, the firm’s managed portfolio service (MPS) transitioned to a digital-only proposition.

David Loudon, joint chief executive of Redmayne Bentley, said: “The 2020/21 financial results are pleasing and the business continues to perform well despite the challenges of the Covid-19 pandemic and ongoing market uncertainty.

“Within the period being reported, we completed a significant IT infrastructure project, our discretionary management proposition was strengthened, we increased support for our people while achieving independent industry recognition and positive affirmation from clients.

“We are making good progress with our five-year growth plan and we are continuing to increase investment in systems and people.

“Financials for the first half of our 2021/22 financial year continue to perform well, with similar reasons to the reported full year: growing client assets, positive portfolio performances and gross income.

“We are confident about our future progress.”

Redmayne Bentley was established in 1875. The Leeds-based business offers a full range of personal investment services, from investment management services suitable for different life stages, through to traditional stockbroking, dealing with advice and tax-efficient investments.

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