Wealth manager Charles Stanley has endured a challenging six months as lower asset levels took a toll on profits and revenues.

Chief executive Paul Abberley described the firm’s performance in H1 2021 (the six months to 30 September) as “resilient” and said it remained in good health with a strong balance sheet, no debt, and good cash flow.

Total revenue for H1 was 4.1 percent lower than the same period last year at £81.9 million (H1 2020: £85.4 million), while underlying profit before tax decreased by 27.5 percent to £6.6 million. Underlying profit before tax margins contracted to 8.1 percent (H1 2020: 11.2 pe...