Rathbones produced a first half result well ahead of analyst expectations, as higher income was offset by growth in staffing costs and an “unwelcome” hike in the FSCS levy.

Chief executive Paul Stockton said this morning that the firm had produced a "strong" set of results, characterised by strict cost control and a resurgence in inflows, against the backdrop of market volatility and a challenging operating environment.

Profit before tax for the six months to 30 June 2020 was £27.3 million (H1 2019: £20 million), however the firm said its H1 2019 result was distorted by acquisition costs and underlying profit was ...