Operating profit holds steady at £107.7 million despite market volatility and migration-related outflows
LONDON: Rathbones Group PLC reported solid financial results for the six months ended June 30, 2025, reflecting successful integration of Investec Wealth & Investment (IW&I) and announcing its first-ever share buyback.
Operating income stood at £449.1 million, nearly flat from £447.4 million a year earlier. Underlying profit before tax fell slightly to £107.7 million, from £112.1 million, due to market volatility and migration-related activity. Statutory profit before tax declined to £62.3 million, compared to £65.3 million.
CEO Paul Stockton called the period “a pivotal phase,” highlighting the completion of IW&I asset migration and improved synergies totaling £47.2 million. Rathbones also entered the fast-growing Model Portfolio Service market, signaling expansion beyond traditional wealth management.
“Our ability to combine personalised financial advice with the scale of a larger group is increasingly relevant in a complex world,” Stockton said. The Group plans to return up to £50 million to shareholders via an ordinary share buyback, subject to regulatory approval, alongside a 3.3% interim dividend increase to 31.0p per share.
Funds under management and administration (FUMA) reached £109.0 billion, with flows improving significantly in the second quarter. Rathbones expects full-year 2025 results to align with market forecasts and anticipates future margin expansion as integration costs decline.
The Group enters H2 2025 with financial strength and strategic momentum, positioning itself for organic growth and long-term value delivery.