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Close Brothers Group Plc Annual Report 2014

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Close Brothers Group Plc Annual Report 2014 Close Brothers Group plc Annual Report 2014 Modern Merchant Banking Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. Welcome to Modern Merchant Banking Modern Merchant Banking Modern Merchant Banking is about meeting the financial needs of our clients today while applying the traditional values of our past. At Close Brothers we provide financial support and advice to small businesses and individuals in the UK. Our clients are the makers of things, the wealth creators, the investors, and the savers. They are playing an important role driving growth in the British economy and we are supporting them as they grow. Throughout our distinguished history, we have remained focused on upholding our traditional values, based on service and integrity. At the same time, we encourage innovation and support enterprise, reflecting how our clients do business. This is Modern Merchant Banking at Close Brothers. We believe our traditional values and modern thinking are the reason behind our success and why our clients continue to turn to us. Our Values Our Modern Merchant Banking values align our businesses, making our strategy meaningful to our people and our clients. Through all market conditions, we have remained focused on: • Providing straightforward products and services. • Maintaining a prudent approach and strong financial position. • Building lasting relationships. Above all, we value our clients over everything else. Our values, founded in our past but applied to the modern world today, are embedded in our culture and underpin everything we do. Close Brothers Group plc Annual Report 2014 1 Financial Highlights for the year ended 31 July 2014 Strategic ReportStrategic Governance Statements Financial Strategic Report Adjusted operating profit 4 Chairman’s and Chief Executive’s £200.6m £ million Statement 8 Business Model (2013: £167.2m1) 12 Our Services Adjusted2 operating profit 14 Strategy and Key Performance 250 200 200.6 Indicators 167.2 16 Financial Overview 150 131.2 134.2 116.5 22 Banking 100 26 Securities £195.7m 28 Asset Management (2013: £163.8m) 50 0 30 Principal Risks and Uncertainties Operating profit before tax 2010 2011 2012 2013 2014 34 Sustainability Report Governance Adjusted basic earnings per share 42 Board of Directors £149.8m pence 44 Executive Committee 45 Report of the Directors (2013: £120.0m) 47 Corporate Governance Profit attributable to shareholders 120 60 Report of the Board on 104.1 Directors’ Remuneration 90 83.5 67.3 58.2 64.8 Financial Statements 104.1p 60 82 Independent Auditor’s Report to (2013: 83.5p) 30 the Members of Close Brothers 3 0 Group plc Adjusted basic earnings per share 2010 2011 2012 2013 2014 85 Consolidated Income Statement 86 Consolidated Statement of Ordinary dividend per share Comprehensive Income pence 87 Consolidated Balance Sheet 101.5p 88 Consolidated Statement of (2013: 82.0p) Changes in Equity Basic earnings per share 49.0 89 Consolidated Cash Flow 50 44.5 41.5 Statement 40 39.0 40.0 90 Company Balance Sheet 30 91 The Notes 136 Investor Relations 49.0p 20 136 Cautionary Statement (2013: 44.5p) 10 0 Ordinary dividend per share4 2010 2011 2012 2013 2014 Return on equity 18.5% per cent (2013: 15.8%) Return on equity5 20 18.5 15.8 15 12.1 13.1 12.5 10 5 0 2010 2011 2012 2013 2014 1 The 2013 adjusted operating profit of £166.5 million has been restated to £167.2 million following the adoption of IAS 19 (Revised) Employee Benefits and, where applicable, 2013 balances have been restated. Further details are set out in notes 1 and 32 of the Financial Statements. 2 Stated before exceptional items and amortisation of intangible assets on acquisition. A reconciliation to operating profit before tax is shown on page 17. 3 Stated before exceptional items, amortisation of intangible assets on acquisition and the tax effect of such adjustments. 4 Represents the final dividend proposed for the respective years together with the interim dividend declared and paid in those years. 5 Return on opening equity calculated as adjusted operating profit after tax and non-controlling interests on opening equity less non-controlling interests. 2 Close Brothers Group plc Annual Report 2014 Strategic Report 4 Chairman’s and Chief Executive’s Statement 8 Business Model 12 Our Services 14 Strategy and Key Performance Indicators 16 Financial Overview 22 Banking 26 Securities 28 Asset Management 30 Principal Risks and Uncertainties 34 Sustainability Report Close Brothers Group plc Annual Report 2014 3 Strategic ReportStrategic Governance Statements Financial 4 Close Brothers Group plc Annual Report 2014 Chairman’s and Chief Executive’s Statement Strone Macpherson, Chairman Preben Prebensen, Chief Executive In 2014 we have continued to execute our well established strategy, strengthening our market leading specialist propositions, and are delighted to be able to report a 20% increase in adjusted operating profit to £200.6 million (2013: £167.2 million) with growth across all of our three divisions. As the UK economic recovery continues, we remain well placed to continue to provide our clients with the highest levels of service while delivering strong returns for shareholders. Close Brothers Group plc Annual Report 2014 5 Strategic ReportStrategic Overview of Financial Performance Differentiated Businesses Built for In Securities, Winterflood is a market- This year’s results build on the the Long Term maker, committed to providing momentum established in 2013. In In the midst of the global financial crisis, continuous liquidity while maintaining Banking, adjusted operating profit rose we outlined a strategy to position Close its trading capacity and market leading by 15% to £181.6 million (2013: £158.4 Brothers as a group leveraging its position. Winterflood tailors its offering million) and the loan book increased by specialist knowledge and relationships to its clients’ specific requirements, by 14% to £5.3 billion (2013: £4.6 billion) to generate sustainable returns through combining the expertise of its staff with with good demand in Property and the economic cycle. We focused on the technological advantages of its motor finance more than offsetting our traditional values of service and proprietary IT systems, to assist them additional competition in some of our integrity, underpinned by our in meeting their best execution markets. Adjusted operating profit in conservative and prudent approach to requirements. By focusing principally Governance Statements Financial Securities increased by 30% to £33.5 capital and funding, to ensure that we on market-making, Winterflood has million (2013: £25.7 million) as could be there for our clients in all been able to trade continuously and Winterflood benefited from more economic conditions. Five years on, profitably in all market conditions. favourable trading conditions and Close Brothers is a Modern Merchant improved retail investor risk appetite. Banking group of three core divisions, In Asset Management, we have Asset Management more than doubled specialised in their niche markets, shaped and positioned the division its adjusted operating profit to £9.9 united by our traditional values and to benefit from regulatory, market and million (2013: £4.0 million) reflecting delivering our services in a modern demographic changes. We remain good inflows into our integrated way. focused on meeting the needs of our management and advice proposition. clients through our high quality, In Banking, we are committed to our integrated proposition which offers Adjusted basic earnings per share core proposition of building lasting financial advice, investment increased 25% to 104.1p (2013: 83.5p). customer relationships while delivering management and an online Overall the group’s return on opening strong returns. This is achieved by investment portal. This proposition equity improved to 18.5% (2013: 15.8%) maintaining a local presence in all our provides our clients with the flexibility and we have maintained our strong markets, recognising that every they need to create and implement a funding and capital positions. customer has particular needs, with lifetime financial plan according to their specialist teams who are able to devise personal circumstances. In a highly In recognition of this year’s excellent flexible solutions and make fast competitive but fragmented market financial performance and the decisions. Our proposition is supported place, our multi-channel distribution continued confidence in the group’s by a consistent approach to lending and diverse sources of revenue are longer-term prospects, the board is through the cycle; we write compelling differentiators and, as a recommending a 10% increase to our predominantly secured, short-term and result, the division is well positioned for final dividend to 32.5p per share small ticket loans to SMEs and future growth. (2013: 29.5p). individuals. These differentiated lending attributes have allowed us to price and Successfully executing this group manage risk appropriately, and strategy during an unprecedented together with our conservative period of volatility and market approach to funding and liquidity, have dislocation has demonstrated our enabled our consistent and profitable ability to navigate challenging periods loan book growth over the last 30 while generating strong growth and years. excellent net returns as well as mitigating downside risk. As the economy recovers and competition returns, it is this emphasis on service and integrity which will allow us to strengthen our competitive positioning and continue to grow. 6 Close Brothers Group plc Annual Report 2014 Chairman’s and Chief Executive’s Statement continued Investing in Building our The group has made good progress in Technology investment to Competitive Advantage a number of areas this year. As each of complement our service proposition Our traditional principles of service, our divisions operate in niche markets, Technology both supports the expertise and building long-term we need to identify and train effectiveness of our people and relationships underpin our financial tomorrow’s revenue generators enables us to adapt to changes in performance and market leading internally.
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