Winterflood still delivers for Close
City dealing firm Winterflood continues to deliver for Close Brothers, the merchant bank that reported what it described as a 'good' first quarter performance yesterday.
Close had previously warned of stiff headwinds faced by its banking and asset management units, but intimated in a brief update to trading that both divisions had fared better than expected.
Its bad debt ratio also reduced in the company's financial first quarter relative to the second half of the last financial year, though 'the outlook remains uncertain and sensitive to the economic environment', it cautioned.
Winterflood, which boosted Close Brothers' full-year results thanks to retail shareholder interest and volatility, again had strong volumes on the back of the recent rally in equity markets, despite warnings of a slowdown.
The shares ended the session 18½p higher at 730p, valuing Close at just over £1bn.
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