Close Brothers Group PLC reports continued strong trading in past quarter

PLC () has reported on a strong performance in the first quarter of its financial year, with all businesses on track or better than signalled at the time of its final results a month ago.

High levels of new business volumes are being seen at the lending businesses, with the loan book up 5.6% to £8bn in the three months to October 31, 2020.

Positive inflows in the Asset Management division continued with annualised net inflows of 7% despite the impact of reduced face-to-face interaction with clients since the onset of Covid-19, with managed assets increased to £12.8bn from £12.6bn at the end of July.

Elevated trading volumes also continued in the Winterflood market-making business, with average daily bargains remaining elevated at 83k, although below the level seen in the second half of the previous financial year of 108k.

“We have delivered a strong performance in the first quarter with all of our businesses performing well in the current environment,” the FTSE 250-listed group said in its statement.

“However, the impact of Covid-19, the additional restrictions in the UK, Brexit, and the end of the government support schemes on loan book growth and credit performance is still highly uncertain.”