Storming performance from market-maker Winterflood lifts Close Bros PLC
“Winterflood’s year-to-date operating profit is ahead of the level achieved in the whole of the 2020”
PLC () said trading in its third quarter was ahead of expectations helped by a bumper performance from market-making arm Winterflood.
Elevated market activity and ‘the expertise of its traders’, were behind Winterflood’s storming quarter, said the merchant bank in a trading update for the period 1 February to 30 April 2021.
Average daily bargains stood at 120,000 in the quarter (31 January 2021: 97,000; 31 July 2020: 82,000), with no loss days.
“As a result, Winterflood’s year-to-date operating profit is ahead of the level achieved in the whole of the 2020 financial year,” said the statement.
In banking, the loan book increased 3.2% in the quarter and 7.7% year-to-date to £8.2bn with strong demand for loans issued under the Coronavirus Business Interruption Loan Scheme (CBILS) prior to the application deadline on 31 March 2021.
The Asset Management division generated annualised net inflows of 6% (31 January 2021: 4%), despite the continued impact of reduced face-to-face interaction with clients arising from COVID-19.
Adrian Sainsbury, chief executive, said: “We continued to perform strongly in the third quarter, in line with the trends reported in the first half of the year.”
Read More: Storming performance from market-maker Winterflood lifts Close Bros PLC