Interim Results

Rathbone Brothers PLC 04 September 2003 4th September 2003 Rathbone Brothers Plc Interim results for the six months to 30th June 2003 Rathbone Brothers Plc, the group that specialises in discretionary investment management for private clients, announces interim results for the six months to 30th June 2003. Highlights: â€¢Funds under management rise by 11% to Â£5.9bn over the six months compared with an increase in the FTSE 100 Index of only 2.3%. â€¢The Unit Trust management company increases funds under management by 46% to Â£322 million in the same period. â€¢Pre-tax profits before exceptional items and before goodwill amortisation are Â£9.4m compared with Â£11.4m in the first half of 2002 and Â£7.0m in the second half. Pre-tax profits before exceptional items and after goodwill amortisation are Â£6.6m compared with Â£10.1m for the first half of 2002. â€¢Earnings per share, before goodwill amortisation, decline to 18.19p from 22.39p for the same period in 2002. â€¢Post goodwill earnings per share decline to 11.31p from 18.96p for the same period in 2002, but up from the 4.94p in the second half of 2002. â€¢The interim dividend of 10p per share is maintained. â€¢Markets in the period were very volatile - the FTSE 100 Index rose by 2.3% overall but at its worst it fell 16% and subsequently rose by 28% from its low point. Commenting on the interim results, Mark Powell, Chairman of Rathbone Brothers Plc, said: 'This was, by any standards, an extremely difficult period in which to operate a business whose main focus is discretionary investment management for wealthy private investors. During the first half of 2003, the UK equity market as measured by the FTSE 100, was very volatile - it fell by 16%, subsequently rose by 28% from its low point, yet at the end of June finished only 2.3% above the end of December level. In spite of this unusual volatility, the Group was profitable in every month of the first half of the year.' 'Against these very demanding market conditions, it is pleasing to report that funds under management have risen by over 11% from Â£5.3bn at the end of 2002 to Â£5.9bn at the end of June. Our continued policy of acquisition has led to an increase in our goodwill charge and the resulting fall in post goodwill EPS'. 'Looking forward, our view is that, whilst equities still offer good value, further progress in markets is likely to be much less dramatic. The more settled market conditions that we anticipate should however, provide a favourable climate in which to continue growing our business organically and to attract experienced investment and trust professionals to join Rathbones.' For further information, please contact: Rathbone Brothers Plc (020 7399 0000) Mark Powell, Chairman Andy Pomfret, Finance Director Luther Pendragon (020 7618 9100) Tim Trotter (Glenfern) Jon Bennett Andrew Sharkey Rathbone Brothers Plc Interim results for the six months ended 30th June 2003 Chairman's Statement My first statement as Chairman is for the six months to 30th June 2003. This was, by any standards, an extremely difficult period in which to operate a business whose main focus is discretionary investment management for wealthy private investors. There was nervousness in the run up to military action in Iraq and the consequent uncertainties when the invasion took place. This, combined with anxieties connected with somewhat conflicting economic indicators and the SARS epidemic, produced very volatile markets. In the event, profits before tax (before exceptional items and goodwill amortisation) for the six months to 30th June 2003 were Â£9.4 million, compared with Â£11.4 million in the first half of 2002 and Â£7.0 million in the second half. Earnings per share before goodwill amortisation were 18.19p compared to 22.39p for the same period in 2002. The interim dividend of 10p per share is maintained. Our continued policy of acquisition has led to an increase in our goodwill charge and the resulting fall in post goodwill EPS from 18.96p to 11.31p. During the first half of 2003, the UK equity market as measured by the FTSE 100, was very volatile - it fell by 16%, subsequently rose by 28% from its low point, yet at the end of June finished only 2.3% above the end of December level. In spite of this unusual volatility, the Group was profitable in every month of the first half of the year. Against these very demanding market conditions, it is pleasing to report that funds under management have risen by over 11% from Â£5.3bn at the end of 2002 to Â£5.9bn at the end of June, compared with the 2.3% increase in the FTSE 100 Index, as a result of both organic growth and new business. Our Unit Trust management company continues to perform very well and has increased its funds under management by 46% to Â£322 million. In particular, the Rathbone Income Fund has attracted considerable support reflecting its excellent long term record. Our Trust division has suffered from the twin pressures of depressed markets and low levels of corporate activity. Action has been taken to reduce overheads in this area and these are anticipated to produce annual savings of approximately Â£1 million from 2004, although there has been a one-off cost in this first half of around Â£140,000. Despite the recent difficult trading environment, we believe that our investment management and trust services together continue to offer wealthy private investors a competitive level of service and expertise. The sharp rally in the market since March reflects an increasing confidence in the outlook for corporate earnings. Looking forward, our view is that, whilst equities still offer good value, further progress in markets is likely to be much less dramatic. The more settled market conditions that we anticipate should however, provide a favourable climate in which to continue growing our business organically and to attract experienced investment and trust professionals to join Rathbones. Mark Powell Chairman 3rd September 2003 ----------------------------- --------- -------- ---------- Consolidated profit and loss account for the six months ended 30th June 2003 ----------------------------- --------- -------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ----------------------------- --------- -------- ---------- Gross operating income (Note 6) 49,280 50,694 95,969 ----------------------------- --------- -------- ---------- Operating income - continuing 40,047 42,071 79,825 operations Operating costs (33,415) (31,921) (65,277) ----------------------------- --------- -------- ---------- Operating profit 6,632 10,150 14,548 - operating profit before goodwill 9,383 11,420 18,364 amortisation - goodwill amortisation (2,751) (1,270) (3,816) Gain on sale of investment securities - continuing operations 702 - 777 ----------------------------- --------- -------- ---------- Profit on ordinary activities before tax - continuing operations 7,334 10,150 15,325 Tax on profit on ordinary activities (2,874) (3,126) (6,211) ----------------------------- --------- -------- ---------- Profit on ordinary activities after 4,460 7,024 9,114 tax Dividends (3,974) (4,149) (10,451) ----------------------------- --------- -------- ---------- Transferred to reserves 486 2,875 (1,337) ----------------------------- --------- -------- ---------- Earnings per ordinary share Basic after goodwill amortisation 11.31p 18.96p 23.90p Basic before goodwill amortisation 18.19p 22.39p 33.91p Diluted after goodwill amortisation 11.16p 18.89p 23.83p Diluted before goodwill amortisation 17.96p 22.31p 33.81p ----------------------------- --------- -------- ---------- Consolidated balance sheet as at 30th June 2003 ----------------------------- --------- --------- ---------- 31st 30th June 30th June December 2003 2002 2002 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ----------------------------- --------- --------- ---------- Assets Cash and balances at central banks 6,126 3,831 19,019 Settlement balances 19,151 16,802 6,837 Loans and advances to banks 34,266 32,289 33,025 Loans and advances to customers 34,677 35,112 36,828 Debt securities 390,000 402,693 363,426 Equity shares 35 70 70 Intangible fixed assets 57,469 39,239 56,232 Tangible fixed assets 6,819 8,013 7,454 Other assets 3,941 5,466 3,651 Prepayments and accrued income 15,377 14,880 16,132 ----------------------------- --------- --------- ---------- Total assets 567,861 558,395 542,674 ----------------------------- --------- --------- ---------- Liabilities Deposits by banks 6,318 981 62 Settlement balances 14,710 15,895 5,865 Customer accounts 421,501 426,199 408,039 Debt securities in issue 1,169 1,034 5,768 Other liabilities 8,360 9,243 10,899 Accruals and deferred income 7,588 6,630 7,671 Provision for liabilities and charges 5,179 5,192 3,940 Called up share capital 1,982 1,896 1,969 Shares to be issued including premium 2,823 - 1,927 Share premium account 10,307 8,243 9,639 Other reserves 46,367 37,387 45,674 Profit and loss account 41,557 45,695 41,221 ----------------------------- --------- --------- ---------- Equity shareholders' funds 103,036 93,221 100,430 ----------------------------- --------- --------- ---------- ----------------------------- --------- --------- ---------- Total liabilities 567,861 558,395 542,674 ----------------------------- --------- --------- ---------- Memorandum items Undrawn commitments to lend 5,528 7,088 4,503 Guarantees and pledged assets 808 996 779 ----------------------------- --------- --------- ---------- 6,336 8,084 5,282 ----------------------------- --------- --------- ---------- Approved by the Board on 3rd September 2003. Consolidated cash flow statement for the six months ended 30th June 2003 ----------------------------- --------- --------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ----------------------------- --------- --------- ---------- Net cash inflow from operating 30,790 20,969 14,837 activities --------- --------- ---------- ----------------------------- Taxation - UK corporation tax (1,779) (1,836) (5,279) - Overseas tax (782) (792) (1,425) ----------------------------- --------- --------- ---------- Net cash outflow for taxation (2,561) (2,628) (6,704) ----------------------------- --------- --------- ---------- Capital expenditure and financial investments - Purchase of investment securities (1,122,067) (922,277) (1,733,062) - Proceeds from sale and maturities of investment securities 1,096,229 901,107 1,751,939 - Purchase of tangible fixed assets (877) (871) (1,866) - Sale of tangible fixed assets 8 119 179 ----------------------------- --------- --------- ---------- Net cash (outflow)/inflow for capital expenditure and financial investments (26,707) (21,922) 17,190 ----------------------------- --------- --------- ---------- Acquisitions and disposals - Acquisitions of subsidiaries/ (1,523) (238) (4,754) businesses - Net cash acquired with subsidiary 44 141 1,186 undertakings --------- --------- ---------- ----------------------------- Net cash outflow for acquisitions and (1,479) (97) (3,568) disposals --------- --------- ---------- ----------------------------- Equity dividends paid (6,311) (6,042) (9,953) ----------------------------- --------- --------- ---------- Net cash (outflow)/inflow before (6,268) (9,720) 11,802 financing --------- --------- ---------- ----------------------------- Financing - Issue of shares 383 659 260 - Repayment of debt securities (4,599) - - - Issue expenses of debt securities - - (29) ----------------------------- --------- --------- ---------- Net cash (outflow)/inflow from (4,216) 659 231 financing --------- --------- ---------- ----------------------------- (Decrease)/increase in cash in the (10,484) (9,061) 12,033 period --------- --------- ---------- ----------------------------- Consolidated statement of total recognised gains and losses for the six months ended 30th June 2003 ----------------------------- -------- --------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ----------------------------- -------- --------- ---------- Profit for the period attributable to shareholders 4,460 7,024 9,114 Currency adjustments (59) 3 (107) ----------------------------- -------- --------- ---------- Total recognised gains and losses for 4,401 7,027 9,007 the period Prior year adjustment - 2,018 2,018 ----------------------------- -------- --------- ---------- Total gains and losses recognised since the last report 4,401 9,045 11,025 ----------------------------- -------- --------- ---------- Reconciliation of movements in shareholders' funds for the six months ended 30th June 2003 ------------------------------ -------- --------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ------------------------------ -------- --------- ---------- Profit for the period attributable to shareholders 4,460 7,024 9,114 Dividends (3,974) (4,149) (10,451) ------------------------------ -------- --------- ---------- Result for the period 486 2,875 (1,337) Currency adjustments (59) 3 (107) Shares issued or to be issued 13 82 155 Premium on shares issued or to be 2,257 13,011 24,621 issued Movement in relation to the Share (91) (197) (349) Incentive Plan ------------------------------ -------- --------- ---------- Net addition to shareholders' funds 2,606 15,774 22,983 Opening shareholders' funds 100,430 77,447 77,447 ------------------------------ -------- --------- ---------- Closing shareholders' funds 103,036 93,221 100,430 ------------------------------ -------- --------- ---------- Notes to the accounts for the six months ended 30th June 2003 1 Basis of preparation The unaudited interim financial information, which has been approved by the Board of Directors, has been prepared on the basis of accounting policies set out in the Group's accounts for the year ended 31st December 2002. The Group's accounts for the year ended 31st December 2002 have been reported on by the auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2 Basis of consolidation The consolidated accounts include the accounts of the Company and its subsidiary and quasi-subsidiary undertakings made up to 30th June 2003. Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the period are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal. 3 Goodwill Purchased goodwill (representing the difference between the fair value of the consideration given and any associated costs and the fair value of the separable net assets acquired) arising on consolidation in respect of acquisitions before 1st January 1998, when Financial Reporting Standard 10 'Goodwill and intangible assets' was adopted, was written off to reserves in the year of acquisition. When a subsequent disposal occurs, any related goodwill previously written off to reserves is written back through the profit and loss account as part of the profit or loss on disposal. Purchased goodwill arising on consolidation in respect of acquisitions since 1st January 1998 is capitalised. Goodwill is amortised to nil by equal instalments over its estimated useful life as follows: - investment management businesses 8-10 years - trust businesses 20 years On the subsequent disposal or termination of a business acquired since 1st January 1998, the unamortised amount of any related goodwill is taken into account in calculating the profit or loss on disposal or termination. 4 Investments The Group has a holding of 1,600,000 shares in London Stock Exchange plc which is included in the balance sheet at a cost of Â£2. The market value of the holding at 30th June 2003 was Â£5,440,000. 5 Acquisitions ---------------------------- -------- --------- -------- ------ Galsworthy & Stones (a) Others (b) Others (c) Total Â£'000 Â£'000 Â£'000 Â£'000 ---------------------------- -------- --------- -------- ------ Consideration paid: Acquisition costs - 58 2 60 Issue of new ordinary shares of 5p in Rathbone Brothers Plc - - 699 699 Cash - 1,462 - 1,462 Deferred contingent 896 913 - 1,809 consideration ---------------------------- -------- --------- -------- ------ Total consideration 896 2,433 701 4,030 ---------------------------- -------- --------- -------- ------ Net assets acquired: Loans and advances to banks - - 44 44 Loans and advances to - - 26 26 customers ---------------------------- -------- --------- -------- ------ Total assets - - 70 70 Liabilities - - (28) (28) ---------------------------- -------- --------- -------- ------ Net assets on acquisition - - 42 42 date Total fair value adjustments - - - - ---------------------------- -------- --------- -------- ------ Adjusted net assets acquired - - 42 42 ---------------------------- -------- --------- -------- ------ Goodwill arising on 896 2,433 659 3,988 acquisition ---------------------------- -------- --------- -------- ------ (a) The deferred contingent consideration payable in respect of last year's acquisition of Galsworthy & Stones, estimated at Â£1,777,000 as at 31st December 2002, has been revised to Â£2,673,000 which has resulted in an increase to goodwill on consolidation and shares to be issued of Â£896,000. (b) In January 2003, Rathbone Investment Management Limited signed agreements to transfer investment management clients from two organisations. For both transactions, the consideration payable is contingent on the number of clients who agree to transfer on the basis of the standard terms and conditions of Rathbone Investment Management Limited. In total, there were initial consideration payments of cash of Â£1,462,000 and acquisition costs of Â£58,000 incurred. Deferred contingent consideration is payable in cash in the second half of the year to both vendors and an estimate of the value of the cash consideration has been included in goodwill and provisions for liabilities and charges. On 1st July 2003, a deferred consideration payment of Â£340,000 was made to one of the vendors. (c) In June 2003, the Group acquired a number of UK based companies engaged in the introduction of discretionary investment management clients. The total consideration of Â£701,000 (including acquisition costs) was satisfied by the issue of 114,848 new ordinary shares of 5p each at 608.7p. 6 Operating income ----------------------------- --------- -------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Â£'000 Â£'000 Â£'000 ----------------------------- --------- -------- ---------- Gross operating income - Interest receivable 9,359 10,288 20,784 - Dividend income 9 11 90 - Fees and commissions receivable 39,265 39,777 73,880 - Other operating income 647 618 1,215 ----------------------------- --------- -------- ---------- 49,280 50,694 95,969 Interest payable (4,235) (4,382) (9,081) Fees and commissions payable (4,998) (4,241) (7,063) ----------------------------- --------- -------- ---------- Operating income 40,047 42,071 79,825 ----------------------------- --------- -------- ---------- All amounts derive from continuing operations. 7 Gain on sale of investment securities In April 2003, 35,000 shares in Consort Security Systems Limited were sold by Neilson Cobbold Holdings plc. The shares were acquired for Â£35,000 and the profit on sale amounted to Â£157,000. The amount of tax attributable to the profit on sale included in the overall tax charge is Â£47,000. In June 2003, 150,000 shares in London Stock Exchange plc were sold by Rathbone Neilson Cobbold Limited. The shares were acquired at no cost and the sale proceeds and profit on sale amounted to Â£545,000. The amount of tax attributable to the profit on sale included in the overall tax charge is Â£164,000. 8 Taxation The tax charge for the period is higher than the standard rate of corporation tax in the UK of 30% principally due to disallowable amortisation of goodwill on consolidation partially offset by lower rates of tax on unremitted overseas earnings. 9 Earnings per share The calculation of basic earnings per share is based on profit after taxation before dividends for each period and the weighted average number of ordinary shares in issue during the relevant period. The directors believe that the additional EPS figures provided, which exclude goodwill amortisation, assist the users of these interim accounts in understanding the performance of the Group. Diluted earnings per share is the basic earnings per share, adjusted for employee share options remaining capable of exercise, shares issuable under the Share Incentive Plan and contingently issuable shares related to deferred consideration payments, weighted for the relevant periods as set out below. ----------------------------- --------- --------- --------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 ----------------------------- --------- --------- --------- Weighted average number of ordinary shares in issue during the period - basic 39,432,386 37,050,531 38,139,407 Effect of ordinary share options - 108,034 - Effect of dilutive ordinary shares issuable under the Share Incentive Plan 26,240 21,435 16,183 Effect of contingently issuable 493,363 - 90,225 ordinary shares ----------------------------- --------- --------- --------- Weighted average number of ordinary shares in issue during the period - diluted 39,951,989 37,180,000 38,245,815 ----------------------------- --------- --------- --------- 10 Dividends per share ----------------------------- --------- ---------- ---------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Â£'000 Â£'000 Â£'000 ----------------------------- --------- ---------- ---------- Interim dividend of 10p per share on 39,649,942 shares (2002: 10p per share on 39,119,091 3,965 3,912 3,912 shares) Final dividend of 16p per share on - - 6,302 39,388,073 shares Adjustment in respect of previous 9 237 237 periods ----------------------------- --------- ---------- ---------- 3,974 4,149 10,451 ----------------------------- --------- ---------- ---------- The interim dividend declared of 10p per share is payable on 15th October 2003 to shareholders on the register at the close of business on 19th September 2003. 11 Cash flow statement (i) Reconciliation of operating profit to net cash inflow from operating activities ----------------------------- --------- -------- --------- Six months Six months Year ended ended ended 30th June 30th June 31st December 2003 2002 2002 Â£'000 Â£'000 Â£'000 ----------------------------- --------- -------- --------- Operating profit 6,632 10,150 14,548 Loss/(profit) on disposal of tangible 2 (48) 11 fixed assets Depreciation and amortisation 4,251 3,018 7,220 UITF Abstract 17 Share Incentive Plan 201 118 283 charge Provision for bad and doubtful debts 260 384 341 Decrease/(increase) in accrued income 771 357 (801) and prepayments Increase/(decrease) in provision for liabilities and charges 323 (831) (1,067) (Decrease)/increase in accruals and (117) 860 1,841 deferred income ----------------------------- --------- -------- --------- Net cash inflow from trading 12,323 14,008 22,376 activities Net decrease/(increase) in loans and advances to banks and customers 4,022 (3,512) 1,057 Net (increase)/decrease in settlement (12,313) (8,173) 1,790 debtor balances Net increase/(decrease) in settlement 8,845 8,508 (1,522) creditor balances Net increase/(decrease) in deposits by 18,716 9,822 (9,266) banks and customer accounts Net (decrease)/increase in other (202) 1,975 (41) liabilities Net (increase)/decrease in other (601) (1,659) 443 assets ----------------------------- --------- -------- --------- Net cash inflow from operating 30,790 20,969 14,837 activities ----------------------------- --------- -------- --------- (ii) Analysis of the balances of cash as shown in the balance sheet -------------------- -------- ------- --------- --------- ------- At 1st At 30th January Cash Non-cash Exchange June 2003 flow changes movements 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 -------------------- -------- ------- --------- --------- ------- Cash and balances at 19,019 (12,885) - (8) 6,126 central banks Loans and advances to other banks repayable on demand 28,276 2,401 - (26) 30,651 -------------------- -------- ------- --------- --------- ------- Total 47,295 (10,484) - (34) 36,777 -------------------- -------- ------- --------- --------- ------- (iii) Analysis of changes in financing ---------------------- --------- -------- -------- Shares Share Share to be capital premium issued Â£'000 Â£'000 Â£'000 ---------------------- --------- -------- -------- Balance at 1st January 2003 1,969 9,639 1,927 Cash inflow 7 668 - Other movement 6 - 896 ---------------------- --------- -------- -------- Balance at 30th June 2003 1,982 10,307 2,823 ---------------------- --------- -------- -------- (iv) Acquisition of subsidiary undertakings and businesses The effect of the acquisitions made during the period is set out in Note 5. The companies/businesses acquired did not make a material contribution to the Group's net operating cash flows or capital expenditure in the period. (v) Major non-cash transactions The consideration for the companies/businesses acquired included shares - see Note 5. (vi) Disposal of investment securities Net sale proceeds of Â£702,000 were received in relation to the sale of investment securities - see Note 7. 12 Segmental information (a) Segmental information as required by Statement of Standard Accounting Practice 25 'Segmental reporting': ----------------------- ----------------- ---------------- Gross operating income Profit before taxation after goodwill amortisation Six Six Year Six Six Year months months ended months months ended ended ended 31st ended ended 31st 30th June 30th June December 30th June 30th June December 2003 2002 2002 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----------------------- ------- ------ ------- ------ ------ -------- By class of business: Investment management and banking 38,617 40,511 75,238 6,810 9,010 13,193 Trust services 10,663 10,183 20,731 524 1,140 2,132 ----------------------- ------- ------ ------- ------ ------ -------- 49,280 50,694 95,969 7,334 10,150 15,325 ----------------------- ------- ------ ------- ------ ------ -------- By geographical segment: United Kingdom 40,386 43,398 79,737 6,105 8,874 12,141 Jersey, Switzerland and other European countries 8,055 6,448 14,208 902 897 2,031 The Americas 839 848 2,024 327 379 1,153 ----------------------- -------- ------ ------- ------ ------ -------- 49,280 50,694 95,969 7,334 10,150 15,325 ----------------------- -------- ------ ------- ------ ------ -------- Total assets Net assets Six Six Year Six Six Year months months ended months months ended ended ended 31st ended ended 31st 30th June 30th June December 30th June 30th June December 2003 2002 2002 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----------------------- ------- ------- ------- ------- ------ ------- By class of business: Investment management and banking 507,010 502,105 480,112 62,686 64,420 58,255 Trust services 60,851 56,290 62,562 40,350 28,801 42,175 ----------------------- ------- ------- ------- ------- ------ ------- 567,861 558,395 542,674 103,036 93,221 100,430 ----------------------- ------- ------- ------- ------- ------ ------- ----------------------- ------- ------- ------- ------- ------ ------- By geographical segment: United Kingdom 509,953 508,072 484,005 67,077 61,795 63,961 Jersey, Switzerland and other European countries 53,206 44,784 53,814 33,440 28,469 34,217 The Americas 4,702 5,539 4,855 2,519 2,957 2,252 ----------------------- ------- ------- ------- ------- ------ ------- 567,861 558,395 542,674 103,036 93,221 100,430 ----------------------- ------- ------- ------- ------- ------ ------- Interest receivable Dividend income Six Six Year Six Six Year months months ended months months ended ended ended 31st ended ended 31st 30th June 30th June December 30th June 30th June December 2003 2002 2002 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- By geographical segment: United Kingdom 8,881 9,812 19,796 9 11 90 Jersey, Switzerland and other European 442 447 921 - - - countries The Americas 36 29 67 - - - ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- 9,359 10,288 20,784 9 11 90 ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- Fees and commissions receivable Other operating income Six Six Year Six Six Year months months ended months months ended ended ended 31st ended ended 31st 30th June 30th June December 30th June 30th June December 2003 2002 2002 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- By geographical segment: United Kingdom 30,874 32,954 58,641 623 610 1,210 Jersey, Switzerland and other European 7,589 5,993 13,282 24 8 5 countries The Americas 802 830 1,957 - - - ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- 39,265 39,777 73,880 647 618 1,215 ---------------- ---- ---- ----- ------ ------- ------- ------ ------ ------- (b) Additional segmental analysis: Gross operating income Profit before taxation before goodwill amortisation Six Six Year Six Six Year months months ended months months ended ended ended 31st ended ended 31st 30th June 30th June December 30th June 30th June December 2003 2002 2002 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----------------------- ------- ------ ------- ------ ------ -------- By class of business: Investment management and banking 38,617 40,511 75,238 8,516 9,484 15,225 Trust services 10,663 10,183 20,731 1,569 1,936 3,916 ----------------------- ------- ------ ------- ------ ------ -------- 49,280 50,694 95,969 10,085 11,420 19,141 ----------------------- ------- ------ ------- ------ ------ -------- By geographical segment: United Kingdom 40,386 43,398 79,737 7,993 9,527 14,560 Jersey, Switzerland and other European countries 8,055 6,448 14,208 1,765 1,514 3,428 The Americas 839 848 2,024 327 379 1,153 ----------------------- -------- ------ ------- ------ ------ -------- 49,280 50,694 95,969 10,085 11,420 19,141 ----------------------- -------- ------ ------- ------ ------ -------- 13 Interim report The interim report will be sent to registered shareholders. Further copies will be available to the public from the Company's registered office at 159 New Bond Street, London W1S 2UD. Independent review report by KPMG Audit Plc to Rathbone Brothers Plc Introduction We have been engaged by the Company to review the financial information which comprises the consolidated profit and loss account, consolidated balance sheet, consolidated cash flow statement, consolidated statement of total recognised gains and losses, reconciliation of movements in shareholders' funds and notes 1 to 13 and we have read the other information, which comprises only the Chairman's Statement, contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Listing Rules of the Financial Services Authority. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are to be disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 Review of interim financial information issued by the Auditing Practices Board. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30th June 2003. KPMG Audit Plc Chartered Accountants 8 Salisbury Square London EC4Y 8BB 3rd September 2003 This information is provided by RNS The company news service from the London Stock Exchange

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