Interim Results

Rathbone Brothers PLC 09 September 2004 9th September 2004 Rathbone Brothers Plc Interim results for the six months to 30th June 2004 Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private clients and trustees, announces its interim results for the six months to 30th June 2004. Highlights: â€¢Operating income increased by 18.0% to Â£47.3m (30th June 2003: Â£40.1m. Full year 2003: Â£81.8m). â€¢Operating profit before goodwill amortisation of Â£13.2m, an increase of 40.4% over the same period in 2003 (30th June 2003: Â£9.4m. Full year 2003: Â£19.7m). â€¢Operating profit after goodwill amortisation was Â£10.2m, an increase of 54.5% on the same period last year (30th June 2003: Â£6.6m. Full year 2003: Â£14.2m). â€¢Total funds under management increased by 2.9% to Â£7.0 billion compared with a fall in the FTSE 100 Index of 0.3% over the same period. â€¢Funds under management in Rathbone Unit Trusts increased by 34.7% over the period from Â£481m to Â£648m. â€¢Operating profit (before goodwill amortisation) in the Trust Division was Â£1.7m compared to Â£1.2m in the first half of 2003. â€¢Earnings per share before goodwill amortisation rose by 26.6% to 23.03p compared to 18.19p for the same period in 2003. Earnings per share after goodwill amortisation rose by 40.0% to 15.83p compared to 11.31p for the same period in 2003. â€¢The interim dividend is to be increased by 5.0% to 10.5p per share. Mark Powell, Chairman of Rathbone Brothers Plc, commented: 'These significantly improved results reflect the growth in funds under management that has been achieved in recent years in all parts of our business, and our ability to provide settlement and systems support cost effectively. Since the end of June the market has continued to trade in a relatively narrow range and markets have been characteristically quiet in the holiday period. Provided there are no unexpected adverse developments in world stock markets, we expect to return to higher levels of activity from September onwards and Rathbones can therefore continue to look forward to the future confidently.' For further information contact: Rathbone Brothers Plc (020 7399 0000) Fishburn Hedges (020 7839 4321) Mark Powell, Chairman Andrew Marshall Andy Pomfret, Finance Director Mark Tierney (Chief Executive elect) Emily Morris, Marketing Director RATHBONE BROTHERS PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2004 CHAIRMAN'S STATEMENT The first half of 2004 has seen less volatile conditions in world stock markets, with most of the recovery experienced in the second half of 2003 being consolidated. The same period saw the UK equity market as expressed by the FTSE 100 Index fall by 0.3%. Funds under management at 30th June were 2.9% higher at Â£7.0 billion. Profits before tax (before exceptional items and goodwill amortisation) for the six months to 30th June 2004 were Â£13.2million, compared with Â£9.4 million in the first half of 2003 and Â£19.7 million for the whole of 2003. Earnings per share (before goodwill amortisation) rose by 26.6% to 23.03p compared to 18.19p for the same period in 2003. Earnings per share (after goodwill amortisation) rose by 40.0% to 15.83p compared with 11.31p in the first half of 2003. The interim dividend is increased by 5.0% to 10.5p per share, payable on 15th October 2004. These significantly improved results reflect the growth in funds under management that has been achieved in recent years in all parts of our business and our ability to provide settlement and systems support cost-effectively. The market for investment management services for private investors and trustees remains highly competitive, with investors seeking evidence of soundly based and thorough investment processes and satisfactory performance. Reflecting excellent investment performance, the Rathbone Unit Trusts have continued to attract funds and at 30th June, funds under management had reached Â£648 million (31st December 2003: Â£481 million). We are able to report a useful recovery in the profits of our Trust Division, reflecting the actions of the management team now in place. There are now some signs of increased activity by our clients in this area. Profits before tax (before exceptional items and goodwill amortisation) in the Trust Division were Â£1.7 million compared to Â£1.2 million for the first half of 2003. Roy Morris is due to retire as Chief Executive on 1st October 2004 but we are pleased that he is to remain on the Board as a Non-Executive Director. The Board has appointed Andy Pomfret, currently our Finance Director, to succeed him on that date and Sue Desborough, currently Group Financial Controller, as Finance Director. Since the end of June the market has continued to trade in a relatively narrow range and markets have been characteristically quiet in the holiday period. Provided there are no unexpected adverse developments in world stock markets, we expect to return to higher levels of activity from September onwards and Rathbones can therefore continue to look forward to the future confidently. Mark Powell Chairman 8th September 2004 Consolidated profit and loss account for the six months ended 30th June 2004 Six months Six months ended Year ended 30th June ended 30th June 2003 31st December 2004 (*Restated) 2003 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 -------------------------------------------------- --------- -------- --------- Gross operating income (Note 5) 53,793 *44,932 91,973 -------------------------------------------------- --------- -------- --------- Operating income - continuing operations (Note 5) 47,255 40,047 81,777 Operating costs (37,056) (33,415) (67,612) -------------------------------------------------- --------- -------- --------- Operating profit 10,199 6,632 14,165 - operating profit before goodwill amortisation 13,161 9,383 19,745 - goodwill amortisation (2,962) (2,751) (5,580) Gain on sale of investment securities - continuing operations - 702 1,088 -------------------------------------------------- --------- -------- --------- Profit on ordinary activities before tax - continuing operations 10,199 7,334 15,253 Tax on profit on ordinary activities (Note 6) (3,757) (2,874) (5,685) -------------------------------------------------- --------- -------- --------- Profit on ordinary activities after tax 6,442 4,460 9,568 Dividends (Note 8) (4,276) (3,974) (10,524) -------------------------------------------------- --------- -------- --------- Transferred to reserves 2,166 486 (956) -------------------------------------------------- --------- -------- --------- Earnings per ordinary share (Note 7) Basic after goodwill amortisation 15.83p 11.31p 24.07p Basic before goodwill amortisation 23.03p 18.19p 38.11p Diluted after goodwill amortisation 15.68p 11.16p 23.86p Diluted before goodwill amortisation 22.81p 17.96p 37.77p -------------------------------------------------- --------- -------- --------- *See Note 5 Consolidated balance sheet as at 30th June 2004 31st 30th June 30th June December 2004 2003 2003 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 -------------------------------------------------- --------- -------- --------- Assets Cash and balances at central banks 302 6,126 3,205 Settlement balances 36,473 19,151 13,523 Loans and advances to banks 39,870 34,266 43,207 Loans and advances to customers 39,292 34,677 36,353 Debt securities 385,003 390,000 333,002 Equity shares 35 35 35 Intangible fixed assets 54,754 57,469 57,702 Tangible fixed assets 6,036 6,819 6,226 Other assets 3,993 3,941 4,245 Prepayments and accrued income 18,873 15,377 17,666 -------------------------------------------------- --------- -------- --------- Total assets 584,631 567,861 515,164 -------------------------------------------------- --------- -------- --------- Liabilities Deposits by banks 4,695 6,318 5,335 Settlement balances 42,528 14,710 11,376 Customer accounts 403,303 421,501 366,715 Debt securities in issue 336 1,169 898 Other liabilities 9,814 8,360 11,190 Accruals and deferred income 10,569 7,588 8,560 Provision for liabilities and charges 5,303 5,179 5,188 Called up share capital 2,036 1,982 2,033 Shares to be issued including premium - 2,823 - Share premium account 13,988 10,307 13,791 Other reserves 49,428 46,367 49,428 Profit and loss account 42,631 41,557 40,650 -------------------------------------------------- --------- -------- --------- Equity shareholders' funds 108,083 103,036 105,902 -------------------------------------------------- --------- -------- --------- -------------------------------------------------- --------- -------- --------- Total liabilities 584,631 567,861 515,164 -------------------------------------------------- --------- -------- --------- Memorandum items Guarantees and pledged assets 1,003 808 961 Undrawn commitments to lend 4,453 5,528 4,182 -------------------------------------------------- --------- -------- --------- 5,456 6,336 5,143 -------------------------------------------------- --------- -------- --------- Approved by the Board on 8th September 2004. Consolidated cash flow statement for the six months ended 30th June 2004 Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 -------------------------------------------------- --------- --------- --------- Net cash inflow/(outflow) from 54,058 30,790 +(22,934) operating activities (Note 9(i)) -------------------------------------------------- --------- --------- --------- Taxation - UK corporation tax (3,002) (1,779) (5,120) - Overseas tax (734) (782) (506) -------------------------------------------------- --------- --------- --------- Net cash outflow for taxation (3,736) (2,561) (5,626) -------------------------------------------------- --------- --------- --------- Capital expenditure and financial investments - Purchase of investment securities (802,378) (1,122,067) (1,962,667) - Proceeds from sale and maturity of investment securities 750,377 1,096,229 1,994,214 - Purchase of tangible fixed assets (1,135) (877) (1,903) - Sale of tangible fixed assets 63 8 105 -------------------------------------------------- --------- --------- --------- Net cash (outflow)/inflow for capital expenditure and financial investments (53,073) (26,707) 29,749 -------------------------------------------------- --------- --------- --------- Acquisitions and disposals - Acquisitions of subsidiaries/businesses (169) (1,523) (4,970) - Net cash acquired with subsidiary undertakings - 44 70 -------------------------------------------------- --------- --------- --------- Net cash outflow for acquisitions and disposals (169) (1,479) (4,900) -------------------------------------------------- --------- --------- --------- Equity dividends paid (6,507) (6,311) (10,319) -------------------------------------------------- --------- --------- --------- Net cash outflow before financing (9,427) (6,268) +(14,030) -------------------------------------------------- --------- --------- --------- Financing - Issue of shares (Note 9 (iv)) 200 383 3,466 - Cost of free and matching shares purchased (866) - - - Repayment of debt securities (561) (4,599) (4,870) -------------------------------------------------- --------- --------- --------- Net cash outflow from financing (1,227) (4,216) (1,404) -------------------------------------------------- --------- --------- --------- Decrease in cash in the period (10,654) (10,484) +(15,434) -------------------------------------------------- --------- --------- --------- + See Note 9(vi) Consolidated statement of total recognised gains and losses for the six months ended 30th June 2004 Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 -------------------------------------------------- --------- -------- --------- Profit for the period attributable to shareholders 6,442 4,460 9,568 Currency adjustments (71) (59) (207) -------------------------------------------------- --------- -------- --------- Total recognised gains and losses for the period 6,371 4,401 9,361 -------------------------------------------------- --------- -------- --------- Reconciliation of movements in shareholders' funds for the six months ended 30th June 2004 Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 -------------------------------------------------- --------- -------- --------- Profit for the period attributable to shareholders 6,442 4,460 9,568 Dividends (4,276) (3,974) (10,524) -------------------------------------------------- --------- -------- --------- Result for the period 2,166 486 (956) Currency adjustments (71) (59) (207) Shares issued or to be issued 3 13 64 Premium on shares issued or to be issued 197 2,257 5,979 Movement in relation to the Share Incentive Plan (114) (91) 592 -------------------------------------------------- --------- -------- --------- Net addition to shareholders' funds 2,181 2,606 5,472 Opening shareholders' funds 105,902 100,430 100,430 -------------------------------------------------- --------- -------- --------- Closing shareholders' funds 108,083 103,036 105,902 -------------------------------------------------- --------- -------- --------- Notes to the accounts for the six months ended 30th June 2004 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 2003, with the exception of the policy for matching and free shares in relation to the Company's Share Incentive Plan which are purchased in the market. Previously, such shares would have been held in the balance sheet at cost as 'investment in own shares' within fixed assets in accordance with Urgent Issues Task Force ('UITF') Abstract 13 'Accounting for ESOP trusts'. Under UITF Abstract 38 'Accounting for ESOP trusts' issued on 15th December 2003 and which supersedes UITF Abstract 13, the cost of these shares is deducted from shareholders' funds. The Group's accounts for the year ended 31st December 2003 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 2004. 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 ('FRS') 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 As at 30th June 2004, the Group had a holding of 1,500,000 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 2004 was Â£5,490,000. Notes to the accounts for the six months ended 30th June 2004 (continued) 5 Operating income Six months Six months ended Year ended 30th June ended 30th June 2003 31st December 2004 (*Restated) 2003 Â£'000 Â£'000 Â£'000 ---------------------------------- --------- -------- ---------- Gross operating income - Interest receivable 9,517 9,359 17,951 - Dividend income 12 9 62 - Fees and commissions receivable 42,376 *34,917 72,117 - Other operating income 1,888 647 1,843 ---------------------------------- --------- -------- ---------- 53,793 *44,932 91,973 Interest payable (4,554) (4,235) (7,968) Fees and commissions payable (1,984) *(650) (2,228) ---------------------------------- --------- -------- ---------- Operating income 47,255 40,047 81,777 ---------------------------------- --------- -------- ---------- All amounts derive from continuing operations. * As stated in the 2003 annual report and accounts, the accounting policy for income derived from the sale of units by Rathbone Unit Trust Management Limited was changed to comply with Application Note G to FRS 5 'Reporting the substance of transactions' on revenue recognition, issued on 13th November 2003. Application Note G states that revenue should be measured at the fair value of the right to consideration and that this will normally be the price specified in the contractual arrangement, net of discounts, value added tax and similar sales taxes. Previously, the gross value of income on the sale of units was included in 'Fees and commissions receivable' and the value of discounts given in relation to those sales was included in 'Fees and commissions payable'. Following the change in accounting policy, income net of discounts on the sale of units is included in 'Fees and commissions receivable'. The interim accounts for the six months ended 30th June 2003 were prepared on the basis of the previous accounting policy for unit trust income and therefore the comparative figures for 'Fees and commissions receivable', 'Gross operating income' and 'Fees and commissions payable' presented in these 2004 interim accounts have been restated as follows: As previously Discounts As reported given restated Â£'000 Â£'000 Â£'000 ------------------------------------- --------- -------- ---------- Fees and commissions receivable 39,265 (4,348) 34,917 ------------------------------------- --------- -------- ---------- Gross operating income 49,280 (4,348) 44,932 ------------------------------------- --------- -------- ---------- Fees and commissions payable (4,998) 4,348 (650) ------------------------------------- --------- -------- ---------- Notes to the accounts for the six months ended 30th June 2004 (continued) 6 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. 7 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 that are 'in the money', 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 2004 2003 2003 -------------------------------------------------- ---------- ---------- ---------- Weighted average number of ordinary shares in issue during the period - basic 40,688,447 39,432,386 39,750,634 Effect of ordinary share options 370,666 - 243,661 Effect of dilutive ordinary shares issuable under the Share Incentive Plan 15,005 26,240 110,897 Effect of contingently issuable ordinary shares - 493,363 - -------------------------------------------------- ---------- ---------- ---------- Weighted average number of ordinary shares in issue during the period - diluted 41,074,118 39,951,989 40,105,192 -------------------------------------------------- ---------- ---------- ---------- Notes to the accounts for the six months ended 30th June 2004 (continued) 8 Dividends per share Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Â£'000 Â£'000 Â£'000 -------------------------------------------------- ---------- ---------- ---------- Interim dividend of 10.5p per share on 40,721,015 shares (2003: 10p per share on 39,649,942 shares) 4,276 3,965 3,965 Adjustment to 2003 interim dividend - - 43 Final dividend of 16p per share on 40,668,642 shares - - 6,507 -------------------------------------------------- ---------- ---------- ---------- 4,276 3,965 10,515 Adjustment in respect of previous periods - 9 9 -------------------------------------------------- ---------- ---------- ---------- 4,276 3,974 10,524 -------------------------------------------------- ---------- ---------- ---------- The interim dividend declared of 10.5p per share is payable on 15th October 2004 to shareholders on the register at the close of business on 24th September 2004. Notes to the accounts for the six months ended 30th June 2004 (continued) 9 Cash flow statement (i) Reconciliation of operating profit to net cash inflow/(outflow) from operating activities Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Â£'000 Â£'000 Â£'000 --------------------------------------------------- ---------- ---------- ---------- Operating profit 10,199 6,632 14,165 (Profit)/loss on disposal of tangible fixed assets (52) 2 (60) Depreciation and amortisation 4,273 4,251 8,661 UITF Abstract 17 Share Incentive Plan charge 752 201 1,165 Provision for bad and doubtful debts 121 260 132 (Increase)/decrease in accrued income and prepayments (1,261) 771 (1,524) Increase in provision for liabilities and charges 262 323 86 Increase/(decrease) in accruals and deferred income 2,035 (117) 903 --------------------------------------------------- ---------- ---------- ---------- Net cash inflow from trading activities 16,329 12,323 23,528 Net (increase)/decrease in loans and advances to banks and customers (8,234) 4,022 +(8,603) Net (increase) in settlement debtor balances (22,951) (12,313) (6,684) Net increase in settlement creditor balances 31,152 8,845 5,511 Net increase/(decrease) in deposits by banks and customer accounts 36,659 18,716 (37,109) Net increase/(decrease) in other liabilities 858 (202) 85 Net decrease/(increase) in other assets 245 (601) 338 -------------------------------------------------- ---------- ---------- ---------- Net cash inflow/(outflow) from operating activities 54,058 30,790 +(22,934) -------------------------------------------------- ---------- ---------- ---------- + See Note 9(vi) (ii) Analysis of the balances of cash as shown in the balance sheet At 1st At 30th January Cash Non-cash Exchange June 2004 flow changes movements 2004 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ---------------------------------------- -------- ------- --------- --------- ------- Cash and balances at central banks 3,205 (2,899) - (4) 302 Loans and advances to other banks repayable on demand +28,525 (7,755) - (28) 20,742 ---------------------------------------- -------- ------- --------- --------- ------- Total +31,730 (10,654) - (32) 21,044 ---------------------------------------- -------- ------- --------- --------- ------- + See Note 9(vi) Notes to the accounts for the six months ended 30th June 2004 (continued) 9 Cash flow statement (continued) (iii) Analysis of changes in financing Share Share capital premium Â£'000 Â£'000 ------------------------------- --------------- ---------- Balance at 1st January 2004 2,033 13,791 Cash inflow 3 197 ------------------------------- --------------- ---------- Balance at 30th June 2004 2,036 13,988 ------------------------------- --------------- ---------- (iv) Analysis of financing through issue of shares Six months Six months Year ended ended ended 30th June 30th June 31st December 2004 2003 2003 Â£'000 Â£'000 Â£'000 ------------------------------- ---------- ---------- ---------- Cash inflow - share capital 3 7 37 Cash inflow - share premium 197 668 4,003 Cost of matching shares issued - (292) (574) ------------------------------- ---------- ---------- ---------- 200 383 3,466 ------------------------------- ---------- ---------- ---------- (v) Major non-cash transactions There were no major non-cash transactions during the period. (vi) Amendments to the cash flow statement for the year ended 31st December 2003 The amounts prefixed by the symbol + have each been changed from those presented in the 2003 annual report and accounts by Â£8,299,000. This amount relates to two money market deposits which, in the cash flow statement and related notes, were classified as repayable on demand rather than repayable within three months. Notes to the accounts for the six months ended 30th June 2004 (continued) 10 Segmental information (a) Segmental information as required by Statement of Standard Accounting Practice 25 'Segmental reporting': Gross operating income Profit before tax after goodwill amortisation Six Six months Year Six Six Year months ended ended months months ended ended 30th June 31st ended ended 31st 30th June 2003 December 30th June 30th June December 2004 (*Restated) 2003 2004 2003 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 --------------------------------- ------- -------- ------- ------- ------ -------- By class of business: Investment management and banking 43,103 *34,269 71,774 9,516 6,810 14,587 Trust services 10,690 10,663 20,199 683 524 666 --------------------------------- ------- -------- ------- ------- ------ -------- 53,793 *44,932 91,973 10,199 7,334 15,253 --------------------------------- ------- -------- ------- ------- ------ -------- By geographical segment: United Kingdom 43,777 *36,038 74,867 7,948 6,105 12,670 Jersey, Switzerland and other European countries 9,713 8,055 16,206 2,200 902 2,552 The Americas 303 839 900 51 327 31 --------------------------------- ------- -------- ------- ------- ------ -------- 53,793 *44,932 91,973 10,199 7,334 15,253 --------------------------------- ------- -------- ------- ------- ------ -------- * See Note 5 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 2004 2003 2003 2004 2003 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 --------------------------------- ------- -------- ------- ------- ------- -------- By class of business: Investment management and banking 527,606 507,010 455,806 70,154 62,686 65,326 Trust services 57,025 60,851 59,358 37,929 40,350 40,576 --------------------------------- ------- -------- ------- ------- ------- -------- 584,631 567,861 515,164 108,083 103,036 105,902 --------------------------------- ------- -------- ------- ------- ------- -------- By geographical segment: United Kingdom 526,535 509,953 458,371 72,355 67,077 70,318 Jersey, Switzerland and other European countries 54,863 53,206 53,466 34,229 33,440 34,085 The Americas 3,233 4,702 3,327 1,499 2,519 1,499 --------------------------------- ------- -------- ------- ------- ------- -------- 584,631 567,861 515,164 108,083 103,036 105,902 --------------------------------- ------- -------- ------- ------- ------- -------- Notes to the accounts for the six months ended 30th June 2004 (continued) 10 (a) Segmental information (continued) 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 2004 2003 2003 2004 2003 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 --------------------------------- ------- -------- ------- ------- ------- -------- By geographical segment: United Kingdom 8,751 8,881 17,026 12 9 62 Jersey, Switzerland and other European countries 748 442 868 - - - The Americas 18 36 57 - - - --------------------------------- ------- -------- ------- ------- ------- -------- 9,517 9,359 17,951 12 9 62 --------------------------------- ------- -------- ------- ------- ------- -------- Fees and commissions receivable Other operating income Six Six months Year Six Six Year months ended ended months months ended ended 30th June 31st ended ended 31st 30th June 2003 December 30th June 30th June December 2004 (*Restated) 2003 2004 2003 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 --------------------------------- ------- -------- ------- ------- ------- -------- By geographical segment: United Kingdom 33,143 *26,526 55,965 1,861 623 1,814 Jersey, Switzerland and other European countries 8,948 7,589 15,314 27 24 23 The Americas 285 802 838 - - 6 --------------------------------- ------- -------- ------- ------- ------- -------- 42,376 *34,917 72,117 1,888 647 1,843 --------------------------------- ------- -------- ------- ------- ------- -------- * See Note 5 Notes to the accounts for the six months ended 30th June 2004 (continued) 10 Segmental information (continued) (b) Additional segmental analysis: Profit before tax, before exceptional items and Profit before tax before goodwill amortisation 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 2004 2003 2003 2004 2003 2003 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 --------------------------------- ------- -------- ------- ------- ------- -------- By class of business: Investment management and banking 11,449 8,170 17,499 11,449 8,516 18,092 Trust services 1,712 1,213 2,246 1,712 1,569 2,741 --------------------------------- ------- -------- ------- ------- ------- -------- 13,161 9,383 19,745 13,161 10,085 20,833 --------------------------------- ------- -------- ------- ------- ------- -------- By geographical segment: United Kingdom 10,060 7,558 15,839 10,060 7,993 16,535 Jersey, Switzerland and other European countries 3,050 1,510 3,936 3,050 1,765 4,267 The Americas 51 315 (30) 51 327 31 --------------------------------- ------- -------- ------- ------- ------- -------- 13,161 9,383 19,745 13,161 10,085 20,833 --------------------------------- ------- -------- ------- ------- ------- -------- 11 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 11 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 we have 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 for use in the United Kingdom. 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 2004. KPMG Audit Plc Chartered Accountants 8 Salisbury Square London EC4Y 8BB 8th September 2004 This information is provided by RNS The company news service from the London Stock Exchange

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