Close Bros confident over full year despite difficult conditions

However, assets under management fell to £9.4bn from £10.8bn at the end of July, which the company attributed to negative market movements and the disposal of its corporate activities.

The group said its broking arm, Winterflood, was hit by difficult market conditions which have persisted since the start of the financial year.

Falling equity markets and lower levels of activity, particularly in the AIM market, have resulted in lower profitability in the period, it said.

Close Bros said it remains confident in a “satisfactory” outcome for the year, despite weaker market conditions in the first half.

"We see continued opportunities for growth in the banking division, whilst maintaining our focus on returns and a prudent risk profile,” it added.