Charles Stanley is set to spend 9.5m on restructuring its business but expects the changes to eventually lead to savings in excess of 4.5m a year.
At the beginning of May the wealth management company announced a “major” restructuring project, seeking to achieve an increase of net profit margin to 15 per cent.
In its annual results published today (May 31) Charles Stanley confirmed the cost of the “significant transformation project” was estimated to be 9.5m, to be incurred over a two to three year period.
But the company stated the restructure should yield “immediate cost reductions” expected to build up annualised savings in excess of 4.5m from the financial year 2022 onwards.
Charles Stanley warned the restructure would result in a cut to…
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