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Annual Report 2021

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Select your preferred section or download the full Annual Report for 2021

Download the Close Brothers Group plc Annual Report 2021

Financial highlights for the year ended 31 July 2021

Adjusted1 operating profit


2020: £144.0m

Operating profit before tax


2020: £140.9m

Adjusted1 basic earnings per share


2020: 74.5p

 Basic earnings per share


2020: 72.8p

Return on opening equity2


2020: 8.0%

Profit attributable to shareholders


2020: £109.5m

Ordinary dividend per share3


2020: 40.0p

1 Adjusted measures are presented on a basis consistent with prior periods and exclude amortisation of intangible assets on acquisition, to present the performance of the group’s acquired businesses consistent with its other businesses, and any exceptional and other adjusting items which do not reflect underlying trading performance. 
2 Adjusted operating profit attributable to shareholders divided by opening equity, excluding non-controlling interests.
3 Represents the final dividend proposed for the respective years together with the interim dividend declared and paid in those years.

Our Businesses

Close Brothers is a leading UK merchant banking group providing lending, wealth management services and securities trading. We employ over 3,700 people across 47 offices predominantly in the UK, Ireland and Germany.

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    The Commercial businesses lend principally to small and medium-sized enterprises, both through their direct sales force and via broker distribution channels. Our highly specialist sales force operates from offices throughout the UK, Ireland and Germany.

    Adjusted operating profit: £52.8 million (2020: £4.8 million)


    The Retail businesses provide loans to predominantly individuals and small businesses, through a network of intermediaries.

    Adjusted operating profit: £71.9 million (2020: £34.9 million)


    The Property business specialises in short-term residential development finance through Property Finance, and also offers refurbishment and bridging loans through Commercial Acceptances.

    Operating profit: £87.8 million (2020: £59.5 million)

    Close Brothers Asset Management is a vertically integrated top 20 UK wealth manager, providing financial advice and investment management services to private clients in the UK. Our clients range
    from mid to high net worth individuals.

    Adjusted operating profit: £23.7 million (2020: £20.4 million)

    The Securities division comprises Winterflood, a leading UK market maker for retail stockbrokers and institutions.

    Operating profit: £60.9 million (2020: £47.9 million)



    Chairman's Statement

    The ongoing impact of the pandemic has been felt during the year both by our businesses and among our people. In the face of this uncertain environment, the benefits of the group’s disciplined adherence to the business model have been evidenced by the strong performance delivered this year.

    Download Chairman's Statement pdf

    Chief Executive's Statement

    We have delivered strong results in the 2021 financial year, which once again highlight the strengths of our proven and resilient business model.

    Download Chief Executive's Statement pdf

    Business Model

    Close Brothers has a proven and resilient business model, delivering excellent service in sectors we know and understand. Our distinctive strengths ensure we are well positioned to continue delivering on our long-term track record of growth and profitability.


    Download Business Model pdf

    The Foundations of Our Business

    Our culture, our strategy and our responsibility underpin the foundations of our success, enabling us to deliver on our purpose: to help the people and businesses of Britain thrive over the long term.

    Download The Foundations of Our Business pdf

      Our purpose is to help the people and businesses of Britain thrive over the long term.

      Our purpose is at the heart of our business and guides every decision we make. We take a long-term approach to managing our business.

      Our distinctive culture and long-term approach are embedded throughout the organisation. 

      It combines our values of service, expertise and relationships with our ways of working: teamwork, integrity and prudence. These values ensure we continue to provide excellent service for our customers and clients over the long term, bringing out the best in our people and supporting our strong reputation.

      To protect, grow and sustain our proven and resilient business model so that it continues to deliver in the long term.



      Our responsibility to help address the social, economic and environmental challenges facing our business, employees, customers and clients, now and into the future.

      Acknowledging this responsibility and making it part of our DNA broadens our perspective and encourages us to look at how we operate our business and the decisions we take, in the best interests of all our stakeholders, the environment and the society we operate in.

      Sustainability is fundamental to our purpose

      We take a long-term approach to managing our business, with an ambition to make a lasting positive impact, both now and into the future. Our values encourage and support diversity and inclusion at all levels of our organisation, helping the communities we operate in and reducing our environmental impact.

      Download Sustainability Report pdf