Annual Report 2025
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Our highlights for the year ended 31 July 2025
Adjusted1 operating profit
£144.3 million
2024: £167.6 million
Operating profit/(loss)
£(122.4) million
2024: £132.7 million
Adjusted1 basic earnings per share (continuing operations)
59.3p
2024: 75.8p
Basic (loss)/earnings per share (continuing operations)
(99.8)p
2024: 56.2p
Return on average tangible equity2,3
7.1%
2024: 9.3%3
Total Scope 1 and 2 emissions (market-based)
1,882 tCO2e
2024: 2,351 tCO2e
Employee engagement
78%
2024: 83%
1. Adjusted measures are presented on a basis consistent with prior periods and exclude any exceptional and adjusting items which do not reflect underlying trading performance. Current exceptional and adjusting items include customer remediation provisions, operational or legal costs incurred in relation to an event that is deemed to be adjusting, businesses that are held for sale, the Vehicle Hire business which is in wind-down, restructuring costs and amortisation of intangible assets on acquisition.
2. Adjusted operating profit less tax and AT1 coupons divided by average total shareholders’ equity, excluding intangible assets and AT1, for continuing operations.
3. Return on average tangible equity has been restated for 2024 to exclude discontinued operations.
At a glance
Close Brothers is a UK specialist banking group providing lending, deposit taking and securities trading.
Banking provides specialist lending and deposits across three businesses:
Commercial
Commercial offers specialist and predominantly secured lending principally to the SME market.
Retail
Retail provides intermediated finance through motor dealers, motor finance brokers and insurance brokers, and savings products for individuals and corporates.
Property
Property offers residential development finance to established UK property developers, funding for commercial properties, and bridging and refurbishment loans.
Winterflood Securities (“Winterflood") is a leading liquidity provider, also offering corporate advisory services to investment trusts and institutional sales trading. Winterflood Business Services provides outsourced dealing and custody solutions to c.60 corporate clients.
On 25 July 2025, the group announced an agreement to sell Winterflood to Marex.
Note: The sale of Winterflood to Marex is expected to complete in early 2026, subject to regulatory approval.
Chairman's statement
"I am grateful to our team and fellow Board members for their dedication and resilience during a challenging year. With their support, and with the actions now taken, the group is well placed to deliver on its potential and achieve stronger returns."
Chief Executive's statement
"This year has been about proving that change is possible and that we can move at speed. We have tackled legacy issues head-on, reshaped the portfolio, and shown that we can take decisive actions quickly, even while navigating the uncertainty around motor commissions."
Investment case
With a simpler, more focused portfolio and a leadership team focused on execution, we are well positioned to reduce costs, drive growth and improve returns.
Our business model
We are a UK specialist banking group providing lending, deposit taking and securities trading. We focus on delivering excellent service in specialist sectors we know and understand.
Note: On 25 July 2025, the group announced an agreement to sell our securities business, Winterflood, to Marex.
Sustainability report
Our group purpose is to help people and businesses thrive over the long term. We recognise that as part of this, we have a responsibility as a group to help address the social, economic and environmental challenges facing our business, employees and customers, now and into the future.