Despite the effect of the Coronavirus pandemic, Charles Stanley Group revenue has increased 1.7% for the second quarter of 2020 year on year due to strong progress from the Financial Planning division.

Group revenue for the quarter rose by 1.7% to £42.2m (2019: £41.5m). Fee income increased by 4.1%, primarily reflecting a 35.3% increase in revenue generated by the Financial Planning division.

Funds under management and administration increased by 11.9% to £22.6bn over the three months (from £20.2bn 31 March 2020).

Commission income increased by 4% due to higher trading volumes. Interest income reduced by 37.5% following cuts to base rates in March 2020.

Paul Abberley, CEO of Charles Stanley, said: "The group has delivered a good trading performance in the first quarter. Our strong capital position has enabled us to take a measured response to the COVID-19 crisis and we have been able to ensure that our clients have continued to receive very high service levels.

"The crisis has changed our office working practices and client interaction, accelerating the need for standardisation and digitisation of more processes. As we continue the transformation programme for Charles Stanley, these will be core areas of focus for us throughout the rest of the financial year."