Financial Highlights1

for the year ended 31 July 2020
Adjusted2 operating profit
£ 0 m
2020 £144.0m
2019 £270.5m
2018 £278.6m
2017 £268.7m
2016 £233.6m
Operating profit before tax
£ 0 m 2019: £264.7m
Adjusted3 basic earning per share
0 p
2020 74.5p
2019 136.7p
2018 140.2p
2017 133.6p
2016 128.4p
Basic earning per share
0 p 2019: 133.5p
Return on opening equity4
0 %
2020 8.0%
2019 15.7%
2018 17.0%
2017 18.1%
2016 18.9%
Profit attributable to shareholders
£ 0 m 2019: £201.6m
Ordinary dividend per share5
0 p
2020 40.0p
2019 66.0p
2018 63.0p
2017 60.0p
2016 57.0p
  • 1 Financial highlights with the exception of profit attributable to shareholders presented on the basis of continuing operations, which exclude the unsecured retail point of sale finance business classified as a discontinued operation for the 2018 and 2019 financial years. See page 37 of the Annual Report 2020 for more details on the basis of presentation.
  • 2 Adjusted operating profit is stated before amortisation of intangible assets on acquisition of £3.1 million (2019: £5.8 million) and profit from discontinued operations of £nil (2019: £0.8 million).
  • 3 Excludes amortisation of intangible assets on acquisition, discontinued operations and the tax effect of such adjustment.
  • 4 Return on opening equity calculated as adjusted operating profit after tax and non-controlling interests on opening equity less non-controlling interests.
  • 5 Represents the final dividend proposed for the respective years together with the interim dividend declared and paid in those years.
Highlights (PDF)

Our Businesses

Close Brothers is a leading UK merchant banking group providing lending, wealth management services and securities trading. We operate principally in the UK and employ over 3,500 people.



The Commercial businesses lend principally to small and medium-sized enterprises (“SME”), both through its direct sales force and via broker distribution channels.

Adjusted operating profit
£ 0 m 2019: £86.5m

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

Adjusted operating profit
£ 0 m 2019: £72.5m

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

Adjusted operating profit
£ 0 m 2019: £94.7m

Asset Management

Asset Management

Close Brothers Asset Management provides financial advice and investment management services to private clients in the UK.

Adjusted operating profit
£ 0 m 2019: £21.8m



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

Adjusted operating profit
£ 0 m 2019: £20.0m
Our Businesses (PDF)
  • Expertise
  • Integrity
  • Prudence
  • Teamwork
  • Service
  • Relationships

Purpose and Culture

Close Brothers' purpose is to help the people and businesses of Britain thrive over the long term.

This means supporting our colleagues, customers and clients, and the communities and environment in which they operate, for the benefit of all our stakeholders. It means helping people and businesses unlock their potential and plan for the future with confidence, building relationships that stand the test of time. And it means that we continue to be there for the long term, whatever the climate, making decisions that are right for today and for generations to come.

Purpose and Culture (PDF)

Our culture combines expertise, service and relationships with teamwork, integrity and prudence.

Adhering to these attributes ensures that we continue to provide excellent service for our customers and clients over the long term and supports the strong reputation we have built with our stakeholders.

Purpose and Culture (PDF)

Chairman’s Statement

Michael N.Biggs

During the 2020 financial year, we witnessed one of the most difficult economic, market and business environments in our lifetimes with a profound human impact.

Our disciplined business model, strong culture and customer focused approach have served us well in this environment. We entered the Covid-19 crisis in a strong position and are navigating it well, as the group has shown immense adaptability and deployed contingency plans very effectively and quickly.

Chairman's Statement (PDF)

Chief Executive’s Statement

Preben Prebensen, Chief Executive 2009 to 2020

When I became chief executive in 2009, we were in the middle of a global financial crisis.

As I hand over to Adrian Sainsbury, we are managing through the Covid-19 crisis. In many ways, this crisis is different - not least in its human and societal impact.

Adrian Sainsbury, Chief Executive

I am delighted to be introducing Close Brothers’ 2020 annual results; my first as chief executive.

It is an honour to be chosen to lead the group as I truly believe this is an extraordinary company that plays an important role in the lives of people and businesses it serves.

Chief Executive’s Statement (PDF)

Our Response to Covid-19

Our purpose is to help the people and businesses of Britain thrive over the long term, and in the face of Covid-19, we have focused on maximising our support for our colleagues, customers and partners.

Our Response to Covid-19 (PDF)

Business Model

Close Brothers has an established reputation as a responsible bank with a distinctive, prudent business model and a long-term approach.

We focus on providing straightforward products and services in sectors we know and understand, and delivering quality and reliability for our clients.

Business Model (PDF)


Our long-term strategic approach focuses on ways to protect, improve and extend our model, which in turn allows us to deliver excellent stakeholder outcomes in a wide range of market conditions.


A long-term approach to how we run our business.

  • Maintain prudent underwriting and consistent pricing in our lending
  • Maintain a sound level of funding, liquidity and capital
  • Maintain our strategic imperative of investing to protect our business


Engaging stakeholders and investing to strengthen our proposition.

  • Help our customers do business with us by adapting to their needs and investing in technology, people and products to improve our proposition
  • Maintain a disciplined approach to cost management and operational efficiency
  • Empower our employees through training, development and diversity


Creating future value through maximising our potential and identifying new opportunities.

  • Maximise the opportunity in each of our markets, within the boundaries of the model
  • Identify new products, distribution channels and adjacent market opportunities
Strategy (PDF)
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