Full Year 2023 Close Brothers Group PLC Earnings Call Transcript
Good morning, and welcome to the presentation of Close Brothers Full Year 2023 results. I'll start with a brief reflection on our performance. Mike will then take us through our financials. I'll then come back to talk about our business and strategy. After which you can submit your questions either via the telephone line or during the webcast, which you can submit during the presentation or afterwards.
We've had a challenging market backdrop where mixed economic conditions in the U.K. have created substantial uncertainty for our consumer and SME customers. Our financial results were impacted by the provisions we took in relation to Novitas in the first half resulting in a material reduction in operating profit.
We're clearly disappointed with these developments and the impact they've had on our financial performance this year. However, we've seen good momentum in banking in CBAM in the second half, and we're encouraged with our good start to 2024 financial year. And we're well placed to move forward on the
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