Analysts note ‘quiet revolution’ at FTSE 250 company as its profit before tax reaches £152.9m

FTSE 250 firm Rathbones has declared its ambition to become the “best wealth manager in the UK by far”.

Shares climbed 9% to 2,410 pence in early trading on Friday, notching up a 24.6% gain year to date, after the group said pre-tax profit leapt 53.5% to £152.9m, up from £99.6m the prior year. That was underpinned by the performance of integrated synergies and higher funds under management (FUMA) at the Liverpool-founded business.

The strong results come on the heels of a turbulent period for the broader UK wealth management sector, after several firms witnessed their share prices tumble following the launch of a new AI tool, prompting investors to question how artificial intelligence might reshape or even threaten the industry.

However, Rathbones chief executive Jonathan Sorrell, who assumed the role in August 2025, dismissed such fears, describing AI as a powerful tool that enables advisers to devote greater time to clients and nurture relationships, as reported by City AM.

He said: “We just feel that is a massive opportunity in terms of how it’s going to help achieve…change in our productivity as a business and the quality of service offering that we can provide.

“What it does is free up time to focus…on the human relationship we have with our client.”

The recent acquisitions of Schroders by American investment firm Nuveen and Evelyn Partners by high street bank Natwest has further fuelled debate around sector trends, though Sorrell maintained the market possesses “long term growth dynamics” and is not “cyclical”. He observed that Rathbone’s clientele, individuals holding assets between £1m and £5m, represent the fastest expanding segment of the market, whilst the drive by the sector and government to encourage greater investment presents “an exciting proposition”.

Whilst he recognised that the “industry will consolidate further over time” he emphasised Rathbone’s is solely seeking to “optimise” its existing operations, with dependable shareholders and the IW&I division positioning the firm for continued expansion.

FUMA climbed to £115.6bn, up from £109.2bn, supported by the market rebounding from first half lows triggered by Trump’s ‘Liberation Day’ tariff upheaval.

The firm confirmed it was extending its £50m share buyback scheme, which it completed in mid February, by £20m, with the group stating that it aims to deploy its “shareholders capital as efficiently as possible”.

The board proposed a final dividend of 68.0 pence per share, taking the annual total to 99.0 pence, a 6.5 per cent rise. The firm also highlighted the performance of its Investec Wealth and Investment (IW&I) division, which successfully completed its integration earlier in the year.

The operation surpassed expectations, delivering £76m on an annualised run-rate basis, considerably above Rathbones’ £60m target, and establishing the group as the UK’s largest discretionary wealth manager. Sorrel added that it had always set out “to maximise the opportunity” of integrating the business and “identified more areas” where IW&I could contribute to overall growth.

Rathbones also confirmed it wants to become the UK’s leading wealth manager, by establishing itself as the preferred choice for both clients and talent, whilst also enhancing its operational efficiency.

Rathbones still has a base at the waterfront Port of Liverpool Building, while it has another 20 offices across the UK including in Bristol, Cheltenham, Birmingham, Leeds, Manchester and Newcastle.

Rae Maile of Panmure Liberum observed that there is a “quiet revolution underway”, but cautioned that the wealth manager must stay committed to nurturing client relationships and strengthening capital efficiency.

He said: “Rathbones enjoys strong client relationships, but it must seek to grow new ones as well as managing more effectively inherent redemption activity. “.

“It will seek to do this through clearer definition of and enhancement to its investment capabilities, further penetrating its financial planning and advice capabilities.

“The intention is to simplify the operating model, removing internal frictions and barriers to decision-making and activity, but also to develop further its capital efficiency.”

Group finance director, Iain Hooley, further noted that rather than concentrating on securing a place in the FTSE 100 in its pursuit of market leadership, the firm is instead focusing its efforts on attracting older clients. Hooley stated: “The opportunity in the wider market with the ageing population, growing levels of wealth…the intergenerational transfer of wealth that’s going to happen, all of these things are definitely playing right into our space.”

The Development Bank of Wales and its predecessor Finance Wales invested £3.5m into the business

Swansea medtech firm Calon Cardio-Technology is being liquidated, owing creditors – which include the Development Bank of Wales and Swansea Council – more than £5m.

Founders of the Swansea University spin-out company, which had developed an implantable heart pump for patients with severe heart failure, included Professor Stephen Westaby and Prof Marc Clement, who was sacked for gross misconduct as dean of Swansea University’s School of Management in 2019.

The business, which employed 17 people, entered administration last summer. However, efforts to acquire the business out of administration, as well as hopes of securing investment to agree a company voluntary arrangement with creditors, failed to materialise. Prior to the administration the company had been locked out of its premises in Swansea after the landlord served a forfeiture notice.

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Gareth Stones, administrator from Swansea-based insolvency firm Stones & Co, has informed creditors that the business will now be liquidated. He said: “The administration has proved unsuccessful and so the proper course of action is for the company to be placed into liquidation.”

The creditor position of the Development Bank of Wales, which is wholly-owned by the Welsh Government, includes a loan, over which it held a floating charge over company assets, of £1.6m. It also had two convertible loans with a combined value of £425,000.

In total the development bank – including through its predecessor Finance Wales – invested £3.5m through a combination of debt and equity. Equity holders are the lowest ranked in terms of any returns from the administration process. In the case of Calon shareholders, they will get nothing back.

The UK Government, through its £1.1bn Future Fund – which was set up to support tech businesses during the pandemic – is also a shareholder in the business with a stake of just over 6%.

As well as backing from the Development Bank of Wales (and Finance Wales), Calon Cardio-Technology secured more than £20m through a number of equity fundraising rounds following its formation in 2007. Through dilution, the development bank’s stake had been reduced to less than 10% at the point of Calon entering administration. Another major equity backer of the company was Longbow Capital, which, as well as its equity backing, is also a creditor to the tune of £78,000.

The latest statement of affairs estimates a total deficit to creditors of £5.4m. That assumes realisations of assets and didn’t include administrator fees. Non-preferential and unsecured creditors are not expected to receive anything from the liquidation of any assets.

There is an estimated realisation for the development bank on its floating charge debt of £50,000 from any sale of the company’s assets and intellectual property.

As well as the Development Bank of Wales and Longbow Capital, other creditors include HMRC (£277,847); law firm Pinsent Masons – which issued a winding-up petition – (£150,056); Swansea-headquartered accountancy firm Bevan and Buckland (£45,027); Swansea Council (£68,342); and Swansea University (£2,800).

There is an estimated £21,000 being available for preferential creditors for whom the first claim would be former employees of the company.

Mr Stones said in his latest statement of affairs to creditors: “The company employed 17 staff (including one of the directors), and substantial monies were owed to them in respect of outstanding holiday pay and wages. Outstanding holiday pay and wages of employees are subject to statutory limits.”

A spokesperson for the Development Bank of Wales said: “The initial investment in Calon Cardio was made in 2010 by Finance Wales. Between 2010 and 2018 the business received £3.5m in a combination of debt and equity, some of which was secured. The majority was from the EU-backed JEREMIE Fund. We have not made any material investments since 2018 and currently hold a 9% shareholding. We anticipate a return on our secured debt following the liquidation process.”

Speaking to Nation Cymru in 2023, Prof Clement, who chaired Calon, was upbeat about the commercial potential of the business, with the promise of creating 100 high-skilled jobs in Swansea.

That optimism was supported by a non-binding heads-of-terms agreement for Calon to be acquired in a £39m deal by AIM-listed special purpose acquisition company Ashington Innovation. However, the reverse takeover of Calon was conditional on Ashington acquiring another company called Cell Therapy, which was founded by Cardiff University academic Sir Martin Evans and former dentist Ajan Reginald. However, the planned acquisitions failed to materialise.

After being dismissed by Swansea University, Prof Clement and university colleague Steve Poole – who was also sacked for gross misconduct – had their joint unfair dismissal case against the university rejected by an employment tribunal.

Mr Poole is listed as a creditor of Calon Cardio with a convertible loan of £41,000, as is Prof Clement to the tune of £36,000.

Prior to the administration, Mr Stones said the board of Calon had informed him that $2.6m had been attempted to be transferred into the company’s HSBC bank account from an identified potential lender.

He added: “Draft documents were received via the directors that had emanated from the potential lender and cited New York, USA law as applicable. I made it clear to the representatives that the law of England and Wales must prevail and that identification required under the UK Anti-Money Laundering Regulations was essential. The potential lender was repeatedly requested to engage UK solicitors to assist them with the matter.”

Mr Stones added: “During the course of a Zoom call (in December), it became apparent that the potential lender’s solicitors were averse to their client lending monies to fund a company voluntary arrangement proposal via administration, and that their client was best advised to formulate an offer for the intellectual property rights and the tangible fixed assets.

“There are now potentially three other interested parties, of which I am presently aware, who may be prepared to formulate an offer for the company’s remaining IP rights and tangible assets. I have not pursued these potential leads to date, as the prospective lender was the primary focus in order to rescue the company as a going concern. Such leads would be best pursued by a liquidator.”

It is proposed that Mr Stones be appointed to liquidate the business.

This article was written by

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Wall Street smells an opportunity in the chaos over President Trump’s tariffs.

The Supreme Court’s tossing of Trump’s sweeping tariffs last week

kicked off a scramble among business leaders to sort out what might come next—including how they might claw back the levies they have been paying to import goods from around the world.

Digital marketing has changed a lot over the years. The days of non-targeted ads, desktop-first web design and mass communication blasts are all but behind us. With that in mind, many wonder whether it’s worth doing email marketing at all in 2026. While digital marketing and email techniques have evolved, there’s no need to think of emails as obsolete in this age’s cyber landscape. 

Modern emails need to be AI-optimised, personalised and technically sound, among other things. This article will offer guidance on proper digital agency techniques to benefit your email marketing metrics, keeping the marketing channel alive well into the back half of the 2020s. 

Personalisation is everything in email marketing

For those wondering how to create an effective email marketing campaign, personalisation is king. Personalisation has become more important in every facet of marketing and promotion. It’s no longer enough to use someone’s first name as a way of showing you “care”. Batch-and-blast email marketing will easily get you blacklisted as spam. 

• Real-time behavioural actions should trigger flows and campaigns, rather than you simply sending out as many generalised newsletters as possible. Say a customer repeatedly views a page about a specific product. That should trigger an email with information about the product.
• Software like HubSpot can swap out email sections based on past behaviours and purchases, ensuring people aren’t greeted by irrelevant listings. 

Generalisation kills engagement. Use data to drive your email offerings. 

Optimise your emails for AI 

People with email marketing jobs have already embraced generative AI in terms of creating outlines or even building emails from scratch. However, these days, much like your average Google search, many email providers will create AI summaries, meaning people might not even read the whole thing. 

• Provide a proper value proposition in plain HTML text, not in a graphic.
• Use H1 and H2 tags to display a clear hierarchy throughout the content of the email.
• Place the most important information in the first 50 words for the AI to understand.

Artificial intelligence is here to stay, so you need to know how to work with it, rather than trying to bypass it in email marketing. 

Make data collection more consensual

Privacy laws are tighter than ever, and for good reason. However, this does mean traditional data tracking can be a little more complicated, which is why you need to make the collection of the data more of a cooperative thing. 

• Allow subscribers the chance to set their preferences during sign-up, ensuring you never overload them with quantity or unwanted information. 
• Use interactive polls and questionnaires inside your emails to capture data willingly, which is also likely to increase the details offered.

This is a more compliant and effective way to collect data than ever before, which will allow for personalisation to be even more optimised. 

Technical must-haves for a good email marketing career in 2026

Starting with a weak technical foundation is cancerous to your email marketing campaigns. You won’t even reach the Promotions tab, being destined to exist solely in the realm of spam communications. 

• DMARC, SPF and DKIM are all essential authentication steps to eliminate the possibility that you’re a ‘spoofer’.
• Accessible layouts, colour schemes, easy-use buttons and Alt-Texts are all essential for maximising user friendliness.
• Optimising your imagery and text for ‘Dark Mode’, which is very popular. 

A solid technical base is key for the rest of your efforts to be effective.

These guidelines aren’t just pieces of advice for your campaigns; they’re absolute essentials for anyone trying to capture the success of a dedicated email marketing agency. Email marketing can very easily become outdated without the right approach, but when you put modern techniques first, it can remain a valuable part of any 2026 plan,

Sustainability is no longer a side initiative in logistics. It is a defining factor in how companies design, manage, and optimize their last-mile delivery operations. As e-commerce continues to expand, the final leg of the delivery journey has become both the most visible and the most environmentally impactful stage of the supply chain.

For multifamily properties, student housing communities, and corporate campuses, this shift has created a new operational reality. Digital tools such as automated mailroom software are now central to supporting sustainable last-mile delivery strategies while maintaining efficiency and service standards.

Why the Last Mile Matters Most

The last mile is often the shortest segment of the delivery journey, but it accounts for a disproportionate share of emissions and costs. Multiple delivery attempts, inefficient routing, traffic congestion, and fragmented drop-off points increase fuel consumption and carbon output.

At the property level, unmanaged parcel flows add to the problem. Delivery drivers may spend excessive time locating package rooms, waiting for access, or making repeat visits when residents are unavailable.

“Sustainability in last-mile logistics begins where the truck stops.”

Improving this final handoff point is one of the most practical ways to reduce environmental impact without compromising convenience.

The Rise of Centralized Parcel Management

As delivery volumes surge, properties are moving away from informal package handling processes. Instead, they are adopting structured parcel management systems that consolidate deliveries and reduce friction.

By leveraging centralized parcel management software platforms designed for high-volume environments, properties can support more efficient parcel management workflows while minimizing unnecessary driver dwell time.

When delivery personnel can complete drop-offs quickly and accurately, routes become more efficient. Fewer delays at each stop translate into lower fuel consumption across entire delivery networks.

A comparison of traditional and sustainable approaches illustrates the shift.

The difference lies not only in vehicles or fuel types, but also in operational coordination at the delivery destination.

Digital Mailrooms as Sustainability Enablers

Modern properties are increasingly implementing intelligent mailroom systems to manage growing parcel volumes. Through automated logging, resident notifications, and secure tracking, these systems eliminate many inefficiencies that historically plagued last-mile delivery.

Communities adopting integrated mailroom software solutions for sustainable mailroom management are finding that digital infrastructure directly contributes to environmental goals.

Here is how:

• Reduced repeat delivery attempts through secure package acceptance
• Faster drop-offs that lower vehicle idle time
• Organized storage that prevents lost or misplaced parcels
• Data insights that support better staffing and scheduling

When drivers can complete deliveries in minutes rather than navigate confusion, emissions decline incrementally across thousands of stops.

“Sustainability is built on small operational improvements repeated at scale.”

Consolidation and Smart Locker Integration

Another key development in sustainable last-mile delivery is consolidation. Instead of individual doorstep drop-offs, many properties are encouraging centralized package rooms or locker systems.

Consolidated delivery points create measurable environmental advantages:

• Fewer stops within a property
• Reduced internal vehicle circulation
• Improved route density
• Lower overall fuel consumption

Digital parcel management platforms help coordinate these consolidated deliveries by ensuring every item is logged, tracked, and communicated to residents without delay.

In student housing and multifamily communities, this approach also enhances security and resident satisfaction while aligning with broader sustainability initiatives.

Data Driven Environmental Accountability

Sustainable last-mile strategies increasingly rely on measurable performance indicators. Property managers and logistics partners alike are turning to analytics to assess environmental impact.

Mailroom management systems provide valuable operational data, including:

• Volume trends by day and season
• Average pickup turnaround time
• Peak delivery windows
• Carrier performance metrics

When this data is shared with logistics providers, both parties can refine delivery schedules and reduce congestion during high-volume periods.

For example, staggering carrier arrival times or allocating dedicated delivery windows can reduce vehicle clustering and minimize idling-related emissions.

Data also supports corporate sustainability reporting. As organizations track Scope 3 supply chain emissions, efficient parcel intake processes contribute to measurable improvements.

Supporting Alternative Delivery Models

Sustainability in the last mile is not limited to electric vehicles or bike couriers. It also involves operational readiness to support evolving delivery models such as micro fulfillment centers, consolidated carrier partnerships, and scheduled bulk drop offs.

Properties equipped with scalable parcel management infrastructure are better positioned to adapt to these models. Without structured systems in place, carrier-level innovation can be undermined by inefficiencies at the destination.

By integrating mailroom management software into broader property operations, managers create a stable foundation for greener logistics partnerships.

The Human Factor in Sustainable Logistics

Technology alone does not guarantee sustainability. Staff training, process consistency, and resident education all play important roles.

Clear pickup policies, timely notifications, and accessible package rooms reduce dwell time and unnecessary storage. Encouraging residents to retrieve packages promptly also improves turnover and storage efficiency.

When operational discipline aligns with digital tools, sustainability outcomes improve significantly.

“Environmental progress in logistics is achieved through coordination, not complexity.”

Looking Ahead

As urban density increases and e-commerce continues its upward trajectory, sustainable last-mile delivery will remain a strategic priority. Carriers are investing in cleaner fleets and smarter routing algorithms, but meaningful progress also depends on the infrastructure at delivery endpoints.

Multifamily communities, student housing providers, and commercial properties play a critical role in this ecosystem. By modernizing parcel intake processes and adopting digital mailroom systems, they actively contribute to reduced emissions and more efficient delivery networks.

The evolution of sustainable last-mile delivery is not defined by a single breakthrough. It is shaped by coordinated improvements across vehicles, routes, and property operations.

In this new landscape, the mailroom is no longer a passive recipient of packages. It is an active participant in building a more efficient and environmentally responsible logistics future.