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Pre-Tax Profits At Brewin Dolphin Surge By 43 Per Cent

Tom Burroughes

1 December 2010

Pre-tax profits at UK-listed wealth manager Brewin Dolphin surged by 43 per cent to £31.4 million (around $48.9 million) in the 12 months to 26 September, while total managed funds rose to £23.2 billion at that date, a rise from £20.5 billion a year before.

Among discretionary funds, assets rose to £14.0 billion from £11.8 billion, Brewin Dolphin said in its preliminary results today.

Total income was £250.9 million in the 12-month period, a gain of 18 per cent year-on-year.

Profit before tax excluding redundancy costs, contract renewal payments and amortisation of client relationships was £40.2 million, a 25 per cent increase.

Brewin Dolphin’s board is proposing a final dividend of 3.55 pence, to be approved at the 2011 annual meeting and payable on 5 April 2011 to shareholders on the register at close of business on 11 March 2011.

The firm’s deputy chairman and senior independent non-executive director, Nick Hood, has indicated his intention to retire from the board at the AGM in February 2012.

“I do not anticipate any material changes to the structure of our UK network but we will pursue all suitable opportunities to strengthen it further.  This will be done in conjunction with the promotion of our single Brewin Dolphin brand, which was adopted group-wide in March 2009,” Jamie Matheson, executive chairman, said in a statement.