Brewin Dolphin sees six-month profits soar

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David Nicol, of Brewin Dolphin.
David Nicol, of Brewin Dolphin.
Wednesday, May 17, 2017 at 1:41PM

Asset management firm Brewin Dolphin Holdings has declared a substantial rise in profits in its latest half-year results.

The FTSE 250-listed company, which has a Cumbrian office in Gillan Way, Penrith, reported a pre-tax profit of £28.4m for the six months to March 31,

This is 32 per cent more than the £21.5m in the same period in 2016.

The figure was boosted by lower exceptional costs and client relationship debt levels.

Its total income rose by 7.4 per cent to £147.4m from £137.2m.

The company's funds, on March 31, stood at £37.8bn, up 6.8 per cent from £35.4bn over the six month period.

"The group has had a successful first half of 2017 in a period with a favourable market environment. The delivery against our growth strategy has contributed to an excellent financial performance, with underlying earnings growth of 14.1 per cent," said the firm's chief executive David Nicol.

"In particular we are capturing the near-term growth opportunities in intermediary business as a direct result of current growth initiatives which are delivering tangible results."

The firm will pay an interim dividend 4.25p per share, which is 10 per cent more than the 3.85p paid in 2016.

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