Brewin Dolphin strengthens its number one position

INVESTMENT firm Brewin Dolphin has reported a rise in profits amid a “volatile” market.

Profit before tax for the firm, which has offices in Leeds and York, rose from £32m to £41.7m for the year ended September 30.

Discretionary funds year-on-year rose from £10.7bn from £8.8bn with total income increasing from £174m to £209m.

Brewin Dolphin today announced a final dividend of 3.5p per share – an increase of 22% against 2.875p first interim dividend paid in April.

Jamie Matheson, executive chairman, said he was pleased to report another year of “significant” progress for the company.

“Against a background of a volatile market, the new year to September 2008 has started satisfactorily,” he said.

“We have also seen the benefit of business brought in by teams that has joined the group in the last year or two and new teams continue to join us.”

During the period, Brewin Dolphin has opened new offices in York, Oxford, Hereford, Plymouth, and Swansea. A new office has recently been opened in Chester taking the total number to 39.

Martin Payne, divisional director at the Leeds office of Brewin Dolphin, said: “We have expanded the business during the year and I am very proud of the contribution Leeds has made to these very fine results.”

The investment firm said that there had been further growth in discretionary funds under management as well as an increased in its client base.

Total funds under management have reached £21.6bn making it the largest independent investment manager for private clients in the UK.

Its investment banking division also showed a good performance, despite the sudden death of Frank Malcolm – the firm's head of corporate banking. Graeme Summers was appointed to take over the role.

A number of primary and secondary issues were successfully completed in the period including SuperGlass and Brewin Dolphin's biggest ever fund-raising – Eaga.

“The results in the year under review have been achieved thanks to the hard work of our people and continued support of our clients,” added Mr Matheson.

“We remain committed as ever to pursuing the company's objective of achieving long term growth and returns for shareholders through the provision of high quality service to all our clients.”