Brewin Dolphin delivers profits despite ‘benign’ conditions

INVESTMENT firm Brewin Dolphin has seen “relatively benign” market conditions deliver higher profits.

The firm, which has 40 offices across the UK including Leeds, said total income rose by 15% to £120.9m in the 26 weeks to March 28. Investment management fee income increased by 41%, or £12.8m, in the period.

The group generated pre-tax profits of £15.2m, up 37%. After stripping out redundancy costs, contract renewal payments and amortisation of client relationships, profits were £20.3m, up 21%.

“While the global financial situation is not without its problems the market conditions under which Brewin Dolphin operates were relatively benign,” said the firm in a statement.

Funds under management increased by 12.2% to £23bn, and within that, discretionary funds increased to £13.6bn, up 15.3% compared with a 12.2% increase in the FTSE 100 index and an increase of 8.6% in the FTSE APCIMS Private Investor Balanced Portfolio Index.

Executive chairman Jamie Matheson, said: “At this stage there is every indication that the performance of our business will continue to be resilient.”

A maintained interim dividend of 3.55p per share will be paid on September 22.