19th May 2016 07:14
LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC on Thursday said pretax profit fell in the first half of its financial year due to tough market conditions and one-offs booked a year earlier, though total funds on its books grew.
Brewin Dolphin said its pretax profit for the half year to the end of March was GBP21.5 million, 42% down from the GBP37.2 million it made a year earlier. The previous year had included a GBP9.7 million one-off gain and restructuring costs plus weaker market conditions also pulled back on the group's core income in the half, which grew only 0.9% to GBP126.1 million from GBP125.0 million.
Brewin said its total funds under management at the end of the half was GBP32.8 billion, up 2.5% from GBP32.0 billion at the end of September, while discretionary funds grew 4.4% to GBP25.9 billion.
The company declared an interim dividend of 3.85 pence, up 2.7% from 3.75p a year earlier.
"In the current market context, and given the short-term outflows resulting from business restructuring, the first half reflects a creditable performance. The underlying ability of the business to sustain organic growth, despite the poor market environment, is a reminder of the sound footings on which we are building our growth ambitions," said Chief Executive David Nicol.
By Sam Unsted; [email protected]; @SamUAtAlliance
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