16th May 2018 10:22
LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC said Wednesday that continued positive momentum has led to a rise in total funds under management and pretax profit for the first half of 2018 financial year.
The company's pretax profit rose 20% to GBP34.1 million in the first half ended March 31 from GBP28.4 million in the year ago period. Total income was GBP161.8 million, up from GBP147.4 million a year ago.
Total funds at end of the first half stood at GBP39.7 billion, up from GBP37.8 billion the year before, with GBP900 million net funds flows offset by lower investment returns. Discretionary funds increased increased by 1.5% GBP34.3 billion.
Total funds stood at GBP41 billion as at April 30.
"I am pleased to report a robust first half of our financial year with strong net discretionary inflows, despite challenges in the wider market. We continue to deliver against our strategy and build on the positive momentum across the business. We remain positive in our outlook and confident in the strength and increasing relevance of our advice-led service," said Chief Executive David Nicol.
The company said that growth remained at the top of its agenda and that it is "hiring talented individuals, enhancing and developing our services and focusing on distribution." Brewin Dolphin remains confident in its outlook "despite recent market volatility."
The company declared an interim dividend of 4.4 pence per share, up 3.5% from 4.25p per share paid a year ago. Shares in Brewin Dolphin were up 1.0% on Wednesday at 384.60p each.
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