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Brewin Dolphin nears end of restructure

Brewin Dolphin nears end of restructure

Brewin Dolphin is entering the final stages of its restructuring process, its chief executive has confirmed.

David Nicol said the restructure, which began in 2012, is currently focusing on improving client advice and investment management processes.

He said: “Against the backdrop of the ongoing transformation of the group, financial performance in the first half was good.

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“The benefits of the more focused and efficient business emerging from the business transformation helped maintain profit growth, with the adjusted profit before tax margin increasing further to 22.3 per cent.”

Speaking as the firm unveiled its interims, he added: “Increased efficiencies have delivered short-term benefits in terms of enhanced shareholder returns.

“More importantly, as we move out of the initial restructuring and simplification phase, these efficiencies enable re-investment in the business, which is critical to sustaining organic growth.”

Total discretionary funds under management stood at £26.2bn, up from £24bn at the end of 2014.

Meanwhile, profit before tax stood at £33m at the end of the first half of the year, compared to £30m during the same period in 2014.

Analyst view

Simon Willis, an analyst with London-based Daniel Stewart, said: “Brewin Dolphin reported an encouraging set of interim results featuring a 15 per cent rise in discretionary funds under management.”