Brewin Dolphin Securities  

Brewin Dolphin profits increase to £34m

Brewin Dolphin profits increase to £34m

Brewin Dolphin posted profits before tax of £34.1m in the six months to the end of March 2018.

This was 20 per cent more than the same period last year while the company's income was also up by nearly 10 per cent to £161.8m.

Brewin Dolphin's funds under management took a dip though, going down from £40.1bn at the end of last year to £39.7bn at the end of March.

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The company said this was because of lower investment returns, which offset net fund flows of £900m.

Brewin Dolphin said since then funds have increased and stand at £41bn as of the end of April.

David Nicol, chief executive of Brewin Dolphin, said: "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."

Brewin Dolphin's total discretionary funds shrugged off the poor market environment to grow by 1.5 per cent to £34.3bn with net inflows of £1.3bn, including £200m of net transfers from other services.

Net inflows into the company's direct discretionary service doubled to £400m compared to last year, pushing funds up to £23.2bn, with more than 17 per cent of direct private client funds receiving Brewin's wealth management service which combines financial planning and investment management services.

Meanwhile the combined net flows from Brewin's intermediary services - including its managed portfolio service and bespoke discretionary service - rose by 50 per cent to £600m, taking funds to £8.5bn.

damian.fantato@ft.com