Wednesday, 28 May 2014 09:32
Brewin Dolphin's half year profits rise by 25%
Wealth management firm Brewin Dolphin has reported a large rise in its profits as it released its half year results today.
The interim half year report showed adjusted profit before tax of £29.7 million compared to £23.7 million last year, an increase of 25.3%.
The total income of £146.3 million was up from £139.0 million, an increase of 5.3%. Profit before tax was £21.4 million, rising from £6.8 million.
There was a strong growth in discretionary funds to £22.7 billion at 30 March 2014.
David Nicol, chief executive, said: "The group has made good financial and operational progress over the first half of 2014. The process of streamlining the business is on track and this is reflected in the significant progress made towards the adjusted profit before tax margin target of 25%.
"It is encouraging to see the rationalisation of the business model begin to bear fruit as organic growth is achieved.
"We are committed to continued improvement and strengthening of the business and will continue to make the difficult decisions necessary to achieve this as evidenced by the refocused systems priorities.
"The streamlining of the business through improved operating processes and clearer focus on core services should not only secure further shareholder returns, but also substantially reduce risk."