Wednesday, 16 May 2018 09:34

Wealth manager reports 20.1% profits boost

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David Nicol David Nicol

Wealth manager Brewin Dolphin has boosted funds and profits, according to its half year figures.

The firm heralded “another strong period of organic fund inflows” and said the group had made “further progress towards achieving its strategic plan” as it unveiled a healthy set of figures.

Profits jumped to £34.1m, 20.1% higher than the first half of 2017 (£28.4m).

Total funds stood at £39.7bn at 31 March, up on £37.8bn in the same period in 2017, though down the full year figures from 2017 of £40.1bn.



The company says since the figures were calculated total funds have increased and at 30 April were about £41bn.

Total income for the period ending 31 March was £161.8m, up on 2017’s £147.4m.

Discretionary funds of £34.3bn increased by 1.5% and net discretionary funds inflows, including transfers, were £1.3bn (half 1 2017: £1.1bn) representing a growth rate of 7.7%.

Dividends also rose from 4.25p per share to 4.4p.

David Nicol, chief executive, 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.”

 

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