Laying foundations

Profits dip at Brewin Dolphin on investment in advice

Marc Wilkinson: ‘resilient year’

Wealth manager Brewin Dolphin reported a dip in full-year profits as it increased spending on growth initiatives and infrastructure projects.

Chief executive David Nicol said these initiatives are laying the foundations for long-term growth and will ensure the company is well-placed to capture market opportunities.

Profit before tax and adjusted items for the 12 months to the end of September came in 3.2% lower at £75m (2018: £77.5m) in-line with expectations. Statutory profit before tax was £62.6m or 8.6% lower (2018: £68.5m).

Total funds were £45bn, an increase of 5.1% (2018: £42.8bn). The company spent £265.7m excluding adjusted items (2018: £252.3m), a 5.3% increase due to planned spending on growth initiatives and infrastructure projects.

The company is recommending an unchanged final dividend of 12p and full year dividend 16.4p.

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