Brewin Dolphin releases interim financial results

by Richard Kilner

Story link: Brewin Dolphin releases interim financial results

Private client investment manager Brewin Dolphin has announced its financial results for the six months ended 29 March 2009.

The firm recorded total income of £104.7m, a moderate rise of 1% on the corresponding figure for the previous year which stood at £104.1m.

On a similar comparative basis discretionary funds have fallen by around £1bn to £9.3bn and pre-tax profits down more than a third to £13.6m.

However, excluding redundancy costs from the pre-tax profits mitigates the fall to around 23%, with earnings per share down by two-fifths.

The results echo figures released in November which revealed a fall in pre-tax profits and discretionary funds.

Executive chairman Jamie Matheson has responded to the results with cautious optimism, praising Brewin Dolphin’s resilience in a particularly difficult operating environment for the banking sector.

Matheson went on to state that there were some signs that the financial turmoil might be beginning to ease.