Brewin Dolphin funds under management totalled GBP28.1bn at 31 March 2013, up from GBP25.9bn at 30 September 2012 and GBP25.7bn at 31 March 2012.
The firm has seen strong growth in discretionary funds for the half year ending 31 March 2013 totalling GBP20.4bn as at 31 March 2013 (30 September 2012: GBP18.2bn, 31 March 2012: GBP17.3bn).
Total adjusted income for the period was GBP139.0m (31 March 2012: GBP127.0m), an increase of 9.4 per cent, while adjusted profit before tax was GBP23.8m (31 March 2012: GBP18.9m), an increase of 25.9 per cent.
Adjusted earnings per share:
Basic earnings per share 7.5p (31 March 2012: 5.8p) an increase of 29.3 per cent.
Diluted earnings per share 7.1p (31 March 2012: 5.5p) an increase of 29.1 per cent.
Total income GBP139.0 m (31 March 2012: GBP131.4m) an increase of 5.8 per cent.
Profit before tax GBP6.9 m (31 March 2012: GBP12.3m).
Earnings per share:
Basic earnings per share 2.2p (31 March 2012: 3.7p).
Diluted earnings per share 2.1p (31 March 2012: 3.5p).
Brewin Dolphin’s board has declared a maintained interim dividend of 3.55p per share. The interim dividend is payable on 28 June 2013 to shareholders on the register at the close of business on 14 June 2013 with an ex-dividend date of 12 June 2013.
David Nicol, chief executive, says "We are now two years into the transformation and growth strategy announced in 2011. We have made good progress against our stated objectives including delivering strong growth in funds under management. Our strategy has two main objectives: continued strong growth and increased efficiency. These objectives are underpinned by a series of initiatives to transform the business which will improve efficiency, ensure it is best placed to meet regulatory demands, and at the same time continue to enhance client service and improve shareholder returns.
“In a separate announcement today, we have announced the intention to raise up to circa GBP40m via a placing. The new capital will provide us with additional investment capacity, enabling us to accelerate the implementation of our on-going strategy, capitalise on our competitive position and drive future growth in earnings and shareholder returns."
