Brewin Dolphin issues interim financial report
The private client investment manager and financial services provider Brewin Dolphin has delivered its Interim Financial Report for the half-year ending 31 March 2013
Brian James Head of Brewin Dolphin in Plymouth said:
“We have made good progress against our objectives in Plymouth. We detect a revival in economic confidence and see increasingly positive trading conditions ahead – so we hope to achieve further growth in the next period.”
Highlights
- Total managed funds £28.1 billion at 31 March 2013 (30 September 2012: £25.9 billion, 31 March 2012: £25.7 billion).
- Strong growth in discretionary funds £20.4 billion at 31 March 2013 (30 September 2012: £18.2 billion, 31 March 2012: £17.3 billion).
- Total adjusted income £139.0 million (31 March 20121: £127.0 million), an increase of 9.4%.
- Adjusted2 profit before tax £23.8 million (31 March 2012: £18.9 million), an increase of 25.9%.
- Adjusted2 earnings per share:
o Basic earnings per share 7.5p (31 March 2012: 5.8p) an increase of 29.3%.
o Diluted earnings per share 7.1p (31 March 2012: 5.5p) an increase of 29.1%
- Total income £139.0 million (31 March 2012: £131.4 million) an increase of 5.8%.
- Profit before tax £6.9 million (31 March 2012: £12.3 million).
- Earnings per share:
o Basic earnings per share 2.2p (31 March 2012: 3.7p).
o Diluted earnings per share 2.1p (31 March 2012: 3.5p).
1 the March 2012 income figure has been adjusted to exclude shared revenue which prior to the Retail Distribution Review ("RDR") was recorded as income for Brewin Dolphin with a corresponding operating expense apportioning the income to external parties.
2 these figures have been adjusted to exclude redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships.
Declaration of Interim Dividend
The Board declares 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 said:
"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 £40 million 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."
