LONDON (Alliance News) - Wealth manager Brewin Dolphin Holdings PLC on Wednesday reported higher profit and an increase in discretionary funds under management over the course of its last financial year, and said that expansion is now on its agenda.
Adjusted pretax profit, which strips out one-off items such as the GBP31.7 million impairment charge taken on the termination of a software project in the previous year, increased to GBP62.2 million in the year ended September 30, from GBP58.4 million the prior year.
Without the adjustments, pretax profit increased to GBP61.0 million from GBP6.8 million. Brewin lifted its dividend for the year as a whole to 12.0 pence from 9.9p.
Brewin Dolphin, which has been on a long transition away from its origins in execution-only and advisory dealing services, said discretionary funds under management rose to GBP24.8 billion on September 30 from GBP24.0 billion at the equivalent point of the prior year.
"Initiatives to enhance key aspects of our business have culminated this year with the renewal of our client advice process and are now substantially complete. Expansion is now firmly on our agenda and we are in a strong position to take advantage of opportunities," Chief Executive David Nicol said in a statement.
"The business is in great shape, with the foundations and resources to pursue our growth ambitions. Our belief in the long-term growth prospects for the industry is stronger than ever," Nicol added.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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