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28 Nov 2018 | 07:25

Brewin Dolphin annual profits rise 19% as total funds jump

Wealth manager Brewin Dolphin said Wednesday annual profit before tax rose by a double-digit percentage as total funds were bolstered by net new funds growth and investment performance.

For the 12 months to 30 September, statutory profit before tax rose 18.9% to £68.5m and total funds increased by 6.7% to £42.8bn.

Growth in total funds was driven by net new funds growth of £1.5bn and investment performance of £1.2bn, the company said.

The wealth manager revealed net discretionary funds inflow were £2.3bn for the year, in line compared to a year earlier.

Total income rose 8% to £329m. while core fee income grew 10% to £229.2m. The final dividend was raised 11.6% to 12.0p per share. '2018 was another successful year for the Group, proving the continued value of our personalised advice-led model. Above target organic fund inflows have led to strong earnings and dividend growth,' said David Nicol, Chief Executive. 'The investment in our services, people and technology are delivering results and we have broadened our range of services so we can capture future growth opportunities. At a time of uncertainty we remain confident in our growth prospect.'

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