Brewin Dolphin profits edge ahead of forecasts
By Rob Freeman | 26th November 2020
Investment service Brewin Dolphin has reported better than expected annual profit as an improvement in investment returns since the summer.
The company, which has an office in Cheltenham, posted a pre-tax profit for the 12 months to September 30 of £78.2million - up from £75million the previous and better than the predicted £74million.
Total income for the year rose 6.6 per cent to £361.4million with income increasing in the second half of the year due to higher market levels.
The income included £19.8million from fresh acquisitions with financial planning income growing 20.4 per cent to £33.1million.
Total funds increased from £45billion to £47.6billion - a rise which almost matched the £2.7billion from acquisitions.
The company predicted challenging economic conditions ahead with operating costs forecasted to grow by "mid-single digit" for the coming year.
Chief executive Robin Beer said: "Adapting quickly to remote working enabled us to continue to deliver against our strategic objectives and delivered a set of resilient results.
"Our sector continues to have structural growth dynamics and we intend to benefit from these by enhancing our distribution capability."
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