Brewin Dolphin results out
By Andy Pearson
The preliminary results for investment firm Brewin Dolphin Group, which has a Swansea office, have been announced for the 52 weeks ended 26 September.
They show rises in managed funds, income, profit and earnings per share.
Highlights include:
- Total managed funds £23.2bn at 26 September 2010 (27 September 2009: £20.5bn).
- Discretionary funds £14.0bn at 26 September 2010 (27 September 2009: £11.8bn).
- Total income £250.9m (27 September 2009: £212.3m) an increase of 18%.
- Profit before tax £31.4m (27 September 2009: £21.9m) a 43% increase.
- Profit before tax excluding redundancy costs, contract renewal payments and amortisation of client relationships £40.2m (27 September 2009: £32.1m) a 25% increase.
- Earnings per share: Basic earnings per share 9.7p (27 September 2009: 7.4p) an increase of 31%; diluted earnings per share 9.5p (27 September 2009: 7.2p) an increase of 32%.
- Earnings per share excluding redundancy costs, contract renewal payments and amortisation of client relationships: Basic earnings per share 12.5p (27 September 2009: 10.8p) an increase of 16%; diluted earnings per share 12.3p (27 September 2009: 10.6p) an increase of 16%.
The total dividend for the period is 7.1p per ordinary share (2009: 7.1p).
Proposed final dividend 3.55p per share (2009: 3.55p).
The board is proposing a final dividend of 3.55p, to be approved at the 2011 AGM and payable on 5 April 2011 to shareholders on the register at close of business on 11 March 2011, with an ex-dividend date of 9 March 2011.
Executive chairman Jamie Matheson said: “Our growth plans continue to be built around an unstinting focus on high levels of service and the ability to attract new clients that this reputation provides.
“It would appear that there is a growing realisation that prudent financial management and the merits of equity over debt finance are a fundamental key to economic growth.
“In particular we believe that this view is strongly held in the UK and this leads us to look to the future with optimism.”
Richard Croydon, head of Brewin Dolphin in Swansea, said: “We have had a very creditable year in Swansea.
“Our staff have worked exceptionally hard and many of our clients have added to their portfolios, increasing our funds under management.
“I am very pleased with the contribution we have made to the group’s results.”
