Pre-tax profits rise 25.3% in Brewin Dolphin's interim results

Business efficiency exercises at Brewin Dolphin are starting to "bear fruit", the firm's chief executive has said

Brewin Dolphin'
Brewin Dolphin

Wealth managers Brewin Dolphin said it has made good financial and operational progress in the half year ended March 30, having posted an adjusted pre-tax profit rise of 25.3%.

The firm, which has offices in Newcastle, Penrith and York, recorded total income of £146.3m, compared to £139m for the previous comparable period and an increase of 5.3%.

The firm said ongoing initiatives to improve business efficiency, including standardising operating processes and restructuring the business, have led to a decline in total fixed operating costs of 4% from the same period last year.

David Nicol, chief executive said: “The group has made good financial and operational progress over the first half of 2014.

“The process of streamlining the business is on track and this is reflected in the significant progress made towards the adjusted profit before tax margin target of 25%.

“It is encouraging to see the rationalisation of the business model begin to bear fruit as organic growth is achieved.

“We are committed to continued improvement and strengthening of the business and will continue to make

the difficult decisions necessary to achieve this as evidenced by the refocused systems priorities.

“The streamlining of the business through improved operating processes and clearer focus on core services should not only secure further shareholder returns, but also substantially reduce risk.”

The board has also declared an interim dividend of 3.65p per share, payable on July 4.

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