StockMarketWire.com - Wealth manager Brewin Dolphin reported Wednesday first-half adjusted pre-tax profit rose 19.8% to £32.4m, supported by improved margins and a 9.8% increase in total income.

For the six months to 31 March, adjusted profit before tax rose 19.8% to £38.8m, while statutory pre-tax profit rose 20.1% to £34.1m, compared to the same period in 2017.

Net funds flows of £0.9bn during the period were offset by lower investment returns, the firm said. Since then, however, total funds had increased and stood at about £41bn on 30 April.

The wealth manager revealed that it saw £34.3bn in net discretionary funds inflow in the first half of the year, taking total funds under management to £39.7bn, up from £37.8bn.

Discretionary funds rose by 1.5% to £34.3bn.

'I am pleased to report a robust first half of our financial year with strong net discretionary inflows, despite challenges in the wider market,' said David Nico, CEO.

Core income grew 11.4% to £156.3m from £140.3m, supported by continued organic funds growth and higher financial planning income, the firm said.

The interim dividend was increased to 4.4p per share from 4.25p per share.


At 8:24am: [LON:BRW] Brewin Dolphin Holdings PLC share price was +1.4p at 382.2p



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