StockMarketWire.com - Wealth manager Brewin Dolphin reported a fall in first-half profits as volatile markets kept a lid on investment performance.

For the six months to 31 March, profit before tax fell 8.2% to £35.6m, from £38.8m a year earlier.

'This reflects broadly flat income as a result of volatile markets in the first quarter, followed by a rebound in the second quarter impacting the value of funds, and higher costs as the Group continues to invest in growth initiatives and its infrastructure,' the company said.

Total funds rose to £42.4bn from £39.7bn a year earlier, driven by continued strong net fund flows of £0.8bn, £0.1bn lower than the first half of last year, weighed down by 'negative investment performance due to mixed market conditions,' the company said.

Total discretionary funds fell to £37.5bn from £34.3bn a year earlier, with strong net flows of £0.8bn, down from £1.3bn a year earlier offset by negative investment performance.

Advisory total income fell 70.5% in the half, following the 'substantial transfer of advisory managed funds into other services in the group during 2018, particularly discretionary investment management.' T

he interim dividend of 4.4p per share was unchanged on last year. 'The Group has had a strong first half and continues to demonstrate good performance. We continue to see positive momentum and are delivering against our strategic priorities,' the company said.

'The recent corporate activities have strengthened our position in several key geographic areas. These along with our investments in infrastructure are creating foundations for future growth.'

At 8:14am: [LON:BRW] Brewin Dolphin Holdings PLC share price was -10.2p at 310.8p



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