StockMarketWire.com - Wealth manager Brewin Dolphin trimmed its dividend as annual profit slipped amid higher costs that offset increased net inflows and income.

For the year ended 30 September, pre-tax profit fell 0.8% to £62.1m, while income rose 6.6% to £361.4 million year-on-year.

Total funds increased to £47.6bn from £45.0bn.

The company proposed a final dividend of 9.9p per share bringing the total for 2020 to 14.3p per share, down from 16.4p per share a year earlier.

'We anticipate that 2021 will be a year of continued uncertainty so we remain disciplined on costs and investments,' the company said. 'We expect operating costs to grow mid-single digits, of which half of the rise is expected to be organic cost inflation and the rest to comprise investment for future growth,' it added.

In a separate statement, Brewin Dolphin said it had appointed Charles executive director starting 5 February 2021.



Story provided by StockMarketWire.com