Brewin Dolphin posts weaker revenues due to weaker markets

29th Jul 2015 12:25

(ShareCast News) - Brewin Dolphin posted a 2.29% drop in total funds under management in its third quarter update, at £25.6bn from £26.2bn the year prior.The investment management firm's income fell slightly to £73m compared with £73.1m in the third quarter for 2014.Brewin Dolphin raised £19.5m in commission income, falling about 7% compared with £20.9m.Chief executive David Nicol said overall performance was good, but weak financial markets impacted revenue progression."Our financial position remains strong and we continue to be confident about the long term growth of the business," he said in a statement.N + 1 Singer said the company was trading in line with expectations, and reiterated its 'buy' stance.Canaccord Genuity also held a 'buy' rating and kept a price target at 357p. It reduced its full-year revenue expectation for 2015 by 4.4% to £13m.However, it maintained a 21p earnings per share forecast for 2016 as it anticipated the firm's transformation to continue as planned.Shares in the FTSE 250 listed company were up about 1% to 310.27p at 1151 BST.