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Brewin Dolphin sees funds under management drop in H1
13th May 2020 09:02
(Sharecast News) - Wealth management firm Brewin Dolphin said on Wednesday that both funds under management and pre-tax profits had declined in the first half.
Brewin Dolphin reported funds under management of ?41.4bn, down from the ?45bn reported in the prior half, while pre-tax profits dropped to ?28.2m from ?29.7m.
However, the FTSE 250-listed group recorded strong growth in discretionary funds, up 2.5%, or ?500m, in the first half with an 8.3% increase in total income to ?175.8m. Excluding income from acquisitions of ?9.3m, income increased 2.6%. The firm said its cash balance was strong at ?144.1m.
Chief executive David Nicol praised the group's "resilient" set of results in the face of the Covid-19 pandemic, while Brewin's Scottish regional director Marc Wilkinson warned that there were "undoubtedly" still challenges ahead.
Wilkinson said: "It is difficult to forecast how the rest of the year will pan out and that will likely remain the case."
Brewin shares were up 1.86% at 274p at 0900 BST.
Brewin Dolphin reported funds under management of ?41.4bn, down from the ?45bn reported in the prior half, while pre-tax profits dropped to ?28.2m from ?29.7m.
However, the FTSE 250-listed group recorded strong growth in discretionary funds, up 2.5%, or ?500m, in the first half with an 8.3% increase in total income to ?175.8m. Excluding income from acquisitions of ?9.3m, income increased 2.6%. The firm said its cash balance was strong at ?144.1m.
Chief executive David Nicol praised the group's "resilient" set of results in the face of the Covid-19 pandemic, while Brewin's Scottish regional director Marc Wilkinson warned that there were "undoubtedly" still challenges ahead.
Wilkinson said: "It is difficult to forecast how the rest of the year will pan out and that will likely remain the case."
Brewin shares were up 1.86% at 274p at 0900 BST.