Brewin Dolphin sees hopeful signs

28th May 2009 07:35

Stockbroker and fund manager Brewin Dolphin has maintained its interim dividend despite profit before tax falling by more than fifth.Profit before tax, excluding redundancy costs, fell 23% to £16.8m in the six months to 29 March 2009, from £21.8m a year earlier. With redundancy costs factored in, profit before tax fell 38% to £13.6m.Turnover in the period edged up to £104.7m from £104.1m a year earlier.Total funds under management at 29 March stood at £16.3bn, down from £19.9bn a year earlier and from £18.7bn at the beginning of the interim period.Discretionary funds dipped to £9.3bn from £10.4bn on 30 March 2008 and from £10.2bn at 28 September 2008.The interim dividend has been maintained at 3.55p.'In a period of continuing market turbulence Brewin Dolphin performed resiliently indicating the fundamental strength and scale of our business,’ said executive chairman Jamie Matheson.‘There are some hopeful signs that the financial turmoil is easing. If this is so, then it will be good news for our clients and the company,’ Matheson added.