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Brewin Dolphin figures buoyed by Investec deal

Katie Royals, 25/11/2020

Brewin Dolphin increased its profits before tax and adjusted items by 4.3 percent to £78.2 million in its full-year to 30 September 2020.

This is an increase from the £75 million reported a year earlier.

Statutory profits before tax fell slightly (-0.8 percent) from £62.6 million to £62.1 million.

Total income for the period was up 6.6 percent to £361.4 million from £339.1 million in FY 2019. This includes £19.8 million from a recent acquisition: The firm bought Investec's Ireland business in May 2020 for €44 million. Financial planning income grew 20.4 percent to £33.1 million. Last year it grew 12.2 percent.

Brewin's chief executive Robin Beer

Income was higher in the second half of the year due to higher commission and fee income as markets recovered, the firm said.

Total funds increased to £47.6 billion, up 15 percent since 31 March 2020 (£41.4 billion).

When funds from acquisitions are excluded (£2.7 billion), total funds were broadly flat year on year. Total discretionary funds increased to £41.2 billion from £40.1 billion.

The firm said, together with acquisitions, positive net flows “more than offset” negative investment perfo...


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