Brewin Dolphin hails Scottish progress

Investment firm Brewin Dolphin has cheered its latest annual results, with profits rising by almost a fifth, and reporting a “strong” year in Scotland.

The FTSE 250 company grew statutory pre-tax profits to £68.5 million in the 12 months to 30 September, an 18.9 per cent increase from the previous year.

Overall income also rose by more than £24m to £329m, boosted by the impact of the acquisition of Duncan Lawrie Asset Management in 2017. Positive net inflows drove the company’s total funds under management to £42.8 billion, a year-on-year jump of 6.7 per cent. A full-year dividend of 16.4p was declared, representing an increase from 15p.

The firm also said it would make a “major investment” in its core custody and settlement IT system. It expects to announce its final selection in the first quarter of 2019.

Gordon Aitken, analyst at RBC Capital Markets, said the results were in line with expectations and that Brewin Dolphin’s personalised, adviceled strategy meant the firm was “well-placed for every Brexit scenario”.

Marc Wilkinson, regional director for Brewin Dolphin Scotland, said: “It’s been a strong year for Brewin Dolphin in Scotland.

“All of our business channels have been robust, as we provide more services to our existing customer base and bring in new, wealthier clients.

“Our pipeline remains strong, but there are undoubtedly headwinds approaching – a fact reflected by the return of volatility to financial markets over the past 12 months.” 0 Marc Wilkinson noted incoming headwinds