Brewin Dolphin posts record third-quarter income
FTSE 250 wealth manager Brewin Dolphin reported record income for the third quarter on Wednesday as total funds rose 3.7%.
Brewin Dolphin Holdings
515.00p
16:34 26/09/22
Financial Services
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17:09 19/04/24
FTSE 250
19,391.30
17:09 19/04/24
FTSE 350
4,341.08
17:09 19/04/24
FTSE All-Share
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17:08 19/04/24
In the quarter to the end of June, income increased 8.4% from the same period last year to £77.3m with total funds rising to £39.2bn from £37.8bn.
Discretionary funds were up 4.4% in the quarter to £32.9bn, which included £0.7bn of funds from the acquisition of Duncan Lawrie Asset Management in May.
Chief executive David Nicol said: "The second half of the year has started well with record income and continued organic fund growth in our core discretionary business underlining the strength of the group.
"The integration of DLAM is making good progress and we are delighted to have welcomed our new colleagues. We continue to make steady progress in delivering against our long-term growth strategy and our confidence in the future is underpinned by our robust financial position."
Numis said total assets of £39.2bn were 2% above its estimate of £38.6bn, while discretionary funds were above its estimate of £32.4bn.
"Although we believe the ongoing restructuring is the right approach and we generally like the wealth management industry, we believe much of this is already reflected in its current valuation (circa 16x 2018E earnings) and we remain mindful of the impact such an aggressive restructuring can have on earnings."
At 0940 BST, the shares were down 0.4% to 349.40p.