Brewin results 'satisfactory', despite fall in profits
STOCKBROKER and fund manager Brewin Dolphin has seen annual profits slide, despite total income climbing to £212.3m from £206.5m.
Brewin, which has 40 offices across the UK, including one in Newcastle which is home to its investment banking arm, recorded a drop in profits to £21.9m from £32m in the 12 months to end of September. Brewin has over 300 staff in Newcastle, including 30 investment managers.
The office is its third-biggest in the UK and HQ of its investment banking arm.
Executive chairman Jamie Matheson described the results as satisfactory, but sounded a cautionary note with a warning that the economic woes of the country were far from over, but added that the board remained confident of the firm’s future prospects.
Charles May, managing director of the Newcastle office, said: “While the market has had a welcome move upwards recently, it has undoubtedly been a turbulent year for investors. I am very proud of the hard work by all my colleagues here in Newcastle in looking after our clients through the turmoil and of the part we have played in these results.
“Clients have been stoic throughout and we have seen a good flow of new business as investors seek higher returns for the cash they used to hold on deposit. We are cautiously optimistic for the new year.”
Discretionary funds managed by Brewin increased by over £1bn to £11.8bn – a 15.7% rise from the previous year. The board has proposed a final dividend of 3.55p, identical to the proposed final dividend in 2008, to be approved at the 2010 AGM.