(Alliance News) - Brewin Dolphin Holdings PLC on Thursday said its performance improved over the past half-year, increasing confidence in its full-year outlook.
The London-based provider of wealth management services said total funds increased by 11% to GBP52.6 billion at the end of March compared to GBP47.6 billion at the end of September 2020.
Total discretionary funds also were up 11%, to GBP45.7 billion as at March 31 versus GBP41.2 billion at the company's 2020 financial year-end, supported by positive net flows and strong discretionary investment performance.
"Our broad range of propositions and distribution channels has enabled us to reach a wider demographic of people and support those clients who have been able to accumulate higher levels of savings over the last year," noted Chief Executive Robin Beer.
Total income increased by 14% in the six months to the end of March to GBP199.9 million from GBP175.8 million a year earlier, driven by strong market performance and elevated levels of commissions.
Brewin Dolphin declared an interim dividend per share up 5% year-on-year to 4.6 pence.
Going forward ,the company said strong first-half performance increased confidence in its full-year outlook. However, it warned that it expects commission income to reduce in the second half and operating costs to increase.
Brewin Dolphin shares were trading 0.6% higher in London on Thursday morning at 330.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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