British wealth manager Brewin Dolphin has reported pre-tax profit of £28.4m for the half year ended 31 March 2017, a jump of 32.1% from £21.5m in the same period last year.
Adjusted pre-tax profit stood at £32.4m, a rise of 14.1% from £28.4m in the previous year. Total income increased 7.4% to £147.4m from £137.2m a year ago.
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The firm’s total funds were £37.8bn at the end of March 2017, up 15.2% compared to £32.8bn in the previous year. Discretionary funds totalled £31.5bn as at 31 March 2017, an increase of 22.1% from £25.8bn as at 31 March 2016.
Brewin Dolphin CEO David Nicol said: “The Group has had a successful first half of 2017 in a period with a favourable market environment. The delivery against our growth strategy has contributed to an excellent financial performance, with underlying earnings growth of 14.1%.
“We are exceeding the organic growth targets we set as net inflows into our core discretionary service were £1.1bn, in the period, a record and helping d rive year – on – year growth of 22.1 % in discretionary funds.”
