London-based wealth manager Brewin Dolphin saw its pre-tax profits increase by more than 25% to £29.7 million in the six months to the end of March.
In addition, assets under management grew year-on-year from £20.4 billion to £22.7 billion. Its profit margin grew closer to the company’s target of 25%, reaching 20.3% compared to the 17.1% recorded at the same point last year.
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However, Brewin’s interim results do not include the £32 million writedown it is set to endure following plans to discard the Figaro software system across its discretionary businesses.
David Nicol, chief executive, said: "The group has made good financial and operational progress over the first half of 2014. The process of streamlining the business is on track and this is reflected in the significant progress made towards the adjusted profit before tax margin of 25%. It is encouraging to see the rationalisation of the business model begin to bear fruit as organic growth is achieved."
