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Brewin Dolphin achieves 37% profit growth in H1 as it ‘continues to be resilient’

Brewin Dolphin achieves 37% profit growth in H1 as it ‘continues to be resilient’

UK-based private client investment manager Brewin Dolphin (LSE: BRW) reported a substantial increase in its first-half pretax profits, up 37% to £15.2 million, as the company continued to increase assets under management.

"At this stage there is every indication that the performance of our business will continue to be resilient”, Brewin Dolphin executive chairman Jamie Matheson commented.

During the six-month period, ended 28 March 2010, Brewin Dolphin increased its total managed funds to £23bn, up from £16.3bn a year earlier and £20.5bn ast at Sptember 27 2009. The broker achieved a 15% increase in its total income for H1, to £120.9m.

Pretax profit was 37% higher at £15.2 million, compared to £11.1m at the same point last year. The improved performance translated into similarly strong earnings per share comparatives, basic EPS grew by 31% to 4.7p compared with 3.6p in H1-09.

“While the global financial situation is not without its problems the market conditions under which Brewin Dolphin operates were relatively benign, reflecting our position as one of the UK's largest investment managers for private investors”, Brewin Dolphin stated.

“Many lessons are to be learnt from the last three years but in particular the benefits of sound, judicious, and careful long term investment emerge quite clearly.”

In terms of its outlook, the company believes that the recent change of government in the UK "should be good news for its clients and the company". Brewin Dolphin said it would appear that economic stability is a major priority for the new government, and whilst adverse market movements remain a risk and cannot be ruled out, work continues to restore financial stability both domestically and internationally.

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