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Brewin Dolphin profits drop as infrastructure spending rises

"With respect to Brexit, we are prepared and will take appropriate measures to address any eventualities that emerge"

Brewin Dolphin  -
Assets under management rose in the year to September rose by 5.1% to £45bn

Wealth manager Brewin Dolphin Holdings PLC (LON:BRW) kept assets and inflows rising over the past year but heavier spending on IT and product upgrades clipped profits.

Assets under management in the year to September rose by 5.1% to £45bn, which included £1.4bn of inflows.

David Nicol, chief executive, said organic growth has been resilient against the continued uncertain economic and political backdrop.

"With respect to Brexit, we are prepared and will take appropriate measures to address any eventualities that emerge," he said in a statement.

Revenues for the year rose by 3% to £339mln, while Brewin's profits dropped 9% to £62.6mln.

The dividend for the year was unchanged at 16.4p.

Quick facts: Brewin Dolphin

Price: 364.4 GBX

LSE:BRW
Market: LSE
Market Cap: £1.1 billion
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