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    BRW   GB0001765816

BREWIN DOLPHIN HOLDINGS PLC

(BRW)
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Brewin Dolphin first-half funds up 6.8 percent, boosted by markets, inflows

05/17/2017 | 05:40am EDT

LONDON (Reuters) - British wealth manager Brewin Dolphin on Wednesday posted a 6.8 percent rise in first-half funds under management, boosted by market gains and net inflows.

Brewin, which offers financial planning and investment services to a range of retail and institutional clients, said it had seen strong demand across its range of products and was well placed to grow further despite political uncertainty in Britain.

Total funds at the end of the period were 37.8 billion pounds, driven by investment gains of 1.8 billion pounds and net inflows of 600 million pounds. Over the same period, the FTSE 100 index rose 6.1 percent.

"The Group has had a successful first half of 2017 in a period with a favourable market environment," Chief Executive David Nicoll said in the statement.

"We remain confident in the prospects for continued long-term growth in our business, despite the backdrop of political uncertainty in the UK," he said, as Britain gears up for a general election and an exit from the European Union.

At 0703 GMT, shares in Brewin Dolphin were up 0.9 percent, outpacing an FTSE mid-cap index down 0.3 percent.

Brewin has focused on building its discretionary funds business in recent years and the unit, which manages money directly on behalf of clients, enjoyed strong growth in the six months to the end of March, it said.

Discretionary funds under management rose 9.4 percent to 31.5 billion pounds, helped by record net inflows of 1.1 billion pounds.

Funds directed to the firm from intermediaries such as independent financial advisers also climbed, with net inflows of 900 million pounds, it said, helped by changes to rules on pensions and compliance.

Total income rose to 147.4 million pounds from 137.2 million a year earlier, with pretax profit up 32.1 percent to 28.4 million pounds underpinning a 10.4 percent increase in its interim dividend to 4.25 pence a share.

"The fruits of several years of restructuring are now becoming more evident and we expect to be upgrading our last published fair value of 320 pence," Shore Capital analyst Paul McGinnis said in a note to clients, flagging a 'buy' rating.

(Reporting by Simon Jessop; editing by Carolyn Cohn and Jason Neely)

By Simon Jessop


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
BREWIN DOLPHIN HOLDINGS PLC -1.37% 359 Delayed Quote.17.70%
FTSE 100 -0.65% 7032.3 Delayed Quote.8.85%
JASON CO., LTD. -0.56% 534 End-of-day quote.-20.06%
MSCI UNITED KINGDOM (STRD) -1.15% 1146.779 Real-time Quote.12.52%
S&P UNITED KINGDOM (PDS) -0.67% 1400.95 Delayed Quote.9.39%
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Financials
Sales 2021 401 M 557 M 557 M
Net income 2021 60,2 M 83,7 M 83,7 M
Net cash 2021 187 M 259 M 259 M
P/E ratio 2021 17,7x
Yield 2021 4,35%
Capitalization 1 061 M 1 475 M 1 475 M
EV / Sales 2021 2,18x
EV / Sales 2022 1,98x
Nbr of Employees 2 152
Free-Float 85,0%
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Technical analysis trends BREWIN DOLPHIN HOLDINGS PLC
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 9
Last Close Price 359,00 GBX
Average target price 401,33 GBX
Spread / Average Target 11,8%
EPS Revisions
Managers and Directors
Robin I. Beer Chief Executive Officer & Executive Director
Siobhan Geraldine Boylan Chief Financial Officer & Executive Director
Toby Emil Strauss Chairman
Sarah Houlston Chief Operating Officer
Ian Andrew Dewar Senior Independent Non-Executive Director
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