LONDON (Reuters) - British wealth manager Brewin Dolphin (BRW.L) on Wednesday posted a 18.9 percent rise in full-year pretax profit, boosted by inflows of new client cash and the impact of an acquisition.
Brewin said it had seen strong growth in demand for financial advice from clients with more complex needs and continued to focus on growing its discretionary fund assets under management.
Pretax profit at the end of September was 68.5 million pounds ($87.31 million), it said in a statement, up from 57.6 million pounds in the prior year, helped in part by its 2017 deal to buy Duncan Lawrie Asset Management.
Total funds were 42.8 billion pounds, up 6.7 ercent on the prior year, with inflows into its managed investment funds matching the previous year’s record of 2.3 billion pounds.
“2018 was another successful year for the group, proving the continued value of our personalized advice-led model. Above target organic fund inflows have led to strong earnings and dividend growth,” David Nicol, Chief Executive, said.
The company said it planned to pay a final dividend of 12 pence per share, up 11.6 percent on the previous year.
Reporting by Simon Jessop. Editing by Ben Martin.