BREWIN Dolphin has released a steady set of results for the period up to 28 September, although pre-tax profits fell by £5.5m. compared to the same period last year.
In its preliminary results for the year so far, pre-tax profits fell 13% from £41.7m. to £36.2m.
Total income was also down, by £3m. at £206m., and discretionary funds fell by 4.7% to £10.2bn., although this did occur during a difficult time for the FTSE.
However, the total dividend rose from 6.875p in 2007 to 7.1p, while profits in its asset management business rose to £29.6m. from £27.7m. last year.
Dale Hubber-Richards (pictured), divisional director at the company’s Guernsey office, said the results were OK considering the turbulent times.
‘These results illustrate the resilience of our business in challenging times and I am pleased with the very creditable contribution made by all my colleagues in Guernsey.’
The Brewin Dolphin Guernsey office was established in 1997 and its Jersey office set up in 1972. The firm has since become one of the Channel Islands’ leading investment houses.
Executive chairman Jamie Matheson said it was still too early to call the end of the global financial problems. ‘If there’s a lesson to be learnt it is that properly financed equity and strong balance sheets are the way to go.
‘There’s been a tendency to substitute debt for equity and to think debt is a form of equity.
‘It is not. It is somebody else’s cash and they will want it back.’
Article posted on 8th December, 2008 - 2.30pm
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