Press Releases and Comment
Interim Management Statement
30 July 2008
Nine Months Ended 27 June 2008
Brewin Dolphin Holdings PLC, the UK’s largest independent private client investment manager, announces its Interim Management Statement (IMS) as required by the UK Listing Authority’s Disclosure and Transparency rules.
Income for the third quarter is down 13% over the same period last year. Income for the nine months to 27 June 2008 is £155.4 million, 1% lower than the same period last year (29 June 2007: £156.9 million).
The FTSE APCIMS Balanced Index has declined by 10.5% over the nine month period. By contrast Brewin Dolphin’s discretionary funds have fallen by only 3.7%. This steady performance in challenging market conditions arises from the Group’s strategy of pursuing growth through the addition of new teams, as well as organic growth from its existing offices.
The core business of Investment Management has held up well but, as indicated in the Interim Financial Report for the six months to 30 March 2008, Investment Banking has had a quiet third quarter.
The Board continues to have confidence in the Company’s long term prospects.
Total Income
| Third Quarter to 27 June 2008 |
Third Quarter to 29 June 2007 |
||
| £’000 | £’000 | % change | |
| Investment management | 49,091 | 46,993 | +4.5% |
| Investment banking | 2,222 | 11,955 | -81.4% |
| Total income | 51,313 | 58,948 | -13.0% |
The value of clients funds under the Group’s management were as follows at 27 June 2008:-
Funds
| At 27 June 2008 |
At 30 September 2007 |
||
| £ billion | £ billion | % change | |
| Discretionary funds | 10.3 | 10.7 | -3.7% |
| Advisory funds | 9.1 | 10.9 | -16.5% |
| Total managed funds | 19.4 | 21.6 | -10.2% |
| FTSE APCIMS Private Investor Series Balanced Portfolio | 2,710 | 3,029 | -10.5% |
| FTSE 100 | 5,530 | 6,467 | -14.5% |
For further information please contact:
Jamie Matheson
Executive Chairman
Brewin Dolphin
020 7248 4400
Toby Mountford
Citigate Dewe Rogerson
020 7638 9571