Brewin Dolphin HY Profit Down

Brewin Dolphin Holdings Plc. (BRW.L) reported that its profit attributable to equity holders of the parent for the first half of 2019 declined to 22.76 million pounds or 8.1 pence per share from 26.62 million pounds or 9.4 pence per share last year.

Statutory profit before tax of 29.7 million pounds, 12.9% lower than last year's 34.1 million pounds.

Adjusted earnings per share was 9.9 pence, down from 10.8 pence in the previous year.

Income of 162.3 million pounds was marginally higher than last year's 161.8 million pounds, with lower income in the first quarter offset by market recovery and continued positive net flows in the second quarter.

The company has also announced that its wholly owned subsidiary, Brewin Dolphin Wealth Management Limited, has entered into a binding agreement to acquire the wealth management business of Investec Group in the Republic of Ireland through the acquisition of Investec Capital & Investments (Ireland) Limited.

The net consideration after adjustments for surplus capital is expected to be 44 million euros. The Transaction is subject to certain regulatory approvals and completion is expected to take place in the second half of 2019.

The Transaction is expected to be enhancing to adjusted earnings per share on a pro forma basis from completion.

Brewin Dolphin said that it plans to conduct a placing to raise gross proceeds of approximately 60 million pounds of new ordinary shares in the capital of the Company to institutional investors at a placing price of 305 pence per Placing Share.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Specialty athletic retailer Foot Locker, Inc. reported Friday a second-quarter net profit that plunged from last year, hurt by a sales decline amid markdowns. Quarterly sales met Street estimates. The company also trimmed it adjusted earnings and sales growth guidance for the full-year 2022. Google's hundreds of employees have signed a petition sent to executives demanding extension of abortion care benefits to contract workers. The workers also called to halt donations given to anti-abortion politicians and to expand travel benefits. The petition, circulated by the Alphabet Workers Union, has been signed by over 650 employees at Google's parent company Alphabet Inc. Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices. The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch
Follow RTT