Brewin Dolphin on the up but Numis slips
Wednesday 05 December 2012
It was a tale of two brokers as full-year profits rose strongly at Brewin Dolphin, a private client one, but dropped at the corporate Numis.
Brewin's chairman, Jamie Matheson, was cautiously optimistic. He said: "Equity markets have remained remarkably resilient, and since the summer there have been signs that our clients have started buying more shares, although volumes have not got back to their historically high levels."
Its underlying profits rose by 8.3 per cent to £42.9m in the year to September, while funds under management increased 8 per cent to £25.9bn.
Mr Matheson said he was particularly pleased by the 17 per cent rise in discretionary funds under management to £18.2bn which, because they are charged on fees rather than commissions, are a much better source of long-term income. The full-year dividend has been "tickled up" by 0.05p to 7.15p a share.
At Numis, profits fell 13 per cent to £7.7m on revenues down 8 per cent at £50.1m.
Oliver Hemsley, its chief executive, said Numis would continue cutting costs, with another 16 staff losing their jobs in the last year to take the total down to 173.
Numis had "an encouraging start" to the new financial year and believed it would benefit from more companies seeking non-bank funding. The company's dividend is unchanged at 8p a share.
Numis also published research it conducted with the London Stock Exchange showing there is growing enthusiasm for the Government to encourage retail investment in small and mid-cap companies.
- 1 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 2 Maisie Williams has an excellent message for one confused fan
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Tampon tax scrapped in Canada after petition convinces conservative government
- 5 Kate Moss on the naked Calvin Klein shoot and the obsession that ended her relationship
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Maisie Williams has an excellent message for one confused fan
Archaeologists discover 2,400-year-old gold bongs in Russia
Tampon tax scrapped in Canada after petition convinces conservative government
Migrants in Kos: Photos show real tragedy after British tourists complain of 'awkward' holidays
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...