|Delayed - 01/25 11:35:14 am|
Brewin Dolphin : profit tops estimates as market rebounds from pandemic lows
|11/26/2020 | 03:04am|
(Reuters) - British wealth manager Brewin Dolphin on Wednesday reported annual profit above estimates as improved investor sentiment on stimulus measures and vaccine hopes offset steep outflows due to an earlier coronavirus-led selloff.
The company said although the COVID-19 pandemic created economic uncertainty and market volatility, Brewin's structural growth drivers remained strong.
Brewin in July started to see an improvement in investment returns and net inflows, after having earlier said the coronavirus crisis had fuelled demand for integrated wealth management services.
The company, which proposed a final dividend of 9.9 pence per share, said it expects operating costs for 2021 to grow by mid-single digits.
Total funds climbed to 47.6 billion pounds from 45 billion pounds a year earlier.
Pre-tax profit for the year ended Sept. 30 rose to 78.2 million pounds from 75 million pounds a year earlier, above a company-compiled consensus of 74 million pounds.
(Reporting by Muvija and Jasmine I S in Bengaluru; editing by Ramakrishnan M.)