Brewin Dolphin Holdings PLC, Group Preliminary Results for the year ended 29 September 2013

Highlights

• Total managed funds £28.2bn at 29 September 2013 (30 September 2012: £25.9bn)
• Strong growth in discretionary funds £21.3bn at 29 September 2013 (30 September 2012: £18.2bn).
• Total adjusted income £283.7m (30 September 2012¹: £260.4m), an increase of 9%.
• Adjusted² profit before tax £52.3m (30 September 2012: £42.9m), an increase of 22%.
• Adjusted² earnings per share:
  • Basic earnings per share 15.8p (30 September 2012: 13.2p) an increase of 19.7%.
  • Diluted earnings per share 14.9p (30 September 2012: 12.5p) an increase of 19.2%.
• Total income £283.7m (30 September 2012: £269.5m) an increase of 5.3%.
• Profit before tax £28.6m (30 September 2012: £29.9m).
• Earnings per share:
  • Basic earnings per share 8.5p (30 September 2012: 9.1p).
  • Diluted earnings per share 8.0p (30 September 2012: 8.6p)
• Final dividend increased by 40% to 5.05p, full year dividend increased by 20% to 8.6p
• The Board is implementing a new dividend policy from 2014 based on a target dividend payout ratio of 60%-80% of adjusted EPS.

¹ the September 2012 income figure has been adjusted to exclude shared revenue which prior to the Retail Distribution Review (“RDR”) was recorded as income for Brewin Dolphin with a corresponding operating expense apportioning the income to external parties.

² these figures have been adjusted to exclude redundancy costs, additional FSCS levy, onerous contracts provision, amortisation of client relationships and disposal of available-for-sale investments.

Declaration of Final Dividend

The Board is proposing a final dividend of 5.05p, to be approved at the 2014 AGM and payable on 28 March 2014 to shareholders on the register at close of business on 28 February 2014, with an ex-dividend date of 26 February 2014.

David Nicol, Chief Executive said:

“Our priorities are clear. They are to reinforce our high standard of service to clients and ensure an improved return to shareholders. Discretionary Investment Management is currently the core of our business model and our mission is to provide a compelling and consistent offering, relevant to all our clients. Over the past decade we have evolved from a stockbroker into a private client investment manager.Our evolution must continue as we strive to become the leading provider of personal Discretionary Wealth Management in the UK.”

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