Brewin Dolphin 2017 final results
Another strong period of organic fund inflows as we continue to deliver against our strategic plan.
Total funds of £40.1bn, an increase of 13.3% (11.3% excluding acquired funds) (FY 2016: £35.4bn). Discretionary funds of £33.8bn, an increase of 17.4% or 15.3% excluding acquired funds (FY 2016: £28.8bn).
o This compares to an increase of 6.9% in the FTSE 100 Index and a 6.0% increase in the MSCI WMA Private Investor Balanced Index.
o Record net discretionary funds inflows, including transfers, of £2.3bn (FY 2016: £1.1bn) representing an annualised growth rate of 8.0% (FY 2016: 4.4%).
Total income for the period of £304.5m (FY 2016: £282.4m).
o Core income of £291.0m increased by 10.5% (FY 2016: £263.3m).
o Core fee income of £207.9m (FY 2016: £179.7m), increased by 15.7% representing 71.4% of total core income (FY 2016: 68.2%); core commission income of £62.3m (FY 2016: £66.1m).
o Financial planning income of £20.8m (FY 2016: £17.5m).
Adjusted profit before tax of £70.0m increased by 14.8% (FY 2016: £61.0m).
o Improved adjusted profit before tax margin of 23.0% (FY 2016: 21.6%).
o Achieved our target 25% adjusted profit before tax margin in 4th quarter.
Statutory profit before tax of £57.6m, 15.0% higher than FY 2016 (£50.1m).
o Statutory profit before tax margin was 18.9% (FY 2016: 17.7%).
Adjusted earnings per share:
o Basic earnings per share increased by 15.8% to 20.5p (FY 2016: 17.7p).
o Diluted earnings per share increased by 16.7% to 19.6p (FY 2016: 16.8p).
Statutory earnings per share:
o Basic earnings per share of 16.5p (FY 2016: 14.4p).
o Diluted earnings per share of 16.0p (FY 2016: 13.9p).
Full year dividend increase of 15.4% to 15.0p (2016:13.0p), final dividend of 10.75p per share (2016: 9.15p per share) an increase of 17.5%.