British wealth manager Brewin Dolphin has reported pre-tax profit of £21.5m for the half year ended 31 March 2016, a 42.2% fall compared to £37.2m a year ago.
Adjusted pre-tax profit was £28.4m, a drop of 12.3% from £32.4m in the first half of fiscal year 2015.
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For the six months to the end of March, the firm’s total funds increased 2.5% to £32.8bn from £32bn at the end of fiscal year 2015, while discretionary funds increased 4.4% to £25.9bn from £24.8bn.
Total net discretionary funds inflows, excluding transfers, stood at £0.4bn representing an annualised growth rate of 3.2%, the company said in its interim financial report.
Brewin Dolphin CEO David Nicol said: "In the current market context, and given the short-term outflows resulting from business restructuring, the first half reflects a creditable performance. The underlying ability of the business to sustain organic growth, despite the poor market environment, is a reminder of the sound footings on which we are building our growth ambitions.
"The Group is in hiring mode and focused on a balance of direct and intermediary-led growth to increase discretionary funds by a third over the next five years."
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