British wealth manager Brewin Dolphin has reported statutory profit before tax of £50.1m for the full year ended 30 September 2016, down 17.9% compared to £61m a year ago.

The company’s annual total income stood at £282.4m, down 0.5% from £283.7m in the prior year.

Core income increased 4.8% to £263.3m from £251.3m last year, while other income plummeted 41% to £19.1m from £32.4m in the previous year.

Total funds grew by 10.6% to £35.4bn from £32bn in the prior year, while discretionary funds surged 16.5% year-on-year to £28.9bn.

During the year, the business recorded £2.7bn of core organic gross inflows, which include £0.9bn gross inflows from intermediaries and £0.5bn of funds into model portfolios.

Brewin Dolphin CEO David Nicol said: “We have made encouraging progress in 2016. Financial performance has been resilient against the increasingly volatile and uncertain market backdrop.

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“The strategic transition we have undergone over the last few years, focusing on our core services of discretionary investment management and financial advice, coupled with improving operational efficiency is further evident in 2016 in terms of the continued growth in the core business.”