British wealth manager Brewin Dolphin has reported a statutory pre-tax profit of £62.6m for the year ended 30 September 2019, a fall of 9% from £68.5m a year ago.

Profit before tax and adjusted items dropped 3% to £75m from £77.5m over the period.

The performance was affected by total costs, which rose 5% year-on-year to £265.7m due to increased spending on infrastructure and growth initiatives.

Cases in point include Brewin Dolphin’s acquisitions of Investec’s Irish wealth management unit and Epoch Wealth Management.

Total funds were £45bn at the end of September 2019, up 5% from £42.8bn last year.

Brewin Dolphin CEO David Nicol said: “I am very pleased with our financial performance, particularly over the second half of the year. The Group has continued to deliver strong and resilient organic growth, against the continued uncertain economic and political backdrop. This is demonstrated by the strength of our discretionary funds flows. Our strategy of focusing on our advice-led wealth management service continues to deliver results.

“We continue to invest in our business to support future long-term growth. We have completed and integrated a number of strategic acquisitions and the replacement of our core custody and settlement system is on track.

“These initiatives are laying the foundations for long-term growth and will ensure that we are well placed to capture future market opportunities.”