Head of Brewin Dolphin in Ipswich hails annual results

Andrew Wheeler of Brewin Dolphin.

Andrew Wheeler of Brewin Dolphin. - Credit: Archant

The head of the local office of investment management firm Brewin Dolphin has welcomed the announcement of an increase in underlying annual profits.

Adrew Wheeler said: “2014 has been an exceptionally busy year in Ipswich; we are proud of our contribution to these creditable results and we have done much to improve our efficiency and our services for clients.”

“We are mindful of the many changes to the landscape for investors, with new freedoms for pensions and a veritable savings revolution, following a succession of announcements from the Chancellor during the year. We are determined to be in a position to help fill the growing advice gap, of which we see continuing evidence in Ipswich.”

Brewin Dolphin reported total annual income of £290.5million, up 2% on the previous year, but statutory pre-tax profit fell 70% to £8.6m, due to the write-off of a major technology project,

However, stripping out one-off factors, adjusted pre-tax profit was 16% up at £60.2m and the adjusted profit before tax margin increased to 20.7%, from 18.4% the previous year.

Brewin Dolphine chief executive David Nicol said: “2014 was a year in which good financial and operational progress was made as reflected in both the adjusted profit before tax margin of 20.7% and in improved cash generation.

“Improving revenue and efficiency are our strategic goals and we have made good progress towards our stated targets. In the process, we reassessed a significant software project and this has resulted in a material impairment charge, as previously announced.

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“Nevertheless, we are well positioned for success and I remain confident that we have the right people to deliver ourplans for growth throughout the business.”