Brewin Dolphin HY Profit Down
(RTTNews) - Brewin Dolphin Holdings Plc. (BRW.L) reported that its profit attributable to equity holders of the parent for the first half of 2019 declined to 22.76 million pounds or 8.1 pence per share from 26.62 million pounds or 9.4 pence per share last year.
Statutory profit before tax of 29.7 million pounds, 12.9% lower than last year's 34.1 million pounds.
Adjusted earnings per share was 9.9 pence, down from 10.8 pence in the previous year.
Income of 162.3 million pounds was marginally higher than last year's 161.8 million pounds, with lower income in the first quarter offset by market recovery and continued positive net flows in the second quarter.
The company has also announced that its wholly owned subsidiary, Brewin Dolphin Wealth Management Limited, has entered into a binding agreement to acquire the wealth management business of Investec Group in the Republic of Ireland through the acquisition of Investec Capital & Investments (Ireland) Limited.
The net consideration after adjustments for surplus capital is expected to be 44 million euros. The Transaction is subject to certain regulatory approvals and completion is expected to take place in the second half of 2019.
The Transaction is expected to be enhancing to adjusted earnings per share on a pro forma basis from completion.
Brewin Dolphin said that it plans to conduct a placing to raise gross proceeds of approximately 60 million pounds of new ordinary shares in the capital of the Company to institutional investors at a placing price of 305 pence per Placing Share.
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