Brewin Dolphin Hldgs

Preliminary Results

Brewin Dolphin Holdings PLC
6 December 2000


                               
                  BREWIN DOLPHIN HOLDINGS PLC
            PRELIMINARY RESULTS FOR THE YEAR ENDED
                       30 SEPTEMBER 2000
                               
HIGHLIGHTS


-    Total income £125.9 million               -    up 43%
-    Profit before tax £25.1 million (Note 1)  -    up 43%
-    Earnings per share 10p (Note 1)           -    up 43%
-    Total funds under management in excess of £17 billion,  of
     which £4.4 billion is on a fully discretionary basis
-    ISAs and PEPs now amount to £1.2 billion
-    Recent acquisitions integrating well

(Note 1) before goodwill amortisation

Sir  David  said  'The past year has been  one  of  significant
progress  for  Brewin Dolphin. We have seen  strong  growth  in
funds  under  management, profit before tax  and  earnings  per
share.
     
'The   current   financial  year  is  only  two   months   old.
Nevertheless,  it  has  started  well  and  with  a  full  year
contribution from recent acquisitions I am confident  that  the
Group will have another  successful year.'
     
                                   Sir David Rowe-Ham
                                   Chairman
     
     
Enquiries:
     
Brewin Dolphin Holdings PLC
John Hall
Managing Director                       Tel: 020 7248 4400
     
Bell Pottinger Financial
David Beck/Caroline Sturdy              Tel: 020 7353 9203




CHAIRMAN'S STATEMENT
                               
The  past year has been one of significant progress for  Brewin
Dolphin.   We  have seen strong growth in clients, funds  under
management, profit before tax and earnings per share.

Total income for the year ended 30 September rose by just  over
43% to £125.9 million. Profit before tax, increased by 43% to a
record  £25.1 million and earnings per share also  improved  by
43%  to 10p, both figures being prior to goodwill amortisation.
Total  funds under management at the end of September  were  in
excess  of  £17 billion, of which £4.4 billion is  on  a  fully
discretionary basis.

These  excellent  results could not have been achieved  without
all  my  colleagues' continued hardwork and dedication  to  our
clients.  On behalf of shareholders I thank them most warmly.

Strong  organic  growth within the Group continues  with  today
Brewin  Dolphin  operating from 32 offices  across  the  United
Kingdom  and  having  in  excess of 80,000  portfolio  clients.
Spending  on  our  computer systems and information  technology
continues at a high level.

I  was  delighted that, having retired from the board of Brewin
Dolphin, Sir Peter Thompson subsequently agreed to take on  the
Chairmanship of Stocktrade in order to assist in building  that
business as a separate entity.  Our strategy is to continue  to
develop  Stocktrade  in  both its on-line  and  execution  only
business with particular emphasis on the execution side in  the
immediate period ahead.

The  Directors  were extremely pleased when Mr.  Nicholas  Hood
accepted  their invitation to join the Board in May this  year.
He  was  previously the Chairman of Wessex Water for  some  ten
years and led that company to privatisation in 1989.

The  London  Stock  Exchange is a key element  in  the  overall
success of the City of London and the financial contribution it
makes  to  the economy of this country.  The merger terms  with
Deutsche  Bourse and the attempted takeover by O M Gruppen  did
not,  in  our opinion, meet the long term needs of  either  the
users of the London market, or indeed its investors. However we
do  believe  that with the increased globalisation  of  markets
change  is imperative. We trust that the London Stock  Exchange
will  now  bring forward a strategic plan which  will  look  to
cross  border alliances, take account of the interests  of  all
parties and command full support.

The   current   financial  year  is  only   two   months   old.
Nevertheless,  it  has  started  well  and  with  a  full  year
contribution from recent acquisitions I am confident  that  the
Group will have another  successful year.

Sir David Rowe-Ham
6 December 2000


MANAGING DIRECTOR'S REPORT

It  is  a pleasure to report to shareholders with another  good
set  of  figures.  As already announced, the first half of  the
year  reflected a particularly active period. It is  gratifying
that in the second half we have seen further good progress  and
growth in the business.

In  the  year  ended 30 September 2000, total  income  rose  to
£125.9m,  an increase of 43%.  Profit before tax and  excluding
goodwill  amortisation, was £25.1m against £17.5m, an  increase
of  43%.  Earnings per share calculated on the same basis, were
10.0p  against 7.0p, an increase of 43%.  Goodwill amortisation
this year was £0.9m.

During  the  year  we  continued our  practice  of  making  two
dividend  payments, in April and October, totalling  3.25p  per
share  against the equivalent of 2.6p the previous year.   This
represented an increase of 25%, after taking into account the 5
for 1 split.  We will continue to pay twice-yearly dividends in
April  and October and intend to announce the proposed  interim
payment for April 2001, at our AGM on 27 February 2001.

The  most  encouraging aspect of the past  year  has  been  the
strong organic growth throughout the business. In addition,  we
also  made  a number of acquisitions. Hill Osborne  &  Co.  was
completed  on  11 August  thus making a seven week contribution
to  the results.  This firm's integration has been particularly
successful  and we are anticipating a positive contribution  to
earnings this year.  The acquisition brings additional branches
in Leicester, Lincoln, Norwich, Bradford, and Scarborough. They
fit  in  well  with our present structure and we are  confident
that they will make a significant contribution to the group.

The Broadbridge partnership joined us in May and their business
has  been merged with our Leeds branch. This has now become one
of  our  largest  branches and  has the quantum to  participate
fully  in the thriving Leeds business community.  Additionally,
we  have  opened   new branches in Taunton and  Dorchester  but
these  have only been operational since September.  In  London,
we  benefited from nine months contribution from a strong  team
that  joined us in December last year with approximately  £400m
funds under management.

Overall, our total funds under management now exceed £17bn,  of
which  £4.4bn is on a fully discretionary basis. This  compares
with  a  total  of £14bn last year and £3.2bn of  discretionary
funds which we have accordingly grown by 37%.

As  has  been widely publicised, the London Stock Exchange  has
demutualised  and  is now an independently  quoted  company.  A
welcome by-product in these developments is the valuation being
placed  on  our Stock Exchange shareholdings and we have  taken
the opportunity to re-value these at £6m, which after provision
for deferred taxation, has increased the shareholders funds  by
£4m via our revaluation reserve.

ISA  contributions have continued apace, as have PEP  transfers
and in total, we now manage £1.2bn of funds in this category of
investment.  I  am pleased  to report that in  the  six  months
since  April, 10,000 new accounts were opened with  an  average
subscription of over £6,000.

With effect from the 6 April 2001, the rules for Single Company
PEPs  are  due to change significantly, in that there  will  no
longer  be  a  distinction between General and  Single  Company
PEPs.  In addition, PEPs  will, in future, mirror those of  the
less  restrictive range on offer for ISAs, greatly  simplifying
the rules.

Our  corporate  finance  and  institutional  division  had   an
excellent  year,  reflecting not only a  high  level  of  split
capital  investment trust work but also strong growth in  fund-
raising  and  advisory  work  for existing  and  new  corporate
clients.   Our  national network of private client stockbroking
offices is an important source of new business for us.  We  are
a  leading  participant  in  the  small  market  capitalisation
sector,   and   there  remain  significant  opportunities   for
continued growth in this sector.

As mentioned in the Chairman's statement, we are in the process
of   incorporating   Stocktrade  as   a   subsidiary   company.
Stocktrade  is our execution only and on-line trading  company.
It  had  a  particularly active first half of the  year  but  a
quieter second half.  It saw turnover increase by 58% over  the
year  to  £12.2m  but after taking into account expenditure  of
£2.2m on advertising and the costs of establishing new Internet
clients,  profits  before tax fell  from £977,000  to  £38,000.
Since  the  end of the financial year the contract  with  Royal
Bank of Scotland, which represented 16% of Stocktrade's income,
has been acquired by NatWest Stockbrokers.  However, Stocktrade
has  made  positive  strides  with  new  contracts  to  service
Citibank and Nationwide Building Society.  Citibank has an  on-
line and telephone service and Nationwide has a telephone based
service.

As  will be seen we have had an exceedingly active year  and  I
would  like to thank our staff for all their hard work and  our
clients  for their continued support and goodwill.


John Hall
6 December 2000
                               
                               
                               
             Consolidated Profit and Loss Account
           For the 53 weeks ended 30 September 2000
               (1999: 52 weeks to 26 September)
                               
                               
                Note                   2000                    1999
                                     53 weeks              52 weeks
                                     
                              Continuing                 Continuing
                              Operations                 operations
                                    Acquisi-      Total            
                                       tions
                              £'000    £'000      £'000       £'000
                                                                   
Turnover                    116,509    5,574    122,083      85,618
Other                                                              
 operating                                                         
 income                       3,861       32      3,893       2,147
                           --------  -------   --------    --------
TOTAL INCOME       1        120,370    5,606    125,976      87,765
                           --------  -------   --------    --------
Staff costs        2        (53,028)  (2,411)   (55,439)    (39,483)
Other                                                              
 operating                                                         
 costs                      (47,161)  (2,448)   (49,609)    (33,873)
                         ----------  -------   --------     -------
                           (100,189)  (4,859)  (105,048)    (73,356)
                         ----------  -------   --------     -------
OPERATING                                                          
 PROFIT                      20,181      747     20,928      14,409
                             ======   ======                       
Profit on                                                          
 disposal of                                                       
 fixed assets                                         -         536
Other interest                                                     
 receivable                                                        
 and similar                                                       
 income                                           3,888       2,702
Interest                                                           
 payable and                                                       
 similar                                                           
 charges                                                           
                                                   (607)       (131)
                                               --------    --------
PROFIT ON                                                          
 ORDINARY                                                          
 ACTIVITIES                                                        
 BEFORE                                                            
 TAXATION          1                             24,209      17,516
Tax on profit                                                      
 on ordinary                                                       
 activities        3                             (7,411)     (5,707)
                                               --------    --------
PROFIT ON                                                          
 ORDINARY                                                          
 ACTIVITIES                                                        
 AFTER                                                             
 TAXATION                                        16,798      11,809
Equity             4                                               
 dividends                                       (5,573)     (4,093)
                                               --------    --------
RETAINED                                                           
 PROFIT FOR                                                        
 THE PERIOD                                      11,225       7,716
                                               ========    ========
EARNINGS PER                                                       
 SHARE
 Basic             5                              10.0p        7.5p
 Diluted           5                               9.5p        7.2p
Excluding                                                          
 goodwill
 amortisation
 and profit on
 disposal of
 fixed asset
 Basic             5                              10.6p        7.4p
 Diluted           5                              10.0p        7.0p
                                                                   

STATEMENT OF RECOGNISED GAINS AND LOSSES
For the 53 week period ended 30 September 2000
(1999: 52 week period 26 September)
                                              £'000     £'000
Profit for the                                               
 period                                      11,225     7,716
Revaluation of                                               
 Stock Exchange                                              
 Shares                                       5,875         -
Deferred tax on                                              
 revaluation                                 (1,763)        -
                                             -------   -------
Total recognised                                             
 gains for the                                               
 period                                      15,337     7,716
                                            =======   =======

                               
      Consolidated Balance Sheet as at 30 September 2000


                                   30 September    26 September
                          Note             2000            1999
                                          £'000           £'000
                                                               
                                                               
FIXED ASSETS                                                   
 Intangible assets                       49,864             409
 Tangible assets                         11,335           8,764
 Investments                              6,145             240
                                     ----------      ----------
                                         67,344           9,413
                                     ==========      ==========
CURRENT ASSETS                                                 
 Investments                                645             403
 Debtors                                308,532         254,745
 Cash at bank and in                     52,345          40,888
hand
                                     ----------      ----------
                                        361,522         296,036
                                     ----------      ----------
CREDITORS: amounts                                             
 falling due                                                   
 within one year                        334,677         276,775
                                     ----------      ----------
NET CURRENT ASSETS                       26,845          19,261
                                     ----------      ----------
TOTAL ASSETS LESS                                              
 CURRENT LIABILITIES                     94,189          28,674
CREDITORS: amounts                                             
 falling due after                                             
 more than one year                      (1,038)         (1,439)
                                                               
PROVISION FOR                                                  
 LIABILITIES AND                                               
 CHARGES                                 (2,628)              -
                                     ----------      ----------
                                         90,523          27,235
                                     ==========      ==========
                                                               
CAPITAL AND RESERVES                                           
 Called up share                                               
  capital                                  1,790           1,573
 Shares to be issued                                           
  including premium                       25,621          11,321
 Share premium                                                 
  account                                 67,826          33,158
 Revaluation reserve                       4,113               -
 Profit and loss                                               
  account                                 (8,827)        (18,817)
                                      ----------      ----------
Equity shareholders'                                           
 funds                       6            90,523          27,235
                                      ==========      ==========


                               
               Consolidated Cash Flow Statement
           For the 53 weeks ended 30 September 2000
               (1999: 52 weeks to 26 September)

                                         2000              1999
                                     53 weeks          52 weeks
                                        £'000             £'000
Cash flow from operating                                       
 activities (see below)                25,452            19,177
Return on investments and                                      
 servicing of finance                   3,281             2,571
Taxation                               (6,295)           (6,717)
Capital expenditure                    (5,902)           (6,520)
Acquisitions and disposals net         (2,959)               69
Equity and dividends paid              (4,908)           (3,610)
                                   ----------        ----------
CASH INFLOW BEFORE FINANCING            8,669             4,970
Financing (see below)                    (685)             (443)
                                   ----------        ----------
INCREASE IN CASH IN THE PERIOD          7,984             4,527
                                   ==========        ==========
NOTES TO THE CASH FLOW                                         
 STATEMENT
                                                               
RECONCILIATION OF OPERATING                                    
 PROFIT TO OPERATING CASH FLOW
Operating profit                       20,928            14,409
Depreciation                            4,319             2,491
Profit share paid in shares to                                 
 be issued                                500                 -
Loss on sale of fixed assets                                   
 and lease finance                        193               359
Increase in investments                  (242)              (58)
Increase in debtors                   (13,929)          (60,192)
Increase in creditors                     890            58,701
Increase in other creditors            12,793             3,467
                                   ----------        ----------
Net cash inflow from                                           
 operating activities                  25,452            19,177
                                   ==========        ==========
FINANCING                                                      
Issue of shares                            27                87
Repayment of finance leases              (712)             (530)
                                   ----------         ---------
                                         (685)             (443)
                                   ==========        ==========
RECONCILIATION OF NET CASH                                     
 FLOW TO  MOVEMENT IN
 NET FUNDS
Increase in cash in the period          7,984             4,527
Cash movement from change in                                   
 lease financing                          234               529
                                   ----------        ----------
Change in net funds resulting                                  
 from cash flows                        8,218             5,056
Client cash arising as part                                    
 of acquisitions                        2,499                 -
Net funds at start of period           40,383            35,327
                                   ----------        ----------
Net funds at end of period             51,100            40,383
                                   ==========        ==========

ANALYSIS OF NET            2000     Cash flow              1999
 FUNDS
                          £'000         £'000             £'000
Cash                     52,345        11,457            40,888
Overdraft                (1,149)         (974)             (175)
Finance lease               (96)          234              (330)
                      ---------    ----------        ----------
                         51,100        10,717            40,383
                      =========    ==========        ==========

                               
                     Notes to the Accounts

1.   TOTAL INCOME AND PROFIT BEFORE TAX

                               2000                 1999
                              53 weeks            52 weeks
                         Total     Profit     Total     Profit
                                   before               before
                        income   taxation    income   taxation
                         £'000      £'000     £'000      £'000
Discretionary                                                 
 portfolio                                                    
 management             35,216      9,218    31,761      6,515
Advisory portfolio                                            
 management and                                               
 other                  61,425      9,856    41,231      7,590
Stocktrade              12,195         38     7,700        977
Corporate finance       17,140      5,097     7,073      1,898
                                 --------             --------
                                   24,209               16,980
Profit on disposal                                            
 of fixed assets                        -                  536
                      --------   --------  --------   --------
                       125,976     24,209    87,765     17,516
                      ========   ========  ========   ========
                                                              

2.   SALARIES
                                               2000       1999
                                           53 weeks   52 weeks
                                              £'000      £'000
Include payments                                              
 under staff                                                  
 bonus and profit                                             
 share schemes                                                
 of:                                         17,646     10,376
                                             ======     ======

3.   TAX ON PROFIT ON ORDINARY ACTIVITIES

                                                              
United Kingdom corporation tax based on                       
 the taxable profit for the period at
 30% (1999: 30.5%)
 Current                                      6,486      5,583
 Deferred                                     1,098          -
 Prior year                                    (162)        (3)
 Prior year deferred                           (233)         -
 Overseas tax                                   222        127
                                             ------     ------
                                              7,411      5,707
                                             ======     ======
4.   EQUITY DIVIDENDS
                                                              
First interim dividend of 2p (1999: 1.6p)                     
 paid 6 April 2000                            3,335      2,520
Second interim dividend of 1.25p per                          
 share paid 1 October 2000 (1999: 1p)         2,238      1,573
                                             ------     ------
                                              5,573      4,093
                                             ======     ======

In accordance with the Group's stated dividend policy there
will be no final dividend.
                               
                               
5.   EARNINGS PER SHARE

                                               2000            1999
                                           53 weeks        52 weeks
                                                 No.            No.
                                                       Restated for
Earnings per share is calculated                            1 for 5
 in accordance with FRS 14, based                             split
 on the following figures
                                                                   
Basic                                                              
Weighted average number of shares                                  
 in issue in the period                 167,368,261     156,972,940
                                                                   
Diluted                                                            
Weighted average number of options                                 
 outstanding for the period               4,816,842       3,005,520
Estimated weighted average number                                  
 of shares earned under deferred
 consideration arrangements
      Wise Speke                          3,207,064       3,305,265
      Other acquisitions                  1,762,952       1,369,775
                                     --------------    ------------
Diluted weighted average number of                                 
 shares in issue in the period          177,155,119     164,653,500
                                     ==============    ============
                                                                   
                                                                   
                                              £'000           £'000
Basic profit for the period and              16,798          11,809
 attributable earnings
Goodwill amortisation                           928               8
Profit on sale of fixed assets                    -            (536)
 Taxation thereon                                 -             269
                                        -----------    ------------
Adjusted basic profit for the                                      
 period and attributable earnings            17,726          11,550
                                        ===========    ============

Goodwill amortisation and profit on disposal of fixed assets
have been adjusted to show normalised profit growth prior to
the provisions of FRS 10 and exceptional items in line with
I.I.M.R. guidelines.

6.   RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                             2000           1999
                                         53 weeks       52 weeks
                                            £'000          £'000
Group                                                           
At 26 September 1999                       27,235         19,619
Issue of shares in period                  31,968             87
New shares to be issued created in                              
 period                                    16,000              -
Estimated movement in value of shares                           
 to be issued                               1,217           (355)
Prior period acquisitions                  (1,235)          (165)
Disposals                                       -            333
Revaluation                                 4,113              -
Profit for the period                      16,798         11,809
Dividends                                  (5,573)        (4,093)
                                       ----------     ----------
At 30 September 2000                       90,523         27,235
                                       ==========     ==========

7.   The  financial information in this press release does  not
     constitute  statutory  accounts  within  the  meaning   of
     section 240 of the Companies Act 1985, but is derived from
     those  accounts.  Statutory accounts for  1999  have  been
     delivered  to  the Registrar of Companies, and  those  for
     2000  will  be  delivered following the  Company's  Annual
     General  Meeting.   The auditors have  reported  on  those
     accounts;  their  reports  were unqualified  and  did  not
     contain  statements under section 237 (2) or  (3)  of  the
     Companies Act 1985.

8.   The Annual General Meeting will be held at 12 noon on 27
     February 2001.