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Brewin Dolphin Hldgs (BRW)

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Monday 05 June, 2000

Brewin Dolphin Hldgs

Interim Results - 27 Weeks to 31 March 2000

Brewin Dolphin Holdings PLC
5 June 2000


                    Brewin Dolphin Holdings PLC
         Interim Results for 27 Weeks Ended 31 March 2000


Highlights

-    Total income £62.5 million         -         up 49%

-    Profit before tax £13.8m           -         up 48%

-    Earnings per share 5.5p            -         up 53%

-    Total funds under management £15bn, of which £3.8bn 
     is under discretion.

-    Three months positive contribution from acquisition of team
     from Williams de Broe.

-    Stocktrade our on line execution business had an extremely
     active six months and our plans for an exciting future for
     this business continue to evolve.

-    Acquisition of Hill Osborne with branches in Lincoln,
     Scarborough, Bradford and Norwich.

'We  have not only had an exceptionally strong first half but have
also been successful in furthering our long term aim of attracting
investment  managers with quality business  to  join  us.   Whilst
markets are currently quieter the second half has started well.'

                                             Sir David Rowe-Ham
                                                  Chairman

Enquiries:

John Hall
Managing Director
Brewin Dolphin Holdings PLC                  Tel: 020 7248 4400

Bob Gregory
Bell Pottinger Financial                     Tel: 020 7353 9203


CHAIRMAN'S STATEMENT

Our  half  year trading to the 31st March 2000 has resulted  in  a
further  strong advance in profits and earnings per  share.   This
period  covered the exceptional activity and volatility  in  world
stockmarkets  experienced  in  the  opening  months  of  the   new
Millennium.  It has been a time of challenge for investors and has
illustrated   vividly,  once  again,  the  value  of  professional
investment management and advice.

The  increase in volumes on the Stock Exchange has been  reflected
in  our  figures for the six months ended 31st March 2000.  Income
for  the  27  weeks (1999 26 weeks) was up 49% at  £62.5m.   After
increased  costs, pre-tax profits amounted to £13.8m, an  increase
of  48%.  Fully  diluted  earnings per share  at  5.5p  showed  an
increase  of  53%.  An interim dividend of 10p per  share  (a  25%
increase)  pre  the  5 for 1 split, was paid  on  6th  April  and,
following  our  usual pattern, a second interim dividend  will  be
announced in July for payment in October.

During the period, we had three months' contribution from the team
that  joined us from Williams de Broe. They have made  a  positive
contribution  already and are fitting in particularly  well.   The
acquisition  of Broadbridge, the partnership based in  Leeds,  was
completed  on the 26th May.  Furthermore, we are delighted  to  be
able  to  announce today, that agreement has been reached for  the
acquisition  of  Hill Osborne & Co., who are based  in  Leicester,
with  branches  in  Lincoln, Scarborough,  Bradford  and  Norwich.
Theirs is an old established business with an excellent reputation
and  will fit in well, both culturally and geographically with our
existing  business.  Full details are the subject  of  a  separate
release.  In  addition, a number of individual  managers  with  an
established clientele have recently joined our London office.

Total funds under management amounted to £15 bn at 31st March  and
funds  under full discretionary management climbed to £3.8 bn.   A
late  surge  of  interest  took  the  total  of  our  ISA's  under
management to over £120m.

Stocktrade, our on-line execution only business based in Edinburgh
had  an  extremely active six months and our plans for an exciting
future for this business continue to evolve.

From  all the above, it can be seen that we have not only  had  an
exceptionally  strong first half but have also been successful  in
furthering  our  long  term aim of attracting investment  managers
with  quality  business to join us.  Whilst markets are  currently
quieter the second half has started well.





Profit and Loss Account
For the 27 weeks to 31 March 2000 (1999 26 weeks)

                       Notes     27 weeks     26 weeks     52 weeks
                              to 31 March  to 26 March        to 26
                                                          September
                                     2000         1999         1999
                                   £000's       £000's       £000's
Turnover                           61,855       41,253       85,618
Other operating                                                    
 income                               625          800        1,985
                                ---------    ---------    ---------
                                   62,480       42,053       87,603
                                ---------    ---------    ---------
Staff costs                1      (29,487)     (19,081)     (39,483)
Other operating costs             (20,725)     (15,289)     (33,711)
                                ---------    ---------    ---------
                                  (50,212)     (34,370)     (73,194)
                                ---------    ---------    ---------
OPERATING PROFIT                   12,268        7,683       14,409
Profit on disposal of      2                                       
 fixed assets                           -          410          536
Other interest                                                     
 receivable and                                                    
 similar income                     1,626        1,287        2,702
Interest payable and                                               
 similar charges                      (84)         (20)        (131)
                                ---------    ---------    ---------
PROFIT ON ORDINARY                                                 
 ACTIVITIES BEFORE                                                 
 TAXATION                          13,810        9,360       17,516
                                                                   
Taxation on profit on                                              
 ordinary activities               (4,602)      (3,204)      (5,707)
                                ---------    ---------    ---------
PROFIT ON ORDINARY                                                 
 ACTIVITIES AFTER                                                  
 TAXATION                           9,208        6,156       11,809
Dividends                  3       (3,336)      (2,514)      (4,093)
                                ---------    ---------    ---------
                                    5,872        3,642        7,716
                                =========    =========    =========
EARNINGS PER SHARE                                                 
Adjusted for 5 for 1
 split on 10 April
 2000
Basic                                 5.7          3.9          7.5
Basic pre profit on                                                
 disposal of fixed                                                 
 assets and goodwill                                               
 amortisation                         5.8          3.8          7.2
                                                                   
Fully diluted                         5.3          3.8          7.4
Pre profit on                                                      
 disposal of fixed                                                 
 assets and goodwill                                               
 amortisation                         5.5          3.6          7.0
Average number of                                                  
 shares in issue              162,846,528  156,751,885  156,972,940
Average number of                                                  
 shares in issue -                                                 
 fully diluted                172,378,918  164,073,036  164,653,500


Consolidated Balance Sheet as at 31 March 2000

                                Notes         As At           As At
                                           31 March    26 September
                                               2000            2000
                                                                   
                                             £000's          £000's
                                                                   
FIXED ASSETS                                                       
Intangible assets                            16,538             409
Tangible assets                               9,433           8,764
Investments                                     240             240
                                         ----------      ----------
                                             26,211           9,413
                                         ==========      ==========
                                                                   
CURRENT ASSETS                                                     
 Investments                                    809             403
 Debtors                                    496,796         254,745
 Cash at bank and in hand                    54,217          40,888
                                         ----------      ----------
                                            551,822         296,036
                                         ----------      ----------
CREDITORS: amounts falling due                                     
 within one year                           (529,361)       (276,775)
                                         ----------      ----------
                                                                   
NET CURRENT ASSETS                           22,461          19,261
                                         ----------      ----------
                                                                   
TOTAL ASSETS LESS CURRENT                                          
 LIABILITIES                                 48,672          28,674
                                                                   
CREDITORS: amounts falling due                                     
 after more than one year                    (1,439)         (1,439)
                                         ----------      ----------
Shareholders' funds                 4        47,233          27,235
                                         ==========      ==========


Brewin Dolphin Holdings PLC
Consolidated Cash Flow Statement
For the 27 weeks to the 31 March 2000 (1999 - 26 weeks)

                                 27 weeks      26 weeks      52 weeks
                                       to            to            to
                                 31 March      26 March  26 September
                                     2000          1999          1999
                                   £000's        £000's        £000's
                                                                     
Cash flow from operating                                             
 activities                         2,143          (810)       19,177
Return on investment and                                             
 servicing of finance               1,542         1,267         2,571
Taxation                           (1,768)       (3,738)       (6,717)
Capital expenditure                (2,218)       (3,287)       (6,520)
Acquisitions and disposals                                           
 net                              (16,323)          500            69
Equity dividends paid              (1,610)       (1,090)       (3,610)
                               ----------    ----------    ----------
CASH (OUTFLOW)/INFLOW BEFORE                                         
 THE MANAGEMENT OF LIQUID                                            
 RESOURCES AND FINANCING          (18,234)       (7,158)        4,970
Financing                          13,886          (161)         (443)
                               ----------    ----------    ----------
(DECREASE)/INCREASE IN CASH                                          
 IN THE PERIOD                     (4,348)       (7,319)        4,527
                               ==========    ==========    ==========
Notes to the cash flow                                               
 statement
                                                                     
RECONCILIATION OF OPERATING                                          
 PROFIT TO OPERATING CASH
 FLOW
Operating profit                   12,268         7,683        14,409
Depreciation and loss on                                             
 sale of fixed assets               1,772         1,257         2,850
Movement on other current                                            
 assets                           (11,897)       (9,750)        1,918
                               ----------    ----------    ----------
Net cash flow from operating                                         
 activities                         2,143          (810)       19,177
                               ==========   ===========     =========
                                                                     
ANALYSIS OF NET FUNDS                2000     Cash Flow          1999
                                                                     
Firms cash                          7,112        (9,997        17,109
Overdrafts                        (18,062)      (17,887)         (175)
Finance lease                        (120)          210          (330)
                               ----------    ----------    ----------
Firms' net funds                  (11,070)      (27,674)       16,604
Client settlement cash             47,105        23,326        23,779
                               ----------    ----------    ----------
Net cash                           36,035        (4,348)       40,383
                               ==========    ==========    ==========


Notes to the Accounts

1.   Included in staff costs is anticipated profit share
     £10,163,000 (1999 £5,293,000).

2.   1999 profit on sale of management contracts of the unit
     trusts managed by Pilgrim Unit Trust Managers Limited.  Post
     tax profit £180,000.

3.   Dividend

     First interim dividend, paid 6 April 2000, 10p per share, pre
     5 for 1 split (1999:8p).

4.

Movement in shareholders' funds                           £000's
                                                                
Balance at 26 September 1999                              27,235
Issue of shares                                           14,096
Change in value of shares to be                                 
 issued                                                    1,300
Adjustment to goodwill written                                  
 off to reserves                                          (1,270)
Profit for the period                                      9,208
Dividend                                                  (3,336)
                                                      ----------
Balance at 31 March 2000                                  47,233
                                                      ==========

5.   The interim figures are unaudited.  The accounts for the year
     ended 26 September 1999 are abridged.  Full accounts for that
     period on which the auditors of the Group made an unqualified
     audit report have been delivered to the Registrar of
     Companies.  A copy of this statement is available at the
     Company's registered office at 5 Giltspur Street, London,
     EC1A 9BD and a copy will be posted to all shareholders.



                                                                                                                                 

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