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Brewin Dolphin Hldgs (BRW)

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Friday 01 June, 2001

Brewin Dolphin Hldgs

Interim Results

Brewin Dolphin Holdings PLC
1 June 2001


1 June 2001



                         BREWIN DOLPHIN HOLDINGS PLC

             INTERIM RESULTS FOR THE 26 WEEKS ENDED 30 MARCH 2001

                                  Highlights


  * Significant reduction in market volumes compared to the record levels of
    last year
  * Expenses incurred in achieving the necessary cost reductions to return
    Stocktrade to a profitable basis
  * Pre-tax profit for 26 weeks ended 30 March 2001 down 26% to £10.2m
    (2000: 27 weeks £14.0m)
  * Total funds under management increased to £17bn (2000: £15bn) of which £
    4.4bn is on a fully discretionary basis (2000: £3.8bn)
  * New teams arriving at Leeds, Birmingham and London, handling £450m of
    funds



Sir David said: 'Current levels of retail market activity, whilst showing some
recovery, continue below those of last year. Under present trading conditions
we have reassessed our administrative cost base to ensure a satisfactory level
of future profit at existing volumes. Further we continue to expand our
business by attracting quality investment management teams who will generate
additional revenues which can be serviced within our existing infrastructure.'

                                                            Sir David Rowe-Ham

                                                                      Chairman

Enquiries:

Brewin Dolphin Holdings PLC

John Hall, Managing Director                          Tel: 020 7248 4400

Bell Pottinger Financial

Toby Wilkinson/Caroline Sturdy                     Tel: 020 7353 9203



                             Chairman's Statement

Profit before taxation and goodwill amortisation for the 26 weeks ended 30
March 2001 was £10.2m, a 26% reduction on the 27 week period to 31 March 2000.
This result was achieved against the background of a significant decline in
market volumes compared to the record levels of last year. As also intimated
in my statement to Shareholders at the Company's Annual General Meeting, the
profits are stated after charging the expenses incurred in achieving the
necessary cost reductions to return Stocktrade, our execution only and online
business, to a profitable basis. Fully diluted earnings per share for the half
year were 3.5p compared with 5.5p in 2000.

Total funds under management had risen to £17bn at 30 March (2000 £15bn) with
funds under full discretionary management at £4.4bn (2000 £3.8bn).

An unchanged first interim dividend of 2p per share was paid on the 6 April.
At the time the dividend was declared the Board announced its intention of
increasing the second interim payment due in October (1.25p last year), to
reduce the disparity between the two payments and increase the total payment
for the year to 30 September 2001.

Current levels of retail market activity, whilst showing some recovery,
continue below those of last year. Under present trading conditions we have
reassessed our administrative cost base to ensure a satisfactory level of
future profit at existing volumes. Further we continue to expand our business
by attracting quality investment management teams who will generate additional
revenues which can be serviced within our existing infrastructure.

In this connection we announced on the 21 May a significant expansion to our
Leeds office, where a ten person team joined us from another firm. Today, I am
pleased to announce that two further teams will be joining us - one in London
and one in Birmingham. Together these teams are responsible for managing some
£450m of funds.

                         Brewin Dolphin Holdings PLC

               Unaudited Interim Consolidated Profit Statement

              for the 26 weeks to 30 March 2001 (2000 27 weeks)
                                       Notes  26 weeks   27 weeks    53 weeks
                                                    to         to          to
                                              30 March   31 March          30
                                                                    September
                                                  2001       2000        2000
                                                £'000s     £'000s      £'000s
Turnover                                        58,667     61,855     122,083
Other operating income                           2,632      1,559       3,893
                                          ------------ ------------ ------------
                                                61,299     63,414     125,976
                                          ------------ ------------ ------------
Staff costs                            1       (29,705)   (29,487)    (55,439)
Other operating costs (including
goodwill
                                               (24,471)   (21,659)    (49,609)
amortisation)
                                          ------------ ------------ ------------
                                               (54,176)   (51,146)   (105,048)
                                          ------------ ------------ ------------
OPERATING PROFIT                                 7,123     12,268      20,928
Other interest receivable and similar            1,912      1,626       3,888
income
Interest payable and similar charges              (176)       (84)       (607)

PROFIT ON ORDINARY ACTIVITIES                   10,248     14,034      25,137

BEFORE GOODWILL AMORTISATION
Goodwill amortisation                           (1,389)      (224)       (928)
                                          ------------ ------------ ------------
PROFIT ON ORDINARY ACTIVITIES                    8,859     13,810      24,209

Taxation on profit on ordinary                  (3,233)    (4,602)     (7,411)
activities
                                          ------------ ------------ ------------
PROFIT ON ORDINARY ACTIVITIES                    5,626      9,208      16,798

AFTER TAXATION
Dividends                              2        (3,598)    (3,336)     (5,573)
                                          ------------ ------------ ------------
                                                 2,028      5,872      11,225
                                                =======    =======     =======
EARNINGS PER SHARE
Basic                                              3.1p       5.7p       10.0p
Diluted                                            2.8p       5.3p        9.5p

Excluding goodwill amortisation
Basic                                              3.9p       5.8p       10.6p
Diluted                                            3.5p       5.5p       10.0p

Average number of shares in issue            179,752,668 162,846,528 167,368,261
Average number of shares in issue -
fully
                                             198,706,889 172,378,918 177,155,119
diluted

                         Brewin Dolphin Holdings PLC

                Consolidated Balance Sheet as at 30 March 2001

                                               Notes       As at         As at
                                                        30 March  30 September
                                                            2001          2000
                                                           £'000s       £'000s
FIXED ASSETS
Intangible assets                                         53,236        49,864
Tangible assets                                           12,648        11,335
Investments                                                6,217         6,145
                                                     ------------  ------------
                                                          72,101        67,344
                                                         ========       =======
CURRENT ASSETS
Investments                                                1,231           645
Debtors                                                  298,536       308,532
Cash at bank and in hand                                  40,546        52,345
                                                     ------------  ------------
                                                         340,313       361,522
                                                     ------------  ------------

CREDITORS: amounts falling due within one year          (313,764)     (334,677)
                                                     ------------  ------------
NET CURRENT ASSETS                                        26,549        26,845
                                                     ------------  ------------
TOTAL ASSETS LESS CURRENT LIABILITIES                     98,650        94,189

CREDITORS: amounts falling due after more                 (1,038)       (1,038)

than one year

PROVISIONS FOR LIABILITIES AND CHARGES                    (1,479)       (2,628)
                                                     ------------  ------------
Shareholders' funds                            3          96,133        90,523
                                                          =======       =======


                         Brewin Dolphin Holdings PLC

                       Consolidated Cash Flow Statement

              For the 26 weeks to 30 March 2001 (2000 27 weeks)
                                             26 weeks    27 weeks     53 weeks
                                                   to          to           to
                                             30 March    31 March  30 September

                                                 2001        2000         2000
                                               £'000s      £'000s       £'000s

Cash flow from operating activities            (2,594)      2,143       25,452
Return on investment and servicing of           1,736       1,542        3,281
finance
Taxation                                       (3,346)     (1,768)      (6,295)
Capital expenditure                            (3,515)     (2,218)      (5,902)
Acquisitions and disposals net                 (1,229)     (2,023)      (2,959)
Equity dividends paid                          (2,250)     (1,610)      (4,908)
                                          ------------ ------------ ------------
CASH (OUTFLOW)/INFLOW BEFORE THE

MANAGEMENT OF LIQUID RESOURCES                (11,198)     (3,934)       8,669

AND FINANCING
Financing                                         (61)       (414)        (685)
                                           ------------ ----------- ------------
(DECREASE)/INCREASE IN CASH IN THE

PERIOD                                        (11,259)     (4,348)       7,984
                                               =======     =======      =======

Notes to the Cash Flow Statement
RECONCILIATION OF OPERATING PROFIT TO
OPERATING CASH FLOW

Operating profit                                   7,123     12,268     20,928
Depreciation                                       3,591      1,772      4,512
Movement on other current assets                 (13,308)   (11,897)        12
                                          ------------ ------------ ------------
Net cash (outflow)/inflow from operating          (2,594)     2,143      25,452

activities
                                                  =======    =======   ========
ANALYSIS OF NET FUNDS                               2001   Cash Flow      2000

Firm's cash                                       11,529     (2,643)    14,172
Overdrafts                                          (670)       479     (1,149)
Finance lease                                        (35)        61        (96)
                                          ------------ ------------ ------------
Firm's net funds                                  10,824     (2,103)    12,927
Client settlement cash                            29,017     (9,156)    38,173
                                          ------------ ------------ ------------
Net cash                                          39,841    (11,259)    51,100
                                         ------------ ------------ ------------

Notes


        1.  Included in staff costs is anticipated profit share of 
            £4,530,000 (2000 half year £10,163,000, full year £17,646,000)

        2.  Dividend

        First interim dividend, paid 6 April 2001, 2p per share (2000 - 2p)

        3.   Movement in shareholders' funds

                                                                         £'000
Balance at 30 September 2000                                            90,523
Issue of shares                                                          1,812
Change in value of shares to be issued                                   1,720
Change in revaluation reserves                                              50
Profit for the period                                                    5,626
Dividend                                                                (3,598)
                                                                   ------------
Balance at 30 March 2001                                                96,133
                                                                        =======


        4.     The interim figures are unaudited. The accounts for the year
        ended 30 September 2000 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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