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Brewin Dolphin Hldgs (BRW)

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Thursday 29 May, 2003

Brewin Dolphin Hldgs

Interim Results

Brewin Dolphin Holdings PLC
29 May 2003


29 May 2003


                          BREWIN DOLPHIN HOLDINGS PLC
               INTERIM RESULTS FOR THE 26 WEEKS TO 28 MARCH 2003

                                   Highlights


• Total income £46m (2002:£55m) a fall of 16%. The FTSE 100 averaged 3800 during 
  our first half against 5200 for the same period last year, a fall of 27%.

• Profit, before tax, goodwill amortisation and exceptional items of £1.8m 
  (2002: £7m)

• After goodwill amortisation and exceptional items there was a loss of £0.6m 
  (2002 profit £6m)

• First interim dividend of 1p per share (2002: 2p)

• Funds under our discretionary management grown by £300m to £4.5bn (September 
  2002: £4.2bn).  Total funds under management of £13.5bn
  


Sir Fred Holliday, Chairman said:

'Despite the adverse market over the last six months, I am glad to be able to
report that funds under our discretionary management have grown by £300m to
£4.5bn.  Advisory funds were £9bn giving total funds under management of
£13.5bn.  The Group has shown its resilience through far worse conditions than
most of us can remember and is well placed to benefit from a stabilisation of
markets.'



For further information

John Hall
Brewin Dolphin 020 7248 4400

Sarah Gestetner/Anthony Kennaway
Citigate Dewe Rogerson 020 7638 9571




CHAIRMAN'S STATEMENT

During the first half of our current financial year, the FTSE 100 averaged 3800,
against 5200 for the same period last year, representing a fall of 27%.  In
comparison our total income for the first half this year was £46m against £55m
last year, a reduction of 16%. Profits before tax, goodwill amortisation and
exceptional items were £1.8m (2002: £7m). After goodwill amortisation and
exceptional items there was a loss of £0.6m (2002 profit £6m).

The first interim dividend of 1p per share (2002: 2p) was paid on 7 April 2003.
The Board will consider in August 2003 the payment of the second interim
dividend.

Since reporting to you in November we have continued to monitor closely the
group's position in respect of split capital trusts. The number of claims, on a
month-by- month basis, received by the group has declined significantly. A small
extra provision of £190,000 for the costs of dealing with claims has been made.

Despite the adverse market over the last six months, I am glad to be able to
report that funds under our discretionary management have grown by £300m to
£4.5bn. Advisory funds were £9bn giving total funds under management of £13.5bn.

We continue to keep our costs under constant review.  These are down £5m (9%) in
the first half and would have been lower were it not for the fact that the Group
is still attracting new teams that have joined us with their clients. Following
the end of the tax year we have taken further measures to reduce costs and as a
result it is hoped that annualised cost savings approaching £6m will be made.
These savings will have a beneficial effect next year rather than in the second
half of the current year as there are always costs associated with such
measures.

We have seen an encouraging rally in markets led by the USA and the UK in recent
weeks.   We are hopeful that they will form a base around current levels from
which they can move forward.   The Group has shown its resilience through far
worse conditions than most of us can remember and is well placed to benefit from
a stabilisation of markets.


                                                               Sir Fred Holliday
                                                                     29 May 2003




INDEPENDENT REVIEW REPORT TO BREWIN DOLPHIN HOLDINGS PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 28 March 2003 which comprises the consolidated profit and
loss account, the consolidated balance sheet, the consolidated cash flow
statement and related notes 1 to 7. We have read the other information contained
in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board.  Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 28 March 2003.



Deloitte & Touche
Chartered Accountants
London

29 May 2003






Unaudited interim consolidated profit statement
for the 26 weeks to 28 March 2003 (2002 26 weeks)

                                                   Notes      26 weeks          26 weeks           52 weeks
                                                                    to                to                 to
                                                              28 March          31 March       27 September
                                                                  2003              2002               2002
                                                                £'000s            £'000s             £'000s

Turnover                                                        41,917            51,472             99,056
Other operating income                                           4,052             3,527              6,439
                                                                45,969            54,999            105,495


Staff costs                                            1      (24,984)          (27,516)           (53,029)
Other operating costs
   operating costs                                            (19,987)          (21,413)           (43,792)
   goodwill amortisation                                       (2,196)           (2,000)            (3,864)
   exceptional provisions                                        (190)           (1,118)            (2,500)
                                                              (22,373)          (24,531)           (50,156)
                                                              (47,357)          (52,047)          (103,185)
OPERATING (LOSS)/PROFIT                                        (1,388)             2,952              2,310
Profit on disposal of fixed assets                    2              -             2,206              2,206
Other interest receivable and similar income                       812               989              1,999
Interest payable and similar charges                              (20)              (81)              (124)

PROFIT ON ORDINARY ACTIVITIES BEFORE GOODWILL                    1,790             6,978             10,549
AMORTISATION AND EXCEPTIONAL ITEMS
Goodwill amortisation                                          (2,196)           (2,000)            (3,864)
Profit on disposal of fixed assets less                          (190)             1,088              (294)
exceptional provisions

(LOSS)/PROFIT ON ORDINARY ACTIVITIES
               BEFORE TAXATION                                   (596)             6,066              6,391
Tax on (loss)/profit on ordinary activities                      (497)           (2,404)            (2,626)
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                         3       (1,093)             3,662              3,765
Dividends                                              4       (1,911)           (3,688)            (6,544)
                                                               (3,004)              (26)            (2,779)
EARNINGS PER SHARE
Basic                                                           (0.6)p              2.0p               2.0p
Diluted                                                         (0.6)p              1.9p               1.9p

Excluding goodwill amortisation and
exceptional items net
Basic                                                  3          0.6p              2.6p               4.0p
Diluted                                                3          0.6p              2.5p               3.8p

                                                                 000's             000's              000's
Average number of shares in issue                              191,008           184,367            187,500
Average number of shares in issue - fully                      194,855           196,332            195,766
diluted





CONSOLIDATED BALANCE SHEET AS AT 28 MARCH 2003

                                                       Notes            as at          as at           as at
                                                                     28 March       31 March    27 September
                                                                         2003           2002            2002
                                                                       £'000s         £'000s          £'000s
FIXED ASSETS
  Intangible assets                                                    42,122         49,755          43,323
  Tangible assets                                                      11,548         14,194          14,017
  Investments                                                             431            431             431
                                                                       54,101         64,380          57,771
CURRENT ASSETS
  Investments                                                             501            565             494
  Debtors                                                             169,160        230,298         159,169
  Cash at bank and in hand                                             25,903         47,169          33,162
                                                                      195,564        278,032         192,825

CREDITORS: amounts falling due within one year                      (171,154)      (250,771)       (167,682)

NET CURRENT ASSETS                                                     24,410         27,261          25,143

TOTAL ASSETS LESS CURRENT LIABILITIES                                  78,511         91,641          82,914
PROVISIONS FOR LIABILITIES AND CHARGES                     5          (2,533)        (1,248)         (3,985)

SHAREHOLDERS' FUNDS                                        6           75,978         90,393          78,929
                                                           




CONSOLIDATED CASH FLOW STATEMENT
FOR THE 26 WEEKS TO THE 28 MARCH 2003 (2002 26 WEEKS)
                                                                26 weeks        26 weeks          52 weeks
                                                                      to              to                to
                                                                28 March        31 March      27 September
                                                                    2003            2002              2002
                                                                  £'000s          £'000s            £'000s

Cash (outflow)/inflow from operating activities                  (1,544)          18,657            19,929
Return on investment and servicing of finance                        792             908             1,875
Taxation                                                         (1,438)         (2,922)           (6,657)
Capital expenditure                                                (706)         (2,972)           (5,791)
Purchase of fixed asset investments                                    -               -             (161)
Acquisitions                                                       (951)         (7,245)          (11,718)
Equity dividends paid                                            (2,860)         (2,756)           (6,440)

CASH(OUTFLOW)/ INFLOW BEFORE THE MANAGEMENT OF LIQUID            (6,707)           3,670           (8,963)
RESOURCES AND FINANCING
Financing                                                              9             152               242
(DECREASE)/INCREASE IN CASH IN THE PERIOD                        (6,698)           3,822           (8,721)

Notes to the cash flow statement
RECONCILIATION OF OPERATING (LOSS)/PROFIT TO OPERATING CASH
FLOW

Operating (loss)/profit                                          (1,388)           2,952             2,310
Depreciation and amortisation                                      5,371           4,776             9,635
Disposal of the Stock Exchange shares                                  -           8,290             8,290
(Decrease)/increase in provisions                                (1,050)               -             2,500
Movement on other current assets                                 (4,477)           2,639           (2,806)
Net cash (outflow)/inflow  from operating activities             (1,544)          18,657            19,929




ANALYSIS OF NET FUNDS
                                                                    2003       Cash flow              2002
                                                                  £000's          £000's            £000's

Group's cash                                                       8,848        (11,769)            20,617
Overdrafts                                                         (580)             561           (1,141)
Group's net funds                                                  8,268        (11,208)            19,476
Client settlement cash                                            17,055           4,510            12,545
Net cash                                                          25,323         (6,698)            32,021



Notes                                                            26 weeks       26 weeks            52 weeks
                                                                       to             to                  to
                                                                 28 March       31 March        27 September
                                                                     2003           2002                2002
                                                                   £000's         £000's              £000's

1. Included in staff costs is  profit share of                      2,437          4,871               7,738

2. Profit on disposal of fixed assets
                                                                        
Profit on sale of the London  Stock Exchange shares                     -          2,206               2,206

3. Attributable earnings

     Basic (loss)/profit for the period and attributable          (1,093)          3,662               3,765
     earnings
         Goodwill amortisation                                      2,196          2,000               3,864
             less tax on goodwill amortisation                      (163)           (87)               (346)
         exceptional items                                            190        (1,088)                 294
             less tax on exceptional items                           (57)            326                (88)
    Adjusted attributable earnings                                  1,073          4,813               7,489

4. Dividend


First interim dividend, paid 7 April 2003, 1p per share             1,911          3,688               6,544
(2002  2p).

5. Provisions for liabilities and charges
                                                            Provision for       Deferred               Total
                                                            split capital       taxation
                                                                    trust
                                                              liabilities
                                                                   £'000s         £'000s              £'000s

Balance at 28 September 2002                                        2,500          1,485               3,985
Charge for the period                                                 190          (402)               (212)
Utilised during the period                                        (1,240)                            (1,240)
                                                                                       -
Balance at 28 March 2003                                            1,450          1,083               2,533


6. Movement in shareholders' funds

                                  Other reserves    Share capital     Shares to           Total
                                                      and premium     be issued
                                          £000's           £000's        £000's          £000's

Balance at 28 September 2002             (3,946)           79,875         3,000          78,929
Issue of shares                                -               53             -              53
Loss for the period                      (1,093)                -             -         (1,093)
Dividend                                 (1,911)                -             -         (1,911)
Balance at 31 March 2002                 (6,950)           79,928         3,000          75,978





7.  The interim accounts, which are unaudited, have been prepared on the basis
of the accounting policies set out in the Annual Report 2002. The figures shown
for the full year ended 27 September 2002 represent an abridged version of the
audited financial statements of Brewin Dolphin Holdings PLC for that year, which
have been filed with the Register of Companies and on which the auditors have
given an unqualified report which did not contain statements under section 237
(2) or (3) of the Companies Act 1985. The financial information contained in
this interim report does not constitute the Group's statutory accounts within
the meaning of section 240 of the Companies Act 1985. A copy of this statement
is available 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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