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Brewin Dolphin Hldgs (BRW)

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Wednesday 28 November, 2007

Brewin Dolphin Hldgs

Preliminary Results-Amend

Brewin Dolphin Holdings PLC
28 November 2007

The following amendment has been made to the 'Brewin Dolphin Holdings PLC
Preliminary Results' announcement released today at 07.03 under RNS No 6361I.

In the Chief Executive's report, the funds under advisory management figure
should read GBP10.9 billion, not GBP10.9m.



All other details remain unchanged.



The full amended text is shown below.





28 November 2007

                          Brewin Dolphin Holdings PLC

                           Group Preliminary Results

                        For year ended 30 September 2007



Highlights



  • Total income £209 million (2006: £174 million)



  • Discretionary funds £10.7 billion at 30 September 2007 (2006: £8.8
    billion)



  • Profit before tax £41.7 million (2006: £32.0 million)



  • Earnings per share:



o       Diluted earnings per share 13.8p (2006: 10.6p)

o       Basic earnings per share 14.5p (2006: 11.1p)



  • Interim dividends declared in the year 6.25p (2006: 5.25p) per share



Declaration of Final Dividend

The Board is pleased to declare a final dividend of 3.5p per share, which is an
increase of 22% against 2.875p first interim dividend paid in April 2007.  The
final dividend is to be approved at the 2008 AGM, payable on 7th April 2008 to
shareholders on the register as at 7th March 2008, with an ex-dividend date of
5th March 2008.



Jamie Matheson, Executive Chairman said

'I am very pleased to be able to report another year of significant progress for
your Company. Market conditions have again been favourable for the most part but
this should not disguise the underlying growth the Group has achieved.



Against a background of a volatile market, the new year to September 2008 has
started satisfactorily.'





For further information:-

Jamie Matheson, Executive Chairman              Toby Mountford/ George Cazenove
Brewin Dolphin                                  Citigate Dewe Rogerson
020 7248 4400                                   020 7638 9571

Executive Chairman's Statement

I am very pleased to be able to report another year of significant progress for
your Company.  Market conditions have again been favourable for the most part
but this should not disguise the underlying growth the Group has achieved.


We have also seen the benefit of business brought in by teams that have joined
the Group in the last year or two and new teams continue to join us.  During the
period, we opened new offices in Oxford, Hereford, Plymouth, Swansea and York.
Since the year end we have opened an office in Chester and now have a total of
39 branches.


Investment Management


There has been further growth in discretionary funds under management as well as
an increase in our client base.  Even more encouragingly we believe we are
seeing an uplift in the proportion of clients' wealth that we are managing.
Total funds under our management have reached £21.6 billion of which the
discretionary element has risen to £10.7 billion and we remain the largest
independent investment manager for private clients in the UK.


Investment Banking


Our Investment Banking division had a particularly strong year.  However, we
were all very saddened by the sudden death of our Head of Corporate Broking,
Frank Malcolm.  Frank was a senior Director of your Company's main operating
Board and made a very significant contribution during all his years with the
Group.  He is sadly missed. Following Frank's death, Graeme Summers took over
responsibility for this division and while this appointment may not have taken
place at the time originally envisaged, it was very much in Frank's mind that
Graeme should be his successor.


Investment Banking reached new highs not only in terms of income and
profitability but also in levels of activity.  A number of both primary and
secondary issues were successfully completed, including SuperGlass and our
biggest ever fund-raising, eaga plc.  Brewin Dolphin Investment Banking was
voted Broker of the Year 2007 at the Investors Chronicle AIM Investment Awards,
in association with the FT.  We look forward to its continued expansion.


New Regulation


As a Group we have continued to invest significantly in systems and
infrastructure but we have also had to devote very considerable resource in
order to implement new regulation, in particular MiFID (the European Markets in
Financial Instruments Directive).  This has imposed a significant additional
burden on people all across the Group and our clients and I must record my
appreciation of the hard work and patience that has been put into this very
onerous exercise which probably marks the biggest regulatory change to affect
our market since 'Big Bang' in 1986.



Board Changes



New Directors

During the year your Board was very pleased to be able to accept the
recommendation of the Nominations Committee that Sir Stephen Lamport KCVO and
Angela Knight CBE be appointed as Non-Executive Directors.


Sir Stephen has served in the Diplomatic Service and The Prince of Wales's
Household. He was appointed Private Secretary and Treasurer to The Prince of
Wales in October 1996. He has, since October 2002, been Group Director for
Public Policy and Government Affairs for The Royal Bank of Scotland. Sir Stephen
has already made a meaningful contribution to the affairs of your company since
his appointment and I am pleased to commend his election at the forthcoming AGM.


Angela Knight, Chief Executive of the British Bankers Association, has also made
a significant contribution to the Board since her appointment this summer.  She
was Chief Executive of our trade association APCIMS for nine years, until
December 2006 and gained an immense knowledge of our industry.  It gives me
great pleasure to commend her election at the forthcoming AGM.


Since the year end two executives of the Company have been appointed to the
Board, namely Sarah Soar and Barry Howard. Sarah is head of our biggest branch,
London and is Regional Managing Director of our Southern branches.  She also has
responsibility for business development.


Barry Howard has held the post of Group Compliance Director and as such has been
ex-officio a member of the Board for a number of years.  Both these individuals
exercise their duties and responsibilities with diligence, energy and charm and
make excellent additions to your Board.


Vikram Lall

Vikram Lall joined the Board when the Group acquired Bell Lawrie in 1993 and was
responsible for our Corporate Finance activities until becoming a Non-Executive
Director in 2003. After fifteen years service Vikram has decided to retire from
the Board at the AGM.  During his time with the Group, Vikram has made a very
valuable contribution and we shall certainly miss his incisive and unique
advice.


John Hall

Since the year end, John Hall has relinquished his position as Chief Executive
and will be retiring from the Board at the forthcoming AGM.  It is near
impossible to describe the extraordinary contribution that John Hall has made to
Brewin Dolphin.  He is very much the father of the firm and has been at the helm
during the years in which it has grown to become the United Kingdom's largest
independent investment manager for private clients.

John has led the Group with vision, wisdom, resolve, charm and kindness which
will be impossible to replace in any one individual.  On behalf of clients,
shareholders and everyone who has or does currently work within our Group I
thank John for his inspired leadership and all he has done for us.

While John may be retiring from the Board he does not of course leave our
industry as he continues to serve as the Chairman of our trade association
APCIMS, which plays a vital role in representing us and our peers both in the
City and to Government at Westminster and Brussels.



New Management Structure

I now have the following five pillars of management reporting to me:



•         David McCorkell, Head of Investment Management (as of 1 October 2007).

•         Graeme Summers, Head of Investment Banking.

•         Simon Still, Chief Operating Officer.

•         Robin Bayford, Finance Director.

•         Barry Howard, Group Compliance Director.



Conclusion



The results in the year under review have been achieved thanks to the hard work
of our people and the continued support of our clients, for which we are
extremely grateful.  Against a background of a volatile market, the new year to
September 2008 has started satisfactorily.  We remain committed as ever to
pursuing the Company's objective of achieving long term growth and returns for
Shareholders through the provision of a high-quality service to all our clients.


Jamie Matheson

27 November 2007


Chief Executive's Report



It is an enormous pleasure to report a record year in this, my last year as
Chief Executive.


Your company has made good progress in all aspects of its business over the past
12 months.   Overall pre-tax profits rose to £41.7m from £32.0m, an increase of
30% over the previous period on turnover of £209m, an increase of 20% over 2006
figure of £174m.   Fully diluted earnings per share at 13.8p show a rise of 30%
from the previous year's figure of 10.6p.


On 25 October 2007 we paid a second interim dividend of 3.375p making a total of
6.25p for the year against 5.25p for the previous year, an increase of 19%. As
we announced at our 2007 AGM, your Board are now proposing a final dividend of
3.5p, to be approved at the 2008 AGM and will be payable on 7 April 2008.



Investment Management

Value of Funds




                                                  2007 £bn        2006 £bn
Discretionary portfolio
management                                           10.7             8.8

Advisory portfolio
management                                           10.9            10.1

                                                     21.6            18.9





Whilst all parts of your company's business have done well I am particularly
pleased to report the outstanding progress made by our discretionary fund
managers.  The increase in these funds and the fees which they earn form a sound
foundation for the future profitability of your Group.    Total funds under
discretionary management at year-end were £10.7 billion against £8.8 billion, an
increase of 22% which compares with an increase of just 8.5% on the FT 100 Share
Index.   Over a two year period the increase is from £6.9 billion, no less than
55%.  After adjusting for staff incentive payments, the return on our
discretionary portfolio management business would have risen to £20m an increase
of 47% over last year's figure.   Part of the increase arose through converting
from our advisory service, but funds under advisory management rose nonetheless
to £10.9 billion, an increase of 8%, giving us total funds under management of
£21.6 billion, an increase of 14% overall.



Financial Results


                   Total  Operating    Total  Operating

                  Income     Profit   Income     Profit

                    2007       2007     2006       2006

                      £m         £m       £m         £m
  Discretionary
      portfolio
     management     110.4       15.2     84.9       12.4

       Advisory
      portfolio
     management      69.3       12.6     66.6        9.2

                    179.7       27.8    151.5       21.6





I am delighted to report that over the year further teams of highly qualified
fund managers have continued to join the Group and their clients have followed
them.  We have significantly extended our footprint around the country, and were
particularly glad to open an office in Plymouth, thus extending our coverage
into the South West, an area where prosperity has been building rapidly.

Earlier in the year we opened offices in Oxford and Hereford, both of which have
made good progress and have moved into profitability within a few months of
their opening.

More recently we have established offices in York and Swansea which we are
confident will benefit the current year's trading.  The York office will move
into new premises early in the New Year when they will be joined by the
personnel from our Scarborough office creating a substantial new office.

Quite apart from our new offices we have again been fortunate in recruiting high
quality client executives with their clients, particularly in the London office.
  We now have a total of 616 client advisers and investment managers, an
increase of 42 during the last year.

These excellent results have been achieved against the considerable distraction
of the implementation of new systems and the necessity of asking our clients to
complete the new questionnaires that are required to comply with MiFID
regulations.  There is of course a benefit from all this effort in that we now
have updated and more detailed knowledge of our clients' circumstances which
will help us to provide a more complete service in the future.  In the meantime
we must again thank our clients for their forbearance for what has been a
tedious procedure.

The wider aspect of tax and financial planning advice is becoming ever more
important.  During the year we recruited seven additional Financial Planners
taking the total up to 42 across the Group.  We are proposing significant
further recruitment in the current year.   Turnover and profit from this area is
continuing to grow and on top of this there is considerable further added value
in the wrappers provided for the investment management funds.


Investment Banking


The Corporate Finance and Institutional Broking Divisions in England and
Scotland have now been amalgamated into our Investment Banking Division, a title
that more clearly reflects their function.  The merger is a natural progression
for the two businesses which have been increasingly working together on deals.
As will be seen from the following figures the Group's Investment Banking
operations performed well during the year, completing transactions valued at
£1.4 billion and raising equity funds of £0.5 billion for clients.


Financial Results

                  Total   Operating     Total   Operating
                 Income      Profit    Income      Profit
                   2007        2007      2006        2006
                     £m          £m        £m          £m

Investment
Banking            29.5         7.0      22.1         5.3





The business applied its full range of skills to a number of high profile deals
such as the Main Market flotations of eaga plc and Superglass plc, the
recommended offer for Dobbies plc by Tesco plc and the £180 million recommended
offer by AIM-quoted Synergy Healthcare plc for Main Market-listed Isotron plc.

This year's success could not have been achieved without the efforts of a very
committed and experienced team of professionals who should rightly take a great
deal of satisfaction from the 2007 outcome. The dynamism and ongoing commitment
of our clients has also been important to our performance. Our 131 corporate
clients showed vision, skill and entrepreneurial drive in creating new
opportunities for deals. Our 100 institutional clients continued to support the
transactions worked upon.



Conclusion


This being my last annual report I would like to express my great gratitude to
all my colleagues for their hard work, for their co-operation and for their
positive attitude to the new challenges that have confronted them and above all
for their commitment to do their very best for our clients.  Our Group has been
strengthened further this year by the arrival of new colleagues, by the
introduction of new systems and last but not least by the strengthening of the
Management Team.   In Jamie Matheson and his colleagues we have an extremely
high calibre team that enthusiastically espouses and promotes the very special
nature of the Group's culture and ethos.  That is why they are passionate about
the merits of providing individual advice to clients and at the same time are
keen to embrace the most modern systems and research the latest investment
vehicles.   They appreciate that our greatest asset is our people and the
120,000 clients that we serve.  In their hands we can look to the future with
considerable confidence.



John Hall
27 November 2007

Consolidated Income Statement
Year ended 30 September 2007


                                                                               Year to          52 Weeks to
                                                                    30 September  2007   30 September  2006
                                                           Note                  £'000s               £'000s
Continuing operations
Revenue                                                                        198,032              164,594
Other operating income                                                          11,247                9,044
Total income                                                 1                 209,279              173,638

Staff costs                                                                   (117,641)             (91,621)
Other operating costs                                                          (56,882)             (55,166)
                                                                              (174,523)            (146,787)

Operating profit                                                                34,756               26,851
Other gains and losses                                                              58                    -
Finance income                                               2                   7,406                5,235
Finance costs                                                2                    (564)                 (36)
Profit before tax                                            1                  41,656               32,050
Tax                                                          3                 (12,708)             (10,045)
Profit attributable to equity shareholders of the parent
from continuing operations
                                                                                28,948               22,005

Earnings per share

From continuing operations
Basic                                                        5                    14.5p                11.1p

Diluted                                                      5                    13.8p                10.6p





Consolidated Statement of Recognised Income and Expense
Year ended 30 September 2007

                                                                          Year to 30       52 Weeks to 30
                                                                      September 2007       September 2006
                                                                               £'000s               £'000s

Gain on revaluation of available-for-sale investments                            816                1,509
Tax on revaluation of available-for-sale investments                             (41)                (453)
Actuarial gain/(loss) on defined benefit pension scheme                        1,420               (3,251)
Tax on actuarial (gain)/loss on defined benefit pension scheme                  (620)                 975
Deferred tax on share based payments                                             439                  720
Net income/(expense) recognised directly in equity                             2,014                 (500)
Transfers
Transfer gain on revaluation on sale of available-for-sale                       (54)                   -
investments
Transfer tax on revaluation on sale of available-for-sale                         18                    -
investments
Transfer to profit or loss on sale of available-for-sale                         (36)                   -
investments
                                                                               1,978                 (500)
Profit for period                                                             28,948               22,005
Total recognised income and expense for the period attributable
to equity shareholders of the parent
                                                                              30,926               21,505




Consolidated Balance Sheet
As at 30 September 2007

                                                                              As at                As at
                                                                 30 September  2007   30 September  2006
                                                                              £'000s               £'000s
                                                        Note
ASSETS
Non-current assets
Goodwill                                                                     65,767               66,846
Property, plant and equipment                                                20,949               16,920
Available-for-sale investments                                               11,526               10,463
Other receivables                                                             2,059                1,988
Deferred tax asset                                                              542                2,473
                                                                            100,843               98,690
Current assets
Trading investments                                                           1,251                2,470
Trade and other receivables                                                 356,385              251,437
Cash and cash equivalents                                                    87,946               61,576
                                                                            445,582              315,483
Total assets                                                                546,425              414,173

LIABILITIES
Current liabilities
Bank overdrafts                                                                 543                3,197
Trade and other payables                                                    404,873              279,148
Current tax liabilities                                                       4,965                3,256
Shares to be issued including premium                                         4,504                1,000
                                                                            414,885              286,601
Net current assets                                                           30,697               28,882

Non-current liabilities
Retirement benefit obligation                                                 9,735               15,422
Deferred purchase consideration                                                 664                3,444
Shares to be issued including premium                                         5,809               16,500
                                                                             16,208               35,366
Total liabilities                                                           431,093              321,967
Net assets                                                                  115,332               92,206

EQUITY
Called up share capital                                  6                    2,035                1,995
Share premium account                                    6                   86,968               82,755
Revaluation reserve                                      6                    7,544                6,805
Merger reserve                                           6                    4,562                4,562
Profit and loss account                                  6                   14,223               (3,911)
Equity attributable to equity holders of the parent      6                  115,332               92,206




Company Balance Sheet

As at 30 September 2007


                                                                               As at                As at
                                                                  30 September  2007   30 September  2006
                                                                               £'000s               £'000s
                                                        Note
ASSETS
Non-current assets
Investment in subsidiaries                                                   125,160              123,958
Available-for-sale investments                                                     -                9,500
Other receivables                                                                430                  430
                                                                             125,590              133,888
Current assets
Trade and other receivables                                                   11,327                6,603
Cash and cash equivalents                                                        182                   21
                                                                              11,509                6,624
Total assets                                                                 137,099              140,512

LIABILITIES
Current liabilities
Trade and other payables                                                      14,222               12,841
Shares to be issued including premium                                          4,504                1,000
                                                                              18,726               13,841
Net current liabilities                                                       (7,217)              (7,217)

Non-current liabilities
Shares to be issued including premium                                          5,809                16,500
Deferred tax liability                                                             -                 2,720
                                                                               5,809                19,220
Total liabilities                                                             24,535                33,061
Net assets                                                                   112,564               107,451

EQUITY
Called up share capital                                  6                     2,035                1,995
Share premium account                                    6                    86,968               82,755
Revaluation reserve                                      6                         -                  700
Merger reserve                                           6                     4,847                4,847
Profit and loss account                                  6                    18,714               17,154
Equity attributable to equity holders                    6                   112,564              107,451




Consolidated Cash Flow Statement

Year ended 30 September 2007


                                                                          Year to          52 Weeks to
                                                               30 September  2007   30 September  2006
                                                      Note                  £'000s               £'000s

 Net cash flow from operating activities               8                   54,183               34,442

 Cash flows from investing activities
 Purchase of goodwill                                                      (6,114)              (6,289)
 Purchases of property, plant and equipment                               (10,106)             (11,523)
 Proceeds from sale of available-for-sale                                     159                    -
investments
 Purchases of available-for-sale investments                                 (400)                   -
 Dividend received from available-for-sale                                    322                  249
investments
 Net cash used in investing activities                                    (16,139)             (17,563)

 Cash flows from financing activities
 Dividends paid to equity shareholders                                    (11,279)              (9,884)
 Proceeds on issue of shares                                                2,259                1,156
 Net cash used in financing activities                                     (9,020)              (8,728)

 Net increase in cash and cash equivalents                                 29,024                8,151

Cash and cash equivalents at the start of period                           58,379               50,228
Cash and cash equivalents at the end of period                             87,403               58,379


Firm's cash                                                                68,960               47,832
Firm's overdraft                                                             (543)              (3,197)
Firm's net cash                                                            68,417               44,635
Client settlement cash                                                     18,986               13,744
Net cash and cash equivalents                                              87,403               58,379

Cash and cash equivalents shown in current assets                          87,946               61,576
Bank overdrafts                                                              (543)              (3,197)
Net cash and cash equivalents                                              87,403               58,379






1.     Revenue and segmental information

For management purposes, the Group is divided into two business streams:
Investment Management and Investment Banking. These form the basis for the
primary segment information reported below. All operations are carried out in
the United Kingdom and the Channel Islands.
                                                                                2007                 2006
                                                                                Year             52 Weeks
                                                                               £'000s               £'000s
Total income
Investment management
  Discretionary portfolio management                                         110,413               84,878
  Advisory portfolio management                                               69,326               66,613
                                                                             179,739              151,491
Investment banking                                                            29,540               22,147
                                                                             209,279              173,638
Profit before tax
Investment management
  Discretionary portfolio management                                          15,154               12,381
  Advisory portfolio management                                               12,555                9,216
                                                                              27,709               21,597
Investment banking                                                             7,047                5,254
                                                                              34,756               26,851
Other gains and losses and finance income (net)                                6,900                5,199
                                                                              41,656               32,050


Segment assets
Investment management                                                        398,112              319,654
Investment banking                                                           148,313               94,519
                                                                             546,425              414,173

Segment liabilities
Investment management                                                        282,780              227,448
Investment banking                                                           148,313               94,519
                                                                             431,093              321,967




2.     Finance income and finance costs
                                                                                2007                 2006
                                                                                Year             52 Weeks
                                                                               £'000s               £'000s
Finance income
Interest income on pension plan assets                                            60                   77
Dividends from equity investments                                                322                  249
Interest on bank deposits                                                      7,024                4,909
                                                                               7,406                5,235
Finance costs
Finance cost of deferred consideration                                           515                    -
Interest on bank overdrafts                                                       49                   36
                                                                                 564                   36

3.     Taxation
                                                                              2007                2006
                                                                              Year            52 Weeks
                                                                             £'000s              £'000s
United Kingdom
  Current tax                                                               10,247               7,723
  Prior year                                                                   430                 415
Overseas tax
  Current tax                                                                  297                 230
Prior year                                                                       5                   -
                                                                            10,979               8,368
United Kingdom deferred tax
  Current year                                                               2,207               2,040
  Prior year                                                                  (398)               (363)
  Impact of change in tax rate                                                 (80)                  -
                                                                            12,708              10,045


United Kingdom corporation tax is calculated at 30% (2006: 30%) of the estimated
assessable taxable profit for the period.

Taxation for other jurisdictions is calculated at the rates prevailing in the 
respective jurisdictions.

The charge for the year can be reconciled to the profit per the income 
statement as follows:

Profit before tax                                                           41,656              32,050
Tax at the UK corporation tax rate of 30% (2006: 30%)                       12,497               9,615
Tax effect of expenses that are not deductible in determining                  395                 285
taxable profit
Tax effect of prior year tax                                                   435                 415
Tax effect of prior year deferred tax                                         (398)               (363)
Tax effect of options pre November 2002                                       (259)                (88)
Tax effect of deferred tax timing differences                                   (4)                 (1)
Tax effect of leasehold property depreciation                                  122                 182
Tax effect of change in tax rate on deferred tax                               (80)                  -
Tax expense                                                                 12,708              10,045
Effective tax rate for the year                                                 31%                 31%

In addition to the amount charged to the income statement, deferred tax relating
to the revaluation of the Group's available for sale investments amounting to
£41,000 (2006: £453,000) has been charged directly to equity and deferred tax
relating to the actuarial gain/(loss) in the defined benefit pension scheme
amounting to £620,000 (2006: £(975,000)) has been debited / (credited) directly
to equity.

4.     Dividends


                                                                                2007                 2006
                                                                                Year             52 Weeks
                                                                               £'000                £'000
Amounts recognised as distributions to equity holders in the
period:
First interim dividend paid 10 April 2007, 2.875p per share                    5,791                4,970
(2006: 2.5p)
Second interim dividend paid 25 October 2007, 3.375p per share                 6,869                5,488
(2006: 2.75p)
                                                                              12,660               10,458


A final dividend has been declared for the year ended 30 September 2007 of 3.5p
per share, it is subject to approval by shareholders at the Annual General
Meeting and has not been included as a liability in these financial statements.



5.     Earnings per share


The calculation of the basic and diluted earnings per share is based on the
following data:

                                                                              2007                2006
Number of shares
                                                                              '000                '000
Basic
Weighted average number of shares in issue in the period                   201,438             198,025
Diluted
Weighted average number of options outstanding for the period                5,135               4,985
Estimated weighted average number of shares earned under                     4,712               4,106
deferred consideration arrangements
Diluted weighted average number of options and shares for the              211,285             207,116
period

Earnings attributable to ordinary shareholders
                                                                             £'000s              £'000s
Profit attributable to equity shareholders of the parent from               28,948              22,005
continuing operations
Finance costs of deferred consideration (Note a)                               311                   -
 less tax                                                                      (93)                  -
Adjusted basic profit for the period and attributable earnings              29,166              22,005

From continuing operations

Basic                                                                         14.5p               11.1p

Diluted                                                                       13.8p               10.6p


a) Finance costs of deferred consideration are added back where the issue of
shares is more dilutive than the interest cost saved.



6.     Reserves and reconciliation of changes in equity


                                            Called up      Share Revaluation       Merger  Profit and      Total
                                                share    premium reserve          reserve        loss
                                              capital    account                              account
                                               £'000s     £'000s        £'000s     £'000s      £'000s     £'000s
Group
30 September 2005                              1,965     79,287         5,749      4,562     (14,515)    77,048
Profit for the period                              -          -             -          -      22,005     22,005
Dividends                                          -          -             -          -     (10,458)   (10,458)
Issue of shares                                   30      3,468             -          -           -      3,498
Revaluation                                        -          -         1,509          -           -      1,509
Deferred tax on items taken directly to            -          -          (453)         -       1,695      1,242
equity
Share based payments                               -          -             -          -         613        613
Actuarial loss on defined benefit pension          -          -             -          -      (3,251)    (3,251)
scheme
30 September 2006                              1,995     82,755         6,805      4,562      (3,911)    92,206
Profit for the period                              -          -             -          -      28,948     28,948
Dividends                                          -          -             -          -     (12,660)   (12,660)
Issue of shares                                   40      4,213             -          -           -      4,253
Revaluation                                        -          -           816          -           -        816
Deferred tax on items taken directly to            -          -           (41)         -        (181)      (222)
equity
Released on sale of available-for-sale             -          -           (36)         -           -        (36)
investments
Share based payments                               -          -             -          -         607        607
Actuarial gain on defined benefit pension          -          -             -          -       1,420      1,420
scheme
30 September 2007                              2,035     86,968         7,544      4,562      14,223    115,332



                                            Called up      Share Revaluation       Merger  Profit and      Total
                                                share    premium reserve          reserve        loss
                                              capital    account                              account
                                               £'000s     £'000s        £'000s     £'000s      £'000s     £'000s
Company
30 September 2005                              1,965     79,287             -      4,847      11,578     97,677
Profit for the period                              -          -             -          -      15,421     15,421
Dividends                                          -          -             -          -     (10,458)   (10,458)
Share based payments                               -          -             -          -         613        613
Issue of shares                                   30      3,468             -          -           -      3,498
Revaluation                                        -          -         1,000          -           -      1,000
Deferred tax on items taken directly to            -          -          (300)         -           -       (300)
equity
30 September 2006                              1,995     82,755           700      4,847      17,154    107,451
Profit for the period                              -          -             -          -      13,613     13,613
Dividends                                          -          -             -          -     (12,660)   (12,660)
Share based payments                               -          -             -          -         607        607
Issue of shares                                   40      4,213             -          -           -      4,253
Released on sale of available-for-sale             -          -          (700)         -           -       (700)
investments
30 September 2007                              2,035     86,968             -      4,847      18,714    112,564




7.     Provisions



Recent legal actions in relation to split capital trusts have largely been
concluded and the debtor included in the 2006 accounts has been recovered from
insurers. Where there are remaining legal actions the estimated liability has
been included in other creditors with the insurance debtor included in other
debtors. These amounts have not been separately disclosed as the disclosure
would be seriously prejudicial to the Group.  The net effect of the above
matters on the Income Statement for the year ended 30 September 2007 is not
material.

8.     Notes to the cash flow statement


                                                                    2007 Year             2006
                                                                                      52 Weeks
                                                                        £'000s           £'000s
Group
Operating profit                                                       34,756           26,851
Adjustments for:
 Depreciation of property, plant and equipment                          6,057            3,771
 Retirement benefit obligation                                         (4,267)            (766)
 Share based payment cost                                                 607              613
 Interest income                                                        6,779            4,987
 Interest expense                                                        (564)             (36)
Operating cash flows before movements in working capital               43,368           35,420
 Increase in receivables and trading investments                     (104,674)         (21,014)
 Increase in payables                                                 124,647           27,407
Cash generated by operating activities                                 63,341           41,813
 Tax paid                                                              (9,158)          (7,371)
Net cash flow from operating activities                                54,183           34,442

Cash and cash equivalents comprise cash at bank and bank overdrafts.




Funds


                                                                   At 30 September  At 30 September
                                                                              2007             2006
                                                                          £Billion         £Billion
In Group's nominee or sponsored member                                        10.4              8.6
Stock not held in Group's nominee                                              0.3              0.2
Discretionary funds under management                                          10.7              8.8

In Group's nominee or sponsored member                                         8.2              7.2
Other funds where valuations are carried out but where the stock               2.7              2.9
is not under the Group's control
Advisory funds under management                                               10.9             10.1

Managed funds                                                                 21.6             18.9


In Group's nominee or sponsored member                                         3.2              2.4
Stock not held in Group's nominee                                              0.3              0.3
Execution only stock                                                           3.5              2.7

Total funds                                                                   25.1             21.6

Stock
In Group's nominee or sponsored member                                        21.8             18.2
Stock not held in Group's nominee                                              3.3              3.4
                                                                              25.1             21.6




9.     Additional Information

The accounting policies used in arriving at the preliminary figures are
consistent with those which will be published in the full financial statements
and which were set out in the Group's Annual Report and Accounts for 2006.

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 these accounts. Statutory accounts for 2006 have been delivered to
the Register of Companies, and those for 2007 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.

Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs. The Company's 2007 statutory accounts do comply with IFRSs;
it is expected that they will be published in full in January 2008.

All financial information has been prepared in accordance with International
Financial Reporting Standards (IFRSs).

The Annual General meeting will be held at 12 noon on 22 February 2008 at
Merchant Taylors' Hall, 30 Threadneedle Street, London EC2R 8JB.



10.  Availability of Annual Report



The Annual Report will be posted to shareholders during January 2008; copies
will be available from the registered office of the Company, 12 Smithfield
Street, London, EC1A 9BD.  It will be available as a download from the Company's
website www.brewin.co.uk.



A further notification will be made to advise of posting and publishing on
website.






                      This information is provided by RNS
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