British wealth manager Brewin Dolphin has reported annual profit above estimates as improved investor sentiment on stimulus measures and vaccine hopes offset steep outflows due to an earlier coronavirus-led selloff.
The company said although the Covid-19 pandemic created economic uncertainty and market volatility, Brewin's structural growth drivers remained strong.
Brewin in July started to see an improvement in investment returns and net inflows, after having earlier said the coronavirus crisis had fuelled demand for integrated wealth management services.
The company, which proposed a final dividend of 9.9 pence per share, said it expects operating costs for 2021 to grow by mid-single digits.
It said its total funds climbed to £47.6 billion from £45 billion a year earlier.
Pre-tax profit for the year ended September 30 rose to £78.2m from £75m a year earlier. This compared to a company-compiled consensus of £74m.
