Brewin Dolphin : Interim Financial Report for the Half Year Ended 31 March 2015

27 May 2015

Financial Highlights

• Total Discretionary Funds under Management £26.2bn (FY 2014: £24.0bn, H1 2014: £22.7bn)
• Total income of £148.4m (H1 2014: £146.3m)
• Adjusted1 profit before tax £33.0m (H1 20142: £30.4m)
• Adjusted1 profit before tax margin 22.3% (H1 20142: 20.8%)
• Profit before tax £37.9m (H1 20142: £22.0m)
• Adjusted1 earnings per share:
  • Basic earnings per share of 9.8p (H1 20142: 9.3p)
  • Diluted earnings per share3 of 9.2p (H1 20142: 8.8p)
• Statutory earnings per share:
  • Basic earnings per share of 11.2p (H1 20142: 6.9p)
  • Diluted earnings per share of 10.7p (H1 20142: 6.5p)
• Interim dividend of 3.75p per share (H1 2014: 3.65p per share)
• Announced sale of Stocktrade on 14 May 2015

Declaration of Interim Dividend

The Board declares an interim dividend of 3.75p per share. The interim dividend is payable on 26 June 2015 to shareholders on the register at the close of business on 5 June 2015 with an exdividend date of 4 June 2015.

David Nicol, Chief Executive, said:

"Against the backdrop of the ongoing transformation of the Group, financial performance in the first half was good. The growth in Funds under Management has been strong, helped by the overall upward trend in investment markets over the half year, although periods of volatility did impact transaction volumes and, therefore, impeded income growth. Nonetheless, the benefits of the more focused and efficient business emerging from the business transformation helped maintain profit growth, with the adjusted PBT margin increasing further to 22.3%.

The focus of the transformation programme remains to achieve a stronger business model which can create further value through long term sustainable growth with manageable risks. Increased efficiencies have delivered short term benefits in terms of enhanced shareholder returns. More importantly as we move out of the initial restructuring and simplification phase, these efficiencies enable re-investment in the business which is critical to sustaining organic growth."

1 These figures have been adjusted to exclude redundancy costs, FSCS levy rebate, onerous contracts provision, disposal of available-for-sale investment and amortisation of client relationships. 2 Restated see notes 2 and 18 in full RNS. 3 See note 7 in full RNS.

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