Brewin Dolphin Holdings unveils profits for 2012

Brewin Dolphin Holdings, one of Britain's largest investment and financial planning firms, reported a 36.5 per cent hike in profits in its annual report released Friday.

The FTSE 250 company's profit before tax stood at £29.9m for the year end September 30th, up from £21.9m in the comparative period.

Total income increased 2.1% to £269.5m and total managed funds climbed 7.9% to £25.9bn.

Business was bolstered by company expansion with a new branch in Ipswich and additional teams in Birmingham, Jersey, Bristol, London, Newcastle and Dublin.

The firm said it was also helped by the fact the investment management market was a growing sector, competition was relatively fragmented and price competition was low.

However, it said regulation continued to set back businesses in the financial sector in the UK and overseas.

In particular, the company was working to ensure it was ready to meet the demands of the UK financial regulation's Retail Distribution Review which came into force this month.

"Our investment managers and financial planners have continued to provide an excellent service to our clients during another year that has seen much strategic and regulatory change," Group Managing Director, Henry Algeo, said.

"We as a group remain determined to continue to provide an outstanding bespoke investment management service for our clients."

Shares shot up 1.84% to 204.70p at 14:33.

RD