Investment management company Brewin Dolphin Holdings reported a 25.9 per cent increase in half-year pre-tax profit driven by a rise in income.
Adjusted profit before tax for the six months to March 31st came to £23.8m, compared to £18.9m the previous year, as total adjusted income climbed 9.4% to £139m.
Total managed funds grew to £28.1bn at the end of the period, up from £25.7bn a year earlier. Earnings per share, adjusted to exclude shared revenue, jumped by 29.3% to 7.5p.
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The group is paying an interim dividend of 3.55p per share, unchanged from the prior year.
"We are now two years into the transformation and growth strategy announced in 2011," said Chief Executive, David Nicol.
"We have made good progress against our stated objectives including delivering strong growth in funds under management."
However pre-tax profit, including adjustments for restructuring and redundancy costs, additional Financial Services Compensation Scheme (FSCS) levy, onerous lease provision and amortisation of client relationships, fell by 44% to £6.9m.
A significant restructuring of the head office functions was conducted towards the end of the period resulting in a £3.0m redundancy cost, on top of job cuts earlier in the period, bringing the total expense to £3.4m. It was offset by a cost saving of £6.0m per annum.
An onerous lease provision of £5.9m was made for surplus office space which the group may be unable to sub-let in the short term.
Looking ahead, the company expects to see profits grow as it cuts down costs and improves efficiency following the restructuring.
"Improved equity market sentiment and early signs of a return in broader economic confidence are resulting in increasingly positive trading conditions," Nicol added.
"The group's strategy of continued growth in its client base, whilst focusing also on further improving efficiency and client service through disciplined investment, means that it is well placed to take advantage of this environment."
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