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Brewins to raise up to £40m to accelerate growth strategy
by Sarah Miloudi on May 29, 2013 at 07:25
Brewin Dolphin is hoping to raise close to £40 million to accelerate its growth and transformation strategy.
The national stockbroker will raise the funds via a placing and told investors the extra capital would boost its capacity to invest.
Brewins is now two thirds of the way through its three-year plan for growth, with chief executive David Nicol reminding shareholders its strategy was to achieve 'continued strong growth and increased efficiency'.
In a separate announcement, the firm said it had made good progress towards meeting these aims, with total funds under management at £28.1 billion, as at the end of March, and strong growth in its discretionary assets, which totalled £20.4 billion by the end of the same stretch.
Profit before tax, however, has come down considerably, though Brewins has previously outlined areas it has committed to spend in, such as the £24 million iit s has set aside to plug the hole in its pension scheme.
Versus last year, when Brewins posted a £12.3 million profit before tax, the firm's latest interim results recorded a drop in profit to £6.9 million. Shares in the company fell 2% to 215.4p on the news.
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