Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

James Brearley hangs in the black after 36% profit fall

James Brearley hangs in the black after 36% profit fall

James Brearley & Sons is in the black for the second year running but saw profits fall by 36%.

The wealth manager posted a profit of just under £151,000 after tax over the 12 months to the end of April, down from £236,000 the previous year.

‘Our board is remaining cautiously optimistic, after a challenging year,’ director Nigel Corrie told Wealth Manager.

‘Although our [post-tax] profits on paper were not as high as last years’, they were higher from a trading point of view,’ he said, pointing to a 2.2% increase in trading profits over the period.

Corrie explained the drop came from ‘certain discretionary expenditures’ such as bonuses paid across the firm. The directors have also recommended paying out a £100,000 dividend, subject to shareholder approval.

The results follow a costly restructure in 2011, when the firm slashed nearly £1 million from its wage bill by closing two regional offices, leaving the Blackpool-headquartered firm in the red with a £827,500 loss over the period.

Since the restructure, the wealth manager has increased its assets under management to more than £900 million across all divisions, from £750 million in 2011.

Managed services represented 40% of all revenues, while stockbroking services and online services made up 31% and 29% of revenues respectively, he added.

Corrie declined to comment on the impact of the Financial Services Compensation Scheme levy.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Play Colin McLean's mid-cap picks

Colin McLean's mid-cap picks

The SVM director and fund manager on his pick of the UK mid-caps.

Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Your Business: Cover Star Club

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

When Tim Wishart agreed to launch an Edinburgh office for Psigma he was not expecting to  head the company’s first overseas team

Wealth Manager on Twitter