Brewin has reported positive final results with earnings slightly ahead of our forecasts (3% at PBT level) and positive strategic progress. Core income grew by 9.9% to £291m whilst adj. PBT totalled £70m (+15% yoy). The group operating margin improved yoy and the 25% run rate target was achieved in Q4. The FY dividend payout is at the top end of the policy range and nearly 1p ahead of our forecast. We will review our forecasts but do not expect to make material changes. We reiterate our BUY reco ....
29 Nov 2017
N+1 Singer - Brewin Dolphin Holdings - Solid FY17 outturn, positive strategic progress
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
N+1 Singer - Brewin Dolphin Holdings - Solid FY17 outturn, positive strategic progress
- Published:
29 Nov 2017 -
Author:
Andrew Watson -
Pages:
3
Brewin has reported positive final results with earnings slightly ahead of our forecasts (3% at PBT level) and positive strategic progress. Core income grew by 9.9% to £291m whilst adj. PBT totalled £70m (+15% yoy). The group operating margin improved yoy and the 25% run rate target was achieved in Q4. The FY dividend payout is at the top end of the policy range and nearly 1p ahead of our forecast. We will review our forecasts but do not expect to make material changes. We reiterate our BUY reco ....