11/05/2006
A 40 per cent jump in half-year earnings to 4.2p a share is an impressive performance from stockbroker Brewin Dophin, whose shares I tipped here two months ago at 120.75p. Together with a positive statement and the news that the second half has started well (despite the slowdown in the market since early spring), that helped push the shares back up 9p to 108p last week.
One of the reasons for tipping Brewin was bid chatter. But it appears to be Brewin that is doing the acquiring – or rather hiring. Several teams have joined the firm’s offices in London, Birmingham, Leicester, and the new branch in Belfast. Meanwhile, discretionary assets are put at £6 billion compared with £5.6 billion six months earlier. There is good value in the current share price. Buy/hold.
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