Brewin Dolphin Holdings Plc, a British investment manager and stockbroker, has reported an increase of 37% in its profits for the first half year despite the recent difficult conditions in the markets. The company said that the strong first half results were mainly attributable to the strong rise in its discretionary funds under management. Brewin also remained unchanged over it full year guidance.

Brewin Dolphin said today that its pretax profit was reported of £15.2 million in the first half ended March 28, increasing by 37% while it was reported of £11.1 million in the same period last year. Underlying profit was reported of £20.3 million in the first half, increasing by 21% while it was reported of £16.8 million in the same period last year.

"It's a very resilient performance given the turbulent conditions, although the markets in which we operate were fairly benign," said Jamie Matheson, executive chairman of Brewin.

Brewin said that its funds under management were reported of £23.0 billion at the end of the first half of the fiscal, increasing by 41% while it was reported of £16.3 billion a year earlier. The group said that the funds under management rose as global markets continued to recover from recession.