Update: Brewin Dolphin shares slump 10% after interims

In its interim report covering the half year to 31 March 2015, Brewin reported profit before tax of £37.9m, compared to £22m in the first half of 2014. Adjusted profit before tax increased by 9% to £33m. This reflected growth in discretionary funds under management of £4.2bn to £26.2bn. Brewin's pre-tax profit margin stood at 22.3% for the period, but analysts at RBC noted discretionary revenue margins dropped from 94bps last year to 89bps in the first half. RBC analysts said: "We believe that lower revenue margins will persist for the following reasons: lower commissions; competit...