Brewin profits drop 70% after tech writedown

Brewin Dolphin has reported a 70% fall in full-year pre-tax profit as its technology project writedown and other restructuring costs weighed on the business.

Reporting preliminary results for the year to 28 September, the wealth manager said the decision to abandon plans to implement a new operating system had resulted in a £33.7m charge, as previously flagged. Brewin also took a £2.3m hit from redundancy costs arising from the closure of offices in Chester, Dorchester, Guernsey, Stoke, Truro, Lymington and York. An additional £2m cost came from contracts relating to surplus property from these branch closures, and the failure to exit other surplus space - primarily in Edinburgh - as had been anticipated. But chief executive David Nicol...