Update: Brewin Dolphin shares fall 7% as results reveal profit drop

Total FUM up 2.5%

Shares in Brewin Dolphin fell nearly 7% in morning trading, after the wealth manager reported a 42% drop in profit before tax in its latest half-yearly results.

Profit before tax at the wealth manager dropped from £37.2m in its first half results last year, to £21.5m in the six months ending 31 March 2016, representing a 42.2% drop. Adjusted profit before tax also fell by 12.3% compared to the same period last year, down to £28.4m from £32.4m. The group noted profits were elevated last year due to the sale of Euroclear. Following the release of the results this morning, the firm's shares fell 6.9% by 9.39am, to trade at 256.8p. Meanwhile, the wealth manager also saw a 39.7% decline in non-core income to £11.1m from £18.4m, though core i...