Dividend cuts at Brewin Dolphin as growth slows in final quarter

Software costs more than double

Brewin Dolphin has cut its final dividend for 2020 to 9.9p per share, down from 2019’s 12p, as it seeks to "remain prudent" of ongoing headwinds, according to its full year results.

The reduced final dividend number brings the total for 2020 to 14.3p per share, down 12% on last year's total figure of 16.4p per share, representing a payout ratio of 70% of adjusted diluted earnings per share. H1 2020 results round-up: Architas UK deal weighs on Liontrust profits as assets swell to £28bn This comes in a year of heavy spending for the firm, which saw cash outflows of £48.7m in 2020, compared to inflows of £43m in 2019, reducing total net cash balances to £180m. Its acquisition of Investec's Irish wealth management business Investec Capital & Investments (Ireland) ...