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Brewin costs spiral upwards

Brewin Dolphin’s spiralling staff and capex costs leaves the market unimpressed
Brewin costs spiral upwards
  • Staff costs burst through the forecasts
  • Capex should eventually deliver savings 

Full-year results for Brewin Dolphin (BRW) left investors querying whether the company has effective control over its costs, after spiralling staff expenses caused operating costs to burst through the mid-single-digit prediction that management had forecast at the interims; in these results, these rose by 11 per cent to £313m. Unsurprisingly, the market’s reaction was brutally swift and Brewin’s shares were marked down heavily in early trading before recovering some ground.

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