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Wealth manager Brewin Dolphin reported a fall in profit as swings lower in markets weighed on its performance.
For the six months ended 31 March, statutory pre-tax profit fell 5.1% to £28.2m on-year even as income increased by 8.3% to £175.8m.
The company saw inflows into discretionary funds rise to £1.5bn from £1.4bn, but total funds fell to £41.4bn from £45.0bn reported in 2019. Excluding funds from acquisitions of £2.7bn, total funds decreased by 14.0%.
Discretionary funds were reduced to £35.7bn from £40.1bn, mostly due to negative market performance, the company said.
The interim dividend was unchanged at 4.4p per share.
Looking ahead, the company said there was a high level of uncertainty expected for the remainder of the financial year, and estimated operating cost savings in 2020 of between £6m and £8m.
'In the first half of 2020, we delivered a resilient set of results, notwithstanding the negative impact of Covid-19 on global markets towards the end of the second quarter. We saw a greater level of direct inflows in the first half, with strong demand for integrated wealth management service,' said David Nicol, chief executive.