Market slide hits Brewin Dolphin

PRIVATE client stockbroker and fund manager Brewin Dolphin warned that the 20% fall in stock market trading compared with a year ago would inevitably hit its first-half profits and turnover.

The shares tumbled 12p to 96p although chief executive John Hall said the business had taken out costs and recruited several new teams and individuals.

Analysts had been expecting profits to increase from £14.7m to about £18m in the year to the end of September.