Strategic Expansion of Global Wealth Management Footprint
Reconciliation for non-GAAP financial measures
Calculation of Brewin Dolphin adjusted profit before tax (PBT)(1)
£ millions (unless otherwise stated)
Profit before tax (PBT) and adjusted items
Adjusted items
FY2016
FY2017 FY2018 FY2019
FY2020 FY2021
61.0
70.0
77.5
75.0
78.2
90.9
Acquisition costs
(1.7)
(2.3)
(3.6)
(1.5)
Other gains and losses
0.0
0.3
Defined benefit pension scheme past service costs
(1.9)
0.0
(0.4)
Onerous contracts
(0.3)
(2.0)
(0.2)
(1.0)
(0.2)
(3.6)
Incentivisation awards
(1.3)
(1.3)
(0.3)
(1.2) (2.0)
Amortisation of intangible assets - client relationships and brand
(6.3)
(6.7)
(7.6)
(6.9)
(11.1)
(11.2)
FSCS levy refund
0.3
Impairment of available-for-sale assets
(0.2)
Redundancy costs
(2.7)
(0.7)
One-off migration costs
(1.6)
Total adjusted items
(10.9)
(12.4)
(9.0)
(12.4)
(16.1)
(18.4)
Statutory profit before tax of discontinued operations
14.0
Statutory profit before tax (PBT)
64.1
57.6
68.5
62.6
62.1
72.5
Note: Brewin Dolphin fiscal year end September 30th.
Calculation of Brewin Dolphin adjusted profit before tax (PBT) margin(1)
£ millions (unless otherwise stated)
FY2016
Revenue
Profit before tax (PBT) and adjusted items
Adjusted profit before tax (PBT) margin
282.4
61.0
21.6%
FY2017
304.5
70.0
23.0%
FY2018
329.0
77.5
23.6%
FY2019
339.1
75.0
22.1%
FY2020
361.4
78.2
21.6%
FY2021
405.9
90.9
22.4%
(1) Source: Brewin Dolphin annual reports.
9
Royal Bank of CanadaView entire presentation