Brewin Dolphin Holdings (LON:BRW) - Sowing seeds in 2012

Friday, Jun 01 2012 by

Jun 01st 2012 - Edison Investment Research today published a report on Brewin Dolphin Holdings (BRW.L, LSE:BRW, LON:BRW) entitled "Sowing Seeds In 2012". In summary, the report says:

Given Brewin Dolphin’s (BD) success at the Chelsea Flower Show, a gardening analogy is appropriate for its interim results announced on 29 May. The company has sown the seeds for a great display in the future, but near term the ground has been flooded by market downpours. Its strategic review is on time and on budget to deliver 20% margins in 2014. However, we have reduced our 2012/13 estimates to reflect weaker near-term customer trading activity. We do not expect this adjustment to surprise investors.




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