The stock market's recovery last winter brought a sharp improvement in the fortunes of stockbroker Brewin Dolphin.
While its total income rose 15 per cent in the six months to March, half-time profits were 39 per cent up at £12.4 million
That was before a charge of £4.8 million for an ex gratia contribution to the fund set up for investors who lost money in stricken split capital investment trusts, plus another £ 2 million for goodwill amortisation.
"No further provision for split capital liabilities is required," the company stated. "If there prove to be further liabilities, the directors believe that these will be fully covered by insurance."
John Cadwallader, head of Brewin's Birmingham office, said: "Our figures, both in terms of profits and turnover, are almost exactly in line with what of the group as a whole has achieved.
"We will have lost a few clients who have been directly affected by the splits. The number has been very, very small. What you don't know is the clients you might have got."
The Birmingham office is now branching out into corporate finance after Ifor Williams, Nigel Spedding and Ian Stanway joined it in January.
Sir Fred Holliday, who retired as chairman yesterday, while remaining a nonexecutive director, said "We have now double the amount under discretionary management in five year after adjusting for market movements and this has served to increase the quality of our earnings.
"Whilst the short-term outlook is always difficult to forecast the second half of the year has started well."
Jamie Matheson, head of Brewin's corporate and institutional side is taking over as executive chairman.
As a scion of the founding family of Jardine Matheson in Hong Kong he is "descended from a long line of pirates", according to John Hall, Brewin's chief executive.
"It has been quite a benign background for investment," Mr Hall added. "Stability is important for us and for our clients."