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Brooks Macdonald Group PLC reported on Thursday a fall in interim revenue and profit, although funds under management proved resilient, edging higher. The AIM-listed wealth manager said revenue declined by 4.8% to £58.9 million in the six months to December 31 from £61.9 million in the previous year, driven by the impact of volatile markets on funds under management and lower transaction-related revenue. This was partly offset by continuing positive net flows and higher interest income. Underlying pretax profit of £14.5 million was in line with prior guidance and compared to £17.6 million in the same period last year, with underlying profit margin at 24.6%, down from 28.4%. Underlying diluted earnings per share were 72.5 pence compared to 85.4 pence in the same period last year and the interim dividend was raised by 7.7% to 28.0 pence from 26.0 pence, reflecting the results, the strong capital position and continuing confidence in the firm’s prospects. Brooks Macdonald maintained guidance with full year net flows expected to be 5% to 6%, primarily driven by Brooks Macdonald Investment Solutions and Platform Managed Portfolio Service. Total funds under management edged higher to £16.23 billion at December 31, a 3.6% increase on the figure six months previously of £15.67 billion. Continuing positive net flows over the six months were reported totalling £347 million, up from £326 million a year before. Chief Executive Andrew Shepherd said: ‘Although the short-term macroeconomic outlook remains uncertain, we are well positioned to take advantage of the growth opportunities ahead.’ Shares in Brooks Macdonald closed up 1% at 2,031 pence each in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved
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