London-based wealth manager Brooks Macdonald Group has posted a pre-tax profit of £4.48m for the six months ended 31 December 2014, down 9.1% from £4.93m a year ago.
The dip in pre-tax profit was mainly driven by higher finance and administrative costs, as well as a one-off charge related to the 2012 acquisition of Spearpoint.
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Its half yearly revenues stood at £37.50m, up 12.3% as against £33.39m in the previous year.
The group’s total discretionary funds under management stood at £6.95bn, up 22.4% compared to £5.68bn in 2013.
Third party assets under administration increased to over £225m from over £160m in the same period of the previous year.
The company’s chief executive Chris Macdonald commented, "Brooks Macdonald is delighted to celebrate its tenth anniversary on AIM this month. Over the period funds under management have grown 1600% from £400m to over £7.0bn today.
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By GlobalData"As we enter the next ten year period we continue to focus on the core strengths that have served us so well, namely our people, our culture and our proposition. We look forward to the next ten years of growth with optimism.
"For the remainder of the current half year, our investment in the business for growth continues as planned and at the level anticipated. Our expectations for the year as a whole therefore remain unchanged."
