British wealth manager Brooks Macdonald has reported pre-tax profit of £10.4 million (US$16.4 million) for the year ended 30 June 2013, an increase of 22% from £8.5 million (US$13.4 million) reported a year ago.
The AIM-traded wealth manager said its revenue increased 19% to £63.2 million from £53.3 million year-on-year.
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Total funds under management grew 45% over this period, up from £3.52 billion in 2012 to £5.11 billion as of 30 June 2013.
Commenting on the results and outlook, Chris Macdonald, CEO of Brooks Macdonald, said: "This has been a year of considerable expansion for the group against a backdrop of significant regulatory changes.
"For the coming year our outlook for investment returns remains cautiously optimistic. We believe that there will be a more stable background for regulatory change, that there will continue to be margin pressures on non-bespoke services and that there will be numerous growth opportunities for the group."
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