British wealth manager Brooks Macdonald Group has posted an underlying pre-tax profit of £7.13m for the six months ended 31 December 2015, a rise of 6% compared to £6.72m a year ago.
The AIM listed firm’s discretionary funds under management grew by 12% to £7.82bn in the six months ended 31 December 2015 from £6.95bn a year earlier.
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The company posted revenue of £38.7m, a marginal increase up 3% compared to £37.5m in the corresponding period of 2014.
The wealth manager’s property assets, managed by Braemar Estates, are now worth £1.13bn, compared with £1.09bn a year earlier.
Meanwhile, the company has decided to hike interim dividend by 20% to 12 pence.
Commenting on the results and outlook, Brooks Macdonald CEO Chris Macdonald said: "Brooks Macdonald has continued to make good progress, with double digit growth in discretionary funds under management during the first half driving increases in profit and earnings per share. In uncertain markets, we have achieved strong risk adjusted returns for our clients and have progressed a number of significant projects across the Group which will help drive future growth."
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By GlobalData"We have continued to see strong organic growth in the early weeks of the second half, albeit the volatility in markets since the New Year is likely to have impacted the Group’s funds under management."
"Our second half will benefit from the year on year growth of funds under management, but will be impacted by the continuing planned conversion of advisory to discretionary assets by Brooks Macdonald International. Overall subject to the level of the market, we expect to make further progress for the year as a whole."
