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September 16, 2022

Brooks Macdonald annual underlying profit rises 13%; FuM dips 5%

British wealth manger Brooks Macdonald has reported underlying profit before tax of £34.5m for the year ended 30 June 2022, up 12.7% compared to £30.6m a year ago.

The firm’s funds under management totalled £15.7bn, a decline of 4.8% compared to last year.

The firm, which recorded positive net flow in all quarters of the year, noted that the effect of declining market conditions on asset values outweighed the positive net flows.

Net flows were 4.8% at Group level for the full year and reached an annualised level of 6.7% for the fourth quarter of fiscal year 2022.

The company’s group revenue stood at £122.2m, up 3.4% compared with the last fiscal. This was led by increased average FuM and the impact of the purchase of Lloyds Channel Islands business by the company.

For the year ended on 30 June 2022, Brooks Macdonald’s statutory profit after tax reached £23.4m, up 19.4% from £19.6m a year ago.

Furthermore, the firm’s total dividend rose by 12.7% to 71p per share from last year’s 63p.

Brooks Macdonald CEO Andrew Shepherd said: “This has been another strong year for Brooks Macdonald – we’ve delivered higher net flows, we’ve hit another record for underlying profit margin, and we’ve increased our full year dividend for the seventeenth consecutive year.

“We have made good progress in driving our digital transformation forward, having now gone live with our remaining client- and adviser-facing processes on the SS&C platform.

“This will make Brooks Macdonald increasingly easy to do business with, delivering a best-in-class adviser experience and client service.”

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