Business
Final Year Results for the year ended 30 June 2023
Final Year Results for the year ended 30 June 2023.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n\n14 September 2023\n \nBROOKS MACDONALD GROUP PLC\n \nFinal results for the year ended 30 June 2023\n \nSolid financial performance, strategy continuing to deliver\n \nBrooks Macdonald Group plc (\"Brooks Macdonald\" or \"the Group\") today announces its audited results for the year ended 30 June 2023.\n \nAndrew Shepherd, CEO of Brooks Macdonald, commented:\n\"I'm pleased to report a year of strategic progress and solid financial performance for Brooks Macdonald, highlighting once more the resilience of our strategy and our business model. Despite market headwinds we delivered 5.2% net flows and robust underlying profit margin. Although the economic climate continued to affect investor sentiment, we delivered consistent positive net flows, demonstrating the strength of both our proposition and our relationships with clients and advisers.\n\"As we look ahead, our focus remains on ensuring we are well positioned to support clients, advisers and our people. This underpins our ambition and the plans we have in place to take advantage of the long-term opportunity. Supported by a strong capital position, our proven strategy, and motivated people, we look to the future with confidence.\"\n \nSolid financial performance\n· Group Funds Under Management (\"FUM\") reaching £16.8 billion (FY22: £15.7 billion), up 7.5% on prior year\n· Positive net flows every quarter, 5.2% at Group level for the full year (FY22: 4.8%), with the third quarter highest at an annualised level of 9.2%\n· Robust investment performance given market conditions of 2.3% for the year, ahead of the 1.6% increase in the MSCI PIMFA Private Investor Balanced Index\n· Revenue of £123.8 million (FY22: £122.2 million), up 1.3% driven by positive net flows and investment performance, a contribution from acquisitions1, and increased interest income, partly offset by product mix effects\n· Underlying profit of £30.3 million2 (FY22: £34.5 million), maintaining a robust underlying profit margin of 24.5% (FY22: 28.2%), in line with the Group's commitment to deliver top quartile margins, despite difficult market conditions and the impact of cost pressures\n· Strong capital position with a ...