Business
Half-year Report
Half-year Report.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8455F\n Brooks Macdonald Group PLC\n 12 March 2020\n \n \n \n \n 12 March 2020\n \n \n \n \n \n BROOKS MACDONALD GROUP PLC\n \n \n HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019\n \n \n \"Disciplined execution of our strategy driving increased underlying profit margin and positioning the business for further success\"\n \n \n \n \n \n Brooks Macdonald Group plc (\"Brooks Macdonald\" or the \"Group\") today announces its half-year results for the six months ended 31 December 2019.\n \n \n \n \n \n Strong financial performance\n \n \n ·\n Revenues up by 8.1% compared to H1 FY19 to £55.8 million driven by higher average Funds under Management (\"FUM\").\n \n \n \n \n \n ·\n Underlying profit before tax up 28.6% to £11.7 million with a profit margin of 21.0% (H1 FY19: 17.6%), with improved underlying profit margin in all three divisions of UK Investment Management (\"UKIM\"), International, and Financial Planning (\"FP\").\n \n \n \n \n \n ·\n Statutory profit before tax from continuing operations increased to £7.9 million (H1 FY19: £0.6 million), driven by the improved underlying performance and fewer adjustments in the period.\n \n \n \n \n \n · \n Underlying diluted earnings per share rose by 30.1% to 68.7p (H1 FY19: 52.8p).\n \n \n \n \n \n · \n Interim dividend up by 10.5% to 21.0p (H1 FY19: 19.0p) in line with the Group's progressive dividend policy.\n \n \n \n \n \n ·\n Total FUM of £13.1 billion (30 June 2019: £13.1 billion, 31 December 2018: £11.7 billion) representing an increase of 12.0% on the prior year and a decrease of 0.4% in the six months to 31 December 2019.\n \n \n \n \n \n Disciplined strategic execution\n \n \n ·\n Strategy announced in 2017 remains on track, midway through second phase of increasing value by enhancing what we do and how we do it, positioning the business for further success.\n \n \n \n \n \n ·\n Announced the acquisition of Cornelian Asset Managers Group Limited (\"Cornelian\") (completed following the period end), strengthening our core offering, building scale and bringing in new talent, with a business meeting our stated acquisition criteria - high-quality, earnings accretive, and a good strategic and cultural fit.\n \n \n \n \n \n · \n Continued focus on delivering for clients a...