Business
Half-year results for the 6 months ended 31/12/22
Half-year results for the 6 months ended 31/12/22.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n BROOKS MACDONALD GROUP PLC\n \n \n \n \n HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2022\n \n \n \n \n \"Solid six months demonstrating continued organic growth, and a robust underlying profit margin of 25%, supporting an 8% increase in the interim dividend\"\n \n \n \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 2022.\n \n \n \n \n \n \n Solid financial performance with continuing organic growth\n \n \n \n ·\n Total Funds under Management (\"FUM\") reached £16.2bn, up 3.6% over the half year (30 June 2022: £15.7 billion)\n \n \n \n \n \n \n - Continuing positive net flows over the six months, totalling £347 million (H1 FY22: £326 million), with annualised net flows of 4.4% compared to 4.0% for the same period last year, despite the volatile macroeconomic backdrop\n \n \n \n \n \n \n - Positive investment performance of 1.4% for the half year, ahead of the benchmark index which saw a decline of 0.3%.\n \n \n \n \n \n \n ·\n The\n Group's core UK discretionary business had annualised net flows of 7.8% for the period, driven by:\n \n \n \n \n \n \n - \n Strong\n growth in Brooks Macdonald Investment Solutions (\"BMIS\"), the firm's B2B offering for advisers, and in Platform Managed Portfolio Service (\"PMPS\") which saw combined annualised net flows of 52.6%\n \n \n \n \n \n \n - \n Partly\n offset by net outflows in our Bespoke Portfolio Service (\"BPS\"), a reflection of weaker investor sentiment and extended lead times.\n \n \n \n \n \n \n · \n Revenue declined by 4.8% to £58.9 million (H1 FY22: £61.9 million) driven by the impact of volatile markets on average FUM, lower transaction-related revenues, and the repricing of our Cornelian Risk Managed Fund (\"RMF\") range, partly offset by continuing positive net flows and higher interest income.\n \n \n \n \n \n \n ·\n Underlying profit before tax was £14.5 million, in line with prior guidance, compared to £17.6 million in the same period last year, with underlying profit margin at 24.6% (H1 FY22: 28.4%), continuing our commitment to top quartile underlying profit margin.\n \n \n \n \n \n \n ·\n Statutory profit after tax was £8.2 million, versus £10.2 million in H1 FY22.\n \n ...