Business
Half year results for the 6 months ended 31/12/23
Half year results for the 6 months ended 31/12/23.
About this update from Brooks Macdonald Group Plc
[{"type":"text","content":"\n\n7 March 2024\nBROOKS MACDONALD GROUP PLC\nHALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2023\n\"Six months of strategic progress resulting in an 18% increase in underlying profit before tax\"\n \nBrooks Macdonald Group plc (\"Brooks Macdonald\" or the \"Group\") today announces its half-year results for the six months ended 31 December 2023.\n \nAndrew Shepherd, CEO, commented:\n\"I am pleased to report that demand for our products and services remains strong across our Group with £1.2 billion of gross inflows during the period. This rounds out a solid half year in which revenue growth and a focus on cost control delivered an improved underlying profit margin of 26.9%. \n\"During the last six months our priority has been to help our clients and advisers navigate the challenging markets that the wealth management industry has continued to face. The need for trusted advice and robust long-term investment management remains as strong as ever. As a management team, we have been proactive in adapting our business to the current environment, resulting in a Group that is in a stronger operational position, well-placed to take advantage of the opportunity ahead.\n\"These results are a testament to the expertise and hard work of our people and our collective drive to deliver long-term sustainable results. Although the short-term macroeconomic outlook remains uncertain, we have confidence in our growth strategy and our ability to keep delivering for all our stakeholders.\"\nSolid financial performance with continued organic growth\n· Total Funds under Management (\"FUM\") grew to a record £17.6 billion, up 4.3% over the half year (30 June 2023: £16.8 billion);\n· Funds under Management or Advice (\"FUM/A\") with Private Clients reached £5.2 billion, with £4.4 billion relating to portfolios within the Group's investment management and £0.8 billion to portfolios with third party investment managers;\n· Investment performance was 5.3% for the half year, in line with the MSCI PIMFA balanced index, which was up 5.6%, offsetting net outflows in the period of £0.2 billion or 1% of opening FUM;\n· Revenue increased by 8.0% to £63.6 million (H1 FY23: £58.9 million) driven by higher financial planning revenue, following the ac...