11th Mar 2021 10:43
(Alliance News) - Brooks Macdonald Group PLC on Thursday said its profit jumped in the first half of its current financial year on strong performance of its investments and additional gains.
The London-based investment management firm said total funds under management reached a record level of GBP15.5 billion at the end of 2020 compared to GBP13.7 billion at the end of June 2020 and GBP13.1 billion at the end of 2019.
Revenue increased by 1.8% to GBP55.9 million in the six months to the end of 2020, thanks to a strong investment performance and two acquisitions, partly offset by weaker net flows.
Brooks Macdonald reported underlying pretax profit in the first half was up 22% to GBP14.0 million, with a significantly increased underlying profit margin of 25.1% compared to 20.9% the year before. Statutory pretax profit increased 84% to GBP14.1 million amid an exceptional gain related to the Lloyds Channel Islands acquisition.
The company raised its interim dividend by 9.5% to 23.0p, underlining its confidence in Brooks Macdonald's strong balance sheet and future prospects.
"Looking ahead, client sentiment has held up well and, although the timescale for easing of lockdown restrictions remains uncertain, we continue to have a positive outlook. Momentum is building in the business and we are on track to meet full year profit expectations," said Chief Executive Caroline Connellan.
Brooks Macdonald shares were trading 1.8% higher in London on Wednesday at 2,020.00 pence each.
By Evelina Grecenko; [email protected]
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