16th Jan 2020 10:22
(Alliance News) - AIM-listed Brooks Macdonald Group PLC on Thursday said earnings in the first half of its current financial year were better than a year ago.
The investment management services provider said revenue, underlying profit and underlying profit margin in the six months to the end of 2019 all were ahead of the prior year and in line with forecasts.
Total funds under management remained flat over the half-year, at GBP13.1 billion. However, Brooks said during the quarter to the end of 2019, total FUM decreased by 1.5%.
UKIM discretionary FUM grew by 1.3% during the first half, driven by continued strong investment performance, Brooks said.
International FUM performed in line with expectations, ending the first half up by 1.8%.
"Over the first half of our financial year we maintained FUM levels, delivered strong investment performance, and made good progress in our International business," said Chief Executive Caroline Connellan.
Looking ahead, she added: "We remain optimistic about the opportunities for Brooks Macdonald and, given our continued investment in talent, focus on delivering for clients and advisers, and ongoing cost discipline, our expectations for full year profit remain unchanged."
The stock was down 4.6% in London in morning trade at 2,100.00 pence a share.
By Evelina Grecenko; [email protected]
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