11th Mar 2015 09:14
LONDON (Alliance News) - Wealth manager Brooks Macdonald Group PLC on Wednesday reported a fall in pretax profit in the first half of its financial year due to higher costs, as revenue increased and the company's discretionary funds under management rose substantially.
Brooks Macdonald said its pretax profit for the six months to the end of December was GBP4.5 million, down from GBP4.9 million a year earlier, due to higher finance and administrative costs and a one-off charge related to the 2012 acquisition of Spearpoint.
Revenue increased to GBP37.5 million from GBP33.4 million as the company saw a 22% growth in discretionary funds under management to GBP6.95 billion from GBP5.68 billion.
But Brooks said it would hike its interim dividend to 10 pence per share from 7.3 pence, reflecting a rebalancing of its dividend.
"For the remainder of the current half year, our investment in the business for growth continues as planned and at the level anticipated. Our expectations for the year as a whole therefore remain unchanged," said Chief Executive Chris Macdonald.
Shares in Brooks Macdonald were up 0.4% to 1,483.40 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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