12th Mar 2020 10:36
(Alliance News) - Brooks Macdonald Group PLC on Thursday upped its payout and delivered an earnings rise amid a jump in funds under management.
The investment management services provider said revenue in the six months to December 31 rose 8.1% annually to GBP55.8 million from GBP51.6 million, with pretax profit up sharply to GBP7.9 million from GBP600,000.
Funds under management at December 31 were 11% higher year-on-year at GBP13.09 billion from GBP11.75 billion.
The company lifted its interim payout by 11% to 21.0 pence from 19.0p.
Chief Executive Officer Caroline Connellan said: "I am delighted with the progress made during the first half. We continued to execute our strategy with discipline, making good progress on our commitment to improve underlying profit margins, in a strong first half financial performance, and welcomed Cornelian to the Brooks Macdonald group. We remain confident in the actions we are taking to set the business up for continued success, provide outstanding products and services for clients and advisers, and deliver value for shareholders."
In November, Brooks Macdonald said it will part with up to GBP39 million in cash to acquire Edinburgh-based asset managers Cornelian.
Connellan added: "We saw improvement in client sentiment at the start of the calendar year and we continue to have a positive outlook over the medium term. In the short term, the macroeconomic outlook remains uncertain, exacerbated by the increasing impact of the coronavirus outbreak, with highly volatile markets and the potential effect on the wider economy."
Brooks Macdonald shares were 4.4% lower at 1,650.00p each in London on Thursday morning.
By Eric Cunha; [email protected]
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