Revenue, profit and funds under management all up at Brooks Macdonald

WEALTH management firm Brooks Macdonald, which has an operation in Leamington Spa, has seen an increase in both revenue and pre-tax profit.

Announcing its results for the year ended June 30, the AIM listed group revealed a 9% increase in revenue to £69.1m (2013: £63.2m) and a 2% increase in pre-tax profit to £10.6m (2013: £10.4m).

There was a year on year increase of 28% in discretionary funds under management to £6.55bn, driven by acquisitions, performance and organic growth.
 
Brooks Macdonald Funds grew funds under management to £518m (2013: £390m) 
 
Property assets under administration, managed by Braemar Estates, grew  9% to £1.13bn (2013: £1.04bn) while third party assets under administration are now in excess of £200m (2013: £140m).
 
Chris Macdonald, CEO, said: “After the considerable changes within the industry in recent years, this has been a year where the business has continued to evolve, invest in the future and grow funds under management and administration.

“It’s therefore particularly pleasing to report annual organic and investment growth, excluding acquisitions of over £1bn in our discretionary funds under management for the first time in our history. 

“We have maintained profits and positioned the group for a return to profit growth despite increased costs due to the changes and investment.
 
“Markets have been supportive, particularly in the first half of the calendar year and our outlook for investment returns remains cautiously optimistic.

“We will continue to invest in systems development and remain optimistic for new business flows. New business has started the year well and the board remains confident for the future of the group.”