Strong growth for Brooks MacDonald
INVESTMENT manager Brooks MacDonald has reported a sharp rise in interim sales and earnings.
The AIM-listed wealth management firm, which owns property manager Braemar Estates and has an office in York, said revenue was up 23% to £31.4m in the six months to the end of December.
Pre-tax profits, adjusted to take into account the cost of acquiring Channel Islands-based fund manager called Spearpoint, were up 30% to £5.3m.
Total funds under management increased by 44% during the period, up to £4.62bn from £3.2bn. The Spearpoint deal added £686m.
Chief executive Chris Macdonald said: “The half year has been another successful period of growth across the group, culminating in our acquisition of Spearpoint in November. We are excited about the enhanced capabilities this gives to our group offering and the opportunities going forward.
“We have had an encouraging start to our second half and look forward with confidence. Since the period end funds under management have continued to grow, with the additional benefit of higher equity markets. We remain focused on completing the successful integration of Spearpoint and anticipate it beginning to contribute to our growth in the second half of the calendar year.”
