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Brooks Macdonald increases its 2018 full year dividend by 15%

Investment Tools Ltd.
Brooks Macdonald increases its 2018 full year dividend by 15%

Brooks Macdonald 2018 Final results

Business Highlights

Strong organic growth (net new discretionary business) of 13% (£1.4bn) and above benchmark investment performance contributing to 19% (£2.0bn) increase in FUM to £12.4bn, reflecting strength of offering and relationships:

o Strong growth in BPS and MPS, 17% and 23% respectively

o BMI reached £1.7bn FUM with 6% organic growth, up from 1% in FY17 (FY17 FUM: £1.5bn)

o Funds grew 32% to £1.5bn FUM (FY17: £1.2bn) with the Defensive Capital Fund moving over £0.5bn and our third party investment solution funds now at £0.6bn

14% increase in revenue, crossing the £100m threshold. All four businesses made good contributions, with revenue yield stabilising in second half of financial year

Underlying profit before tax increased by 6.1% to £18.0m, while underlying profit margin fell from 19.1% to 17.7%. This included the impact of the £4m spend on our risk management and operational framework. £2m of that spend was a one-off investment, without which the underlying profit margin would have been 19.7%, reflecting both material revenue growth and renewed cost discipline

Statutory profit before tax affected by the previously announced £5.5m increase in provision for resolving legacy matters (FY17: £6.5m), a £2.5m write-down of capitalised software assets (FY17: zero), £2.4m of amortisation of acquired client relationships (FY17: £2.5m), and a net £1.3m charge related to the deferred consideration for the Levitas transaction (FY17: £2.0m gain)

Total dividend increased by 15% to 47.0p (FY17: 41.0p) reflecting the Board's continued confidence in the strength of the underlying business and commitment to a progressive dividend policy

Companies mentioned

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