The Brooks Macdonald Board has recommended a final dividend of 32.0 pence (FY18: 30.0 pence) which, subject to approval by shareholders, will result in total dividends for the year of 51.0 pence (FY18: 47.0 pence). This represents an increase of 8.5% on the previous year and reaffirms the Board's confidence in the strength of the business and their commitment to a progressive dividend policy. The final dividend will be paid on 8 November 2019 to shareholders on the register at the close of business on 27 September 2019.
Other financial highlights include:
Underlying profit margin up from 18.8% to 19.6%, reflecting the Group's commitment to increase profit margins in the medium term
Positive organic growth (net new business) of 3.3% (£0.4 billion) and robust investment performance contributing to an increase of 6.8% (£0.8 billion) in FUM to a new record £13.2 billion, reflecting strength of offering and relationships:
o Net flows of 5.4% in UK Investment Management ("UKIM"), remaining among the best in the sector
- BPS and MPS grew strongly, up 7.2% and 14.6% respectively
- Double-digit growth in Funds, up 10.9% to £1.6 billion FUM (FY18: £1.5 billion) with the Defensive Capital Fund now up to £0.7 billion based on net flows of 17.7%
o International FUM down 5.2% to £1.6 billion (FY18 FUM: £1.7 billion) due to client attrition following the previously disclosed loss of a client-facing team in summer 2018