The Brooks Macdonald Group Board has recommended a final dividend of 49.0p (FY23: 47.0p), which, subject to approval by shareholders, will result in total dividends for the year of 78.0p (FY23: 75.0p). This represents an increase of 4.0% in the total dividend on the previous year and underlines the Board's confidence in the prospects for the Group. The final dividend will be paid on 1 November 2024 to shareholders on the register at the close of business on 20 September 2024.
Other financial highlights include:
Group Funds Under Management ("FUM") reached £18.0 billion (FY23: £16.8 billion), up 7.0% on prior year reflecting a strong investment performance:
o Gross inflows totalled £2.3 billion (FY23: £2.7 billion) reflecting strong client demand with the fourth quarter showing an improvement on each of the prior quarters of the financial year
o Gross outflows in the year were elevated, driven by the macroeconomic backdrop and higher interest rate environment leading to net outflows of £0.6 billion (FY23: net inflows of £0.8 billion)
o Performance in absolute terms over the 10-year period, across all our risk profiles, is very strong delivering a range of +30% (for low risk) through to +97% for our highest risk strategy (all net of fees).
o The last 12 months to the end of June 2024 has seen this outperformance compared to peers cemented. All 5 risk profiles have delivered outstanding absolute returns for clients and outperformed the ARC Private client index series.
Revenue of £128.3 million (FY23: £123.8 million), up 3.6% driven by increased transactional and FX income, and the full year contribution from the financial planning businesses acquired part way through FY23
Management actions realised annualised cost savings of £4.0 million through organisational changes resulting in broadly flat underlying costs for the year
Underlying profit1 of £34.1 million (FY23: £30.3 million), up 12.5% and an improved underlying profit margin of 26.6% (FY23: 24.5%).
Sale of Brooks Macdonald International (BMI) to Canaccord Genuity Wealth Management for a total consideration of up to £50.85 million, including an initial consideration of £28 million payable in cash upon completion.
