Brooks Macdonald has posted another year of dividend growth despite a fall in profits, according to its latest full-year results.
Revenue rose 4.6% to £111.6m, but underlying profit before tax slipped 4.6% to £28.9m. Statutory profit before tax fell nearly 29% to £17.5m, largely due to higher acquisition and integration costs.
Total funds under management and advice increased 17.3% to £19.2bn, driven by strong investment performance and acquisitions.
Net outflows slowed to £0.4bn for the year, with just £0.1bn leaving in the second half.
The board has proposed a final dividend of 51p a share, taking the full-year payout to 81p, up 3.8% on last year and marking the 20th consecutive year of dividend growth.
The group also confirmed it had completed an £8.1m share buyback, acquiring and cancelling 538,000 shares.
CEO Andrea Montague said the group’s “Reignite Growth” strategy was gaining traction, with Brooks Macdonald now a UK-focused wealth manager following the sale of its international arm.
She highlighted stronger client engagement, three financial planning acquisitions, the launch of Brooks Financial, and the move from AIM to the London Stock Exchange’s main market as key milestones.
“We are building momentum and creating the conditions for success,” Montague said. “I am confident in the outlook for the current financial year and beyond.”
Montague took over as CEO last year following the retirement of Andrew Shepherd after 22 years with the firm.
