Profit jumps by 78pc at Brooks Macdonald

WEALTH manager Brooks Macdonald posted a 78 per cent jump in pre-tax profit for the year yesterday, prompting the Aim-listed firm to hike its dividend by 64 per cent to 9p.

Brooks generated £35.1m in revenue in the year to 30 June, it said yesterday, and made a profit of £5.68m before tax.

Its funds under management ballooned 57 per cent to £2.19bn, and the firm said all parts of its business grew last year.

“Organic growth fuelled by office openings and new strategic alliances with professional introducers has been a key driver, but has been complemented by the acquisition of Lawrence House during the year and of Braemar Group post year end,” said chief executive Chris Macdonald yesterday.

Total staff numbers have increased from 140 to more than 200, helping to push administrative costs up 57 per cent to £29.5m.