Brooks Macdonald posts drop in revenues and underlying profit

FUM up 3.6%

Brooks Macdonald has reported a fall in revenues and underlying profits in its half-year results to 31 December 2022.

The group's revenues were down 4.8% to £58.9m and underlying profits dropped 17.6% to £14.5m. The wealth manager's funds under management grew 3.6% to £16.2bn in the first six months of the financial year - up from £15.7bn as of 30 June 2022 - but still lower than the £17.3bn reported in H1 2022. Brooks Macdonald posts record underlying profits and £800m inflows Net flows remained positive with a 4.4% increase, up from 4% in H1 2022, which the wealth manager attributed to its "continued focus on clients and intermediaries". FUM for the UK investment management (UKIM) business gr...