Brooks Macdonald Group has announced its audited results for the year ended 30 June.
The results highlight improved revenue and profit for Brooks Macdonald International, which has offices in Guernsey and Jersey, boosted by the contribution of the recently acquired Lloyds Banking Group's Channel Islands funds and wealth management business.
The International business reported an increase in revenues of 35.8%, driven primarily by the acquisition of the Lloyds business, which added £0.9bn in funds under management (FUM) and £5.3m in revenues during the year since November 2020.
The division's profits almost doubled, and its underlying profit margin was up by six percentage points on the prior year.
The results also show that FUM for the International business grew by 59.2% to £2.5bn at the end of the period.
Overall group results
For the group overall, the results show that total FUM reached a record level of £16.5bn, up 20.3% on last year, while group revenue was up 8.8% to £118.2m and underlying profit margin was up by 4.7 points to 25.9%.
The report points to strategic milestones across the group over the past year, including progress on digital transformation and a near 50% increase in FUM for the group’s specialised bespoke portfolio service products.
Richard Hughes (pictured), CEO of Brooks Macdonald International, commented: "In a period dominated by the pandemic, we have not only again delivered strong financial performance, but we have also made further progress against our strategic ambitions – at the same time as successfully integrating the Lloyds Channel Islands business to increase our scale, service offerings, and capabilities."
• The full results can be found here