- Wealth management group Brooks Macdonald said annual profit increased by more than fifth as efforts to streamline the business bolstered margins.

For the year ended 30 June 2019, statutory pre-tax profit rose 22.4% to £8.2m as total discretionary funds under management climbed 6.8% to £13.2bn and revenue rose 7.3% to £107.3m.

‘Our net new business of 5.4% in UK Investment Management is again one of the best in the sector, reflecting the strength of our client and adviser relationships,’ the company said. ‘This, coupled with robust investment performance, drove FUM to a new record of £13.2bn at the year end.’

Underlying profit margin rose to 19.6% from 18.8% as actions announced in January had ‘started to streamline the business, deliver efficiencies and make Brooks Macdonald easier to do business with,’ the company said.

The total dividend increased by 8.5% to 51.0p from 47.0p last year.

Looking ahead, the company said it expected to deliver improved margins in the medium term by 'investing in our talent and capabilities to drive growth while continuing to exercise tight cost discipline.' At 8:10am: [LON:BRK] Brooks Macdonald Group PLC share price was +2.5p at 1962.5p

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