Brooks Macdonald pays maiden divi after 34% jump in assets

Discretionary wealth manager Brooks Macdonald Group PLC (BRK) grew its assets under management by 34% while profits almost doubled in the six months to the end of 2009.

The strong results led the group to pay the first dividend since its 2005 listing, of 3p, payable on 31 March.

Pre-tax profits were up 96% to £2.47 million, from £1.26 million at the end of June 2009, while revenues increased by 70% to £16.39 million.

Earnings per share were even more sharply up by 126% to 18.85p.

The rise in discretionary assets from £1.386 billion last June to £1.852 billion at the end of the year, outstripped the rise in the Apcims balanced index, which was up by 13% in the same six month period. 

The asset growth also included the completion of the transferral of fund management assets from Lawrence House's Canterbury office, to Brooks' Tunbridge Wells office following Brooks' acquisition in September 2009.

Chief executive Chris Macdonald (pictured) said that a considerable chunk of the strong performance had come from the group's Managed Portfolio Service, designed for smaller portfolios.

The market greeted the interim results well. At 08:30am shares in the group were trading up 5.2% or 30.5p at £6.12p

The company's chairman, Christopher Knight, said Brooks intended to continue paying a dividend twice yearly