Strategic Report
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Financial Statements
Company Financial Statements
Revenue, average FUM and yields
Revenue
Average FUM
Yields
2025 £m
2024 1 £m
Change %
2025 £m
2024 1 £m
Change %
2025 bps
2024 1 bps
Change bps
BPS fees
51.4 14.0
54.4 12.2 66.6
(5.6)% 14.7% (1.8)% (5.4)% 26.7% 11.8% (3.7)%
8,373
8,579
(2.4)%
61.4 16.7 78.1 58.6
63.5 14.2 77.7 59.2 18.2 26.4 45.4 57.8
(2.1)
BPS transactional and FX income
2.5 0.4
Total BPS
65.4
8,373
8,579
(2.4)% (4.5)% 30.0% 23.1% (2.8)%
MPS Custody MPS Platform
5.4 9.0
5.8
929
972
(0.6) (0.5) (2.4) (0.5) (3.2) (3.7) (3.7) (6.0)
7.1
5,058 5,987 1,445
3,892 4,864 1,486 14,929
17.7
Total MPS
14.4
12.9
24.0 44.9 54.6
Funds
6.5
6.8
Total (excluding interest income)
86.3
86.3
0.0% 15,805
5.9%
Interest income – BPS
6.8 0.8
10.2
(33.0)% (34.6)%
8.2 8.2
11.9 11.9
Interest income – MPS Custody Total FUM-related revenue
1.2
93.9
97.7
(3.9)% 15,805
14,929
5.9%
59.4 45.4
65.4 34.6
Financial planning
17.1 0.6
8.2 0.8 9.0
108.8% (19.2)% 97.7% 4.6%
10.8
Other income
Total non-FUM-related revenue
17.7
Total revenue
111.6
106.7
1 The prior financial year has been restated to separate the results of discontinued operations, consistent with the presentation in the current financial year.
Underlying cost analysis (£m)
During the year, the overall yield decreased by 6.0bps to 59.4bps (2024: 65.4bps). The yield on total BPS increased by 0.4bps to 78.1bps (2024: 77.7bps). This reflects higher transaction and FX income, offsetting the impact of lower fee and product mix. This was driven by the variation in fee rates on gross BPS outflows and rates achieved on new business within Core BPS and the product mix across the underlying BPS services, including the Gilts offering. The yield on total MPS decreased by 2.4bps to 24.0bps (2024: 26.4bps), largely due to the increased proportion of FUM held within the lower-yielding MPS Platform compared to MPS Custody. The yield on interest income, net of amounts paid to clients, decreased by 3.7bps to 8.2bps (2024: 11.9bps). The reduction reflects the fall
in the Bank of England base rate over the year, combined with an increase in the proportion of interest income shared with clients. Underlying costs Excluding costs acquired with the Financial Planning businesses of £6.2 million (2024: nil), the underlying costs (including £2.5 million of finance income) were broadly flat at £76.5 million. This reflects inflationary and regulatory cost increases of 2.6% and investment in capability and capacity of 5.4% to support business growth, offset by 7.7% of cost savings due to management actions, including organisational restructuring, lower variable pay costs and more discipline around non-staff costs. Total underlying costs, including acquisitions and finance income, increased by 8.2% to £82.7 million (2024 restated: £76.4 million).
+0.1%
+8%
+3%
-8%
+5%
6.2
2.0
(5.9)
4.0
82.7
76.5
76.4
2024 1
Inflationary / regulatory increases
Cost saving
Investment
2025 1
Acquisitions
2025 1 reported
1 Includes net finance income of £2.5 million (2024: £2.4 million).
Brooks Macdonald Group plc Annual Report and Accounts 2025
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