Strategic Report
Governance Report
Financial Statements
Company Financial Statements
Taxation The underlying tax charge increased to £7.7 million (2024 restated: £5.5 million), representing an effective tax rate (“ETR”) of 26.5% (2024 restated: 18.2%). This is slightly higher than the corporation tax rate of 25.0% due to higher disallowable expenses, which include the corporate activity over the year, of £0.4 million (2024: £0.2 million). The statutory tax charge was £5.9 million (2024 restated: £4.2 million), representing an ETR of 33.6% (2024 restated: 17.2%). The increase is driven by lower share option exercises and non- deductible expenses, including the impact of corporate activity over the year of £0.5 million and the move to the LSE’s Main Market of £0.5 million. Refer to note 12 of the consolidated financial statements for further information.
Earnings per share Underlying diluted EPS reduced by 13.6% to 130.4p (2024 restated: 150.9p), and statutory diluted EPS decreased by 42.7% to 71.4p (2024 restated: 124.5p), reflecting the combined effects of the movements in earnings and ETRs, and a diluted weighted average number of shares in issue of 16.3 million (2024: 16.4 million). Details on the basic and diluted EPS are provided in note 15 of the consolidated financial statements.
Financial position, capital, cash and dividend
2025
£ million (unless stated otherwise)
2024
Net assets
154.4
152.3
Excess capital after internal capital buffer1
15.6 53.8
47.1 74.7
Cash resources and liquid assets
Final dividend Total dividend
51.0p 81.0p
49.0p 78.0p
1 Excess capital after internal capital buffer is stated before payment of the final dividend. Net assets and capital
The total net assets and the regulatory capital resources consider the respective period’s profits as these are deemed to be verified at the date of publication of the interim results. In applying its internal capital management approach, the Group seeks to maintain a capital buffer in addition to the regulatory minimum requirement. At 30 June 2025, after taking into account the regulatory minimum requirement and internal capital buffer, the excess capital was £15.6 million (30 June 2024: £47.1 million), excluding the impact of the final dividend payment.
Net assets increased by 1.4% to £154.4 million at 30 June 2025 (30 June 2024: £152.3 million). Total tangible net assets (net assets excluding intangibles) were £35.0 million at 30 June 2025 (30 June 2024: £69.1 million). As at 30 June 2025, the Group had regulatory capital resources of £45.2 million (30 June 2024: £75.7 million) excluding the impact of the final dividend payment of c.£8 million payable in November 2025. The reduction in capital resources was predominantly driven by organic investment and M&A activities of £13.7 million and £21.1 million, respectively, and the repurchase of shares through the share buyback programme of £7.0 million.
2024 restated 1
2025
EPS from continuing operations Basic
72.0p 71.4p
126.6p 124.5p
Diluted
EPS from discontinued operations Basic
57.9p 57.4p
(86.5)p (85.0)p
Diluted
Underlying EPS from continuing operations Basic
131.5p 130.4p
153.5p 150.9p
Diluted
1 There has been an update to the results presented in the restated comparative period previously disclosed in the interim report and accounts for the six months ended 31 December 2024. Refer to the note 2 of the consolidated financial statements for further details.
Brooks Macdonald Group plc Annual Report and Accounts 2025
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