Financial review continued
Cash resources and liquid assets 1 (£m)
Capital position (£m)
(12.7)
(12.7)
21.2
28.3
(9.3)
75.7
(13.7)
(5.4)
(12.2)
Organic investment
(21.1)
47.1
45.2
(7.0)
2.8
(2.5)
(7.0)
15.6
74.7
53.8
45.6 29.6
2487.61
2024
Underlying profit after tax from cont. operations
Dividends paid
Organic investment
M&A
Share buyback
Other 1
2025 2
2024
Underlying op. cash flow after tax from cont. operations
Dividends paid
Capex
Other investment/ restructuring
M&A
Share buyback
Other 2
2025 1
Subject to rounding
Regulatory requirement and internal buffer
Excess capital
1 Group liquid assets are inclusive of UK government gilts and money market funds which are classified as a liquid resource in nature due to their ability to be easily translated into cash. 2 Other includes purchase of shares by the Employee Benefit Trust (“EBT”), payment of lease liabilities and a refund received from HMRC associated with VAT. Liquidity Total cash resources and liquid assets at 30 June 2025 were £53.8 million (30 June 2024: Dividend The Board recognises the importance of
1 Other includes purchase of shares by the EBT, head office relocation costs, a refund received from HMRC
associated with VAT, and other movements in deferred tax and intangible assets. 2 2025 excess capital stated before final dividend, payable in November 2025. Share buyback
In summary I look forward with confidence as we focus on delivering our ʻReignite Growthʼ strategy and achieving our medium-term targets of annualised net flows of 5% and keeping BAU cost growth below 5% per annum.
In January 2025, the Group initiated its first ever share buyback programme of up to £10.0 million, consistent with its capital allocation priorities. At 30 June 2025, the Group had repurchased and cancelled 464,000 shares for a total consideration of £7.0 million. At the date of signing this Annual Report and Accounts, a further 74,000 shares were purchased and cancelled, for additional total consideration of £1.1 million. The Board will continue to deploy the remainder of the £10 million buyback in due course.
dividends to shareholders and the benefit of providing sustainable shareholder returns. In determining the level of dividend in any year, the Board considers a number of factors such as the level of retained earnings, future cash commitments, statutory profit cover, capital and liquidity requirements and the level of profit retention required to sustain the growth of the Group. The Board has declared a final dividend of 51.0 pence per share (2024: 49.0 pence). This represents an increase of 4.1% compared to the previous financial year, and brings the total dividend for the full year to 81.0 pence per share (2024: 78.0 pence). Subject to shareholder approval, the final dividend will be paid on 4 November 2025 to shareholders recorded on the register on 19 September 2025.
£74.7 million). The reduction on the prior year largely reflects the cash impacts of M&A consideration of £12.2 million and a share buyback of £7.0 million (30 June 2024: £nil). During the year ended 30 June 2025, the Group also incurred capital expenditure of £9.3 million (2024: £1.8 million), including investment in technological transformation to deliver continued performance improvements, automation and process efficiencies and to enhance our clients’ digital journeys, and property-related costs. A further £5.4 million was deployed on other strategic and transformational actions such as organisational restructuring, integration and the move from AIM to the Main Market.
Katherine Jones CFO 3 September 2025
30 Brooks Macdonald Group plc Annual Report and Accounts 2025 Brooks Macdonald Group plc 30
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