Financial review
£128.3m Revenue up 3.6% from the FY23 figure of £123.8m 26.6% Underlying profit margin up 2.1 points from the FY23
Review of results for the year
The Group delivered a good set of results for FY24, seeing growth in revenue and an improvement in underlying profit and underlying profit margin on the prior year. The Group recorded net outflows in the year of £0.6 billion as a result of the challenging macroeconomic environment and the impact of higher interest rates prevailing during the year. These were offset by positive investment performance of £1.8 billion, leading to a record closing FUM of £18.0 billion at 30 June 2024 (£16.8 billion at 30 June 2023). Revenue increased by 3.6% on the prior year to £128.3 million, and underlying profit was up 12.5% to £34.1 million, resulting in an underlying profit margin of 26.6% (FY23: 24.5%). On a statutory basis, profit before tax was £11.6 million, down 47.7% from the prior year as a result of the previously communicated goodwill impairment charge recognised at 31 December 2023 of £11.6 million in relation to the International business. Refer to page 36 for details on the statutory adjustments, including the goodwill impairment.
margin of 24.5% £11.6m
Statutory profit before tax down 47.7% from the FY23 figure of £22.2m
Group financial results summary
Table 1 shows the Group’s financial performance for the year ended 30 June 2024 with the comparative period and provides a reconciliation between the underlying results, which the Board considers to be an appropriate reflection of the Group’s underlying performance, and the statutory results. Underlying profit represents an alternative performance measure (“APM”) for the Group. Refer to the Non-IFRS financial information section on page 172 for a glossary of the Group’s APMs, their definition, and the criteria for how underlying adjustments are considered. A breakdown of the underlying adjustments is shown on page 36.
As CEO Designate, I am excited to lead Brooks Macdonald to reignite our growth, provide outstanding client service and create long-term shareholder value.”
Andrea Montague CEO Designate and Chief Financial Officer
30 Brooks Macdonald Group plc Annual Report and Accounts 2024
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