Brooks Macdonald Group plc has announced its audited results for the year ended 30 June 2022.
The results highlight improving flows and a solid commercial performance in difficult market conditions for Brooks Macdonald International, which has offices in Jersey, Guernsey and the Isle of Man, with the business reporting an increase in revenues of 16.5% and closing Funds Under Management (FUM) of £2.2bn.
The figures show a return to positive net flows for two-quarters of the year for International, with net outflows reducing from £59.8 million to £25.4 million overall. The results also reflect the full year impact of the Lloyds Channel Islands business, which was acquired in late 2020.
Also highlighted is the opening of the new Isle of Man office last year, which is expected to be an increasing source of business growth, particularly through its referral agreement with Lloyds Bank.
Meanwhile, for the Group overall, the results show revenue of £122.2 million, up 3.4% on FY21, as well as positive net flows throughout the year, with net flows for the full year of 4.8%, representing a £1.1 billion improvement on the prior year. Group Funds Under Management closed at £15.7 billion (down 4.8% on FY21) as positive net flows were offset by the impact of declining markets on asset values.
Richard Hughes, CEO, Brooks Macdonald International, said: “This has been another positive year for Brooks Macdonald International – we’ve delivered improved net flows and, in its first full-year, the Lloyds Channel Islands business has positively impacted revenue. Our new Isle of Man office has established itself well and is expected to be an increasing source of growth.
“Our clients and the professional advisers we partner with are facing a challenging macroeconomic and market environment and, as ever, we will support them through these difficult times. Despite these challenges, the fundamental long-term opportunity for Brooks Macdonald remains strong. We have momentum, we have an ambitious growth strategy, and we have a strong team ready to take full advantage of the opportunities ahead.”