Positive outlook from Brooks Macdonald

Brooks Macdonald Group, the Manchester-based fund manager, announced a 16% increase in pre-tax profits in its half yearly financial results released today.

The AIM-listed wealth management group produced a £4.93m pre-tax profit in the six months to 31 December 2013, up from £4.26m during the same period in 2012.

Property assets under administration, managed by Hale-based subsidiary Braemar Estates, grew to £1.07bn, a significant increase on December 2012 when assets were recorded at £885m.

The Braemar Estates property portfolio includes Cathedral Group's Clapham One in London, Grosvenor's One Park West in Liverpool and Beetham Towers in both Manchester and Birmingham.

Chris Macdonald, chief executive, said: "The first half of our financial year has been a solid period of progress for the group with continued growth in discretionary funds under management, further development of our investment offering, distribution and IT systems."

The board declared an interim dividend of 7p, up 7.7% on 2012's interim dividend.

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