Chief executive Chris Macdonald said two new funds were put on hold after Brexit

Profit boost for Brooks Macdonald

Manchester and Hale-based Brooks Macdonald Group, which runs investment funds and manages residential estates, increased pre-tax profits by 33% to £4.08m in the second half of 2011.

Turnover at the Aim-listed group was flat at £25m, though funds under management rose 19% to £3.2bn, partly due to acquisition. The company retained a cash balance at year-end of £9.5m and increased its interim dividend from 5p to 6p a share.

Braemar Estates, based in Hale, Trafford, had property assets under administration of £780m as at 31 December 2011 (30 June 2011: £750m).

Chris Macdonald, chief executive, said: "In spite of considerable market volatility the group has continued to grow both funds under management and profit. We also continue to invest heavily in our growth strategies with the recruitment of experienced fund managers and trainees, systems and web development, expansion of both financial consulting and our estates business and promotion of our brand.

"Since the period end, funds under management have continued to grow aided by improving market conditions. Overall, we remain confident in the prospects for the group and in achieving our expectations for the year as a whole."

Shares in Brooks Macdonald rose 35p to 1365p by 10am on Tuesday. (LON:BRK)

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