Turnover and profit up at Brooks Macdonald

Brooks Macdonald Group, the AIM-listed property fund manager with offices in Manchester and Hale, produced a 17% rise in pre-tax profit in the year ended 30 June 2012.

Pre-tax profit was £8.5m on revenue of £53.3m compared to £7.3m off £52.2m a year earlier.

Funds under management rose 19% to £3.52bn. Property assets under administration, managed by Hale-based subsidiary Braemar Estates, grew 15% to £865m (2011: £750m).

Chris Macdonald, chief executive, said: "Last year was tough but successful. We believe that market conditions will remain volatile and, given the onset of RDR [in January 2013 the Retail Distribution Review regulation comes into force], that we are entering a period of significant change in the distribution landscape for financial services. We are fortunate that the group is well positioned, financially stable and with a large number of exciting opportunities.

"We have had an encouraging start to the new financial year with funds under management continuing to grow, enhanced by Braemar's appointment as property manager of the Ground Rents Income Fund plc and we look forward with confidence."

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