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Brooks Macdonald Group PLC Half-year Report

14/03/2019 7:01am

UK Regulatory (RNS & others)


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Brooks Macdonald Group PLC

14 March 2019

14 March 2019

BROOKS MACDONALD GROUP PLC

FINANCIAL REPORT FOR THE SIX MONTHSED 31 DECEMBER 2018

Top-line and underlying profit growth, taking action to deliver improved margins

Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group"), the AIM listed integrated wealth management group, today announces its half-year results for the six months ended 31 December 2018.

Financial Highlights

 
                                         Half year     Half year 
                                           ended         ended 
                                         31.12.2018    31.12.2017 
 
 Total discretionary funds under         GBP11.9bn     GBP11.7bn 
  management ("FUM") 
 
 Revenue (from continuing operations)    GBP52.0m      GBP48.3m 
 

Underlying(1) results (from continuing operations)

 
 Underlying profit before tax       GBP9.0m   GBP8.3m 
 Underlying profit margin            17.3%     17.2% 
 Underlying diluted earnings per 
  share                              51.9p     46.2p 
 

Statutory results (from continuing operations)

 
 Statutory profit before tax             GBP0.5m    GBP0.5m 
 Statutory diluted earnings per share     -7.3p      -4.9p 
 
 Cash                                    GBP24.8m   GBP26.9m 
 

Dividends

 
 Interim dividend    19.0p   17.0p 
 

(1) Adjustments from statutory profit are in respect of the amortisation of client relationships; finance income / costs and changes in the fair value of deferred and contingent consideration; impairment of the carrying value of goodwill (Levitas); impairment of the carrying value of client relationships (Spearpoint); restructuring charge; disposal costs and the profit from discontinued operations (Property Management, Employee Benefits).

Business Highlights:

-- FUM of GBP11.9 billion at 31 December, was down 4.5% over the half year (compared to a fall of 7.0% in the MSCI WMA Balanced Index), driven by investment performance (down GBP799 million), partly offset by solid net new business (GBP241 million).

o Net new business was up 1.9%; within that, UK Investment Management maintained a good rate of organic growth, at 3.6%, in spite of a weak December driven by difficult market conditions and weak client sentiment

o The International business was affected by the previously disclosed loss of a client-facing team

   o   Investment performance continues to be robust. 
   --      Revenue up 7.7% versus H1 '18 

o Fee income continued to grow, partly reflecting higher fee revenue yield, despite lower market levels at the period end

o Transactional income materially affected by reduced new business flows, a relatively stable asset allocation and the ongoing trend towards all-in fees.

-- Underlying profit up 8.1% from GBP8.3 million to GBP9.0 million, supported by ongoing cost discipline.

-- Statutory profit before tax of GBP0.49 million reflected a GBP4.8 million impairment of goodwill related to the Levitas sponsorship fee, as the Group moves to a new 5-year partnership, and a GBP2.3 million impairment of the value of Spearpoint acquired client relationships, following the previously disclosed loss of a client-facing team.

-- Prudent balance sheet and capital management, with capital expenditure of GBP0.6m (FY18: GBP2.9m) and dilution management undertaken to reflect the Board's intention to restrict aggregate share dilution from employee share schemes to a maximum of 10%.

   --      Interim dividend up by 11.8% to 19.0p (FY18: 17.0p). 

-- Continued progress in dealing with the legacy issues announced in July 2017 relating to the former Spearpoint business:

o Reached agreement in principle with the new directors of the Dublin-based fund, who informed shareholders on 12 March that they had agreed Brooks Macdonald's goodwill offer of GBP3.4 million and that they would call an Extraordinary General Meeting to seek shareholder approval

o 82% of goodwill offers made to discretionary portfolio clients accepted at 31 December, accounting for 74% of the value.

-- Measures announced in January to drive efficiency and effectiveness, resulting in a material headcount reduction, while making Brooks Macdonald easier to do business with for clients and advisers

o Annualised cost savings of c.GBP4 million

o FY19 benefit of c.GBP1.5 million

o Associated restructuring cost of c.GBP3m, which will be excluded from underlying profit.

-- Alan Carruthers announced as new Chairman in February, taking over today from Christopher Knight who has been Chairman since the Group's admission to trading on AIM in 2005.

Caroline Connellan, Chief Executive, commented:

"We delivered a good first half with growth in underlying profit against a backdrop of difficult market conditions and weaker client sentiment, caused by macroeconomic and political uncertainty. December in particular was a challenging month but our UK Investment Management business has maintained a good level of net new business over the period, reflecting the strength of our client and adviser relationships.

"In January, we announced measures to drive efficiency and effectiveness in the business, streamlining processes, building a scalable operating model and making Brooks Macdonald easier to do business with. These changes will deliver material cost savings, which we will start to benefit from in the second half, supporting medium-term margin improvement.

"The fundamental opportunity for our business remains strong and we continue to invest in our offering - for example, our recent new product and service launches and our new client portal, due to go live later this year. I am pleased by the progress we have made to reinforce the foundations of our business and we are now increasingly shifting our focus to driving sustainable and value-enhancing growth."

An analyst meeting will be held at 9.15 for 9.30am on Thursday, 14 March at the offices of MHP Communications, 6 Agar Street, London, WC2N 4HN. Please contact Robert Collett-Creedy on 020 3128 8147 or e-mail brooks@mhpc.com for further details.

LEI: 213800WRDF8LB8MIEX37

Enquiries to:

 
 Brooks Macdonald Group plc                       www.brooksmacdonald.com 
  Caroline Connellan, Chief Executive                       020 7499 6424 
  Ben Thorpe, Finance Director 
 Peel Hunt LLP (Nominated Adviser and Broker) 
  Guy Wiehahn / Adrian Haxby                                020 7418 8900 
 MHP Communications 
  Reg Hoare / Simon Hockridge / Charlie Barker              020 3128 8540 
 

Notes to editors

Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had Discretionary Funds under Management of GBP11.9 billion as at 31 December 2018.

Brooks Macdonald offers a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The Group also provides financial planning as well as offshore investment management and acts as fund manager to a regulated OEIC providing a range of risk-managed multi-asset funds and a specialised absolute return fund.

The Group has thirteen offices across the UK and the Channel Islands including London, East Anglia, Hampshire, Leamington Spa, Manchester, Taunton, Tunbridge Wells, York, Scotland, Wales, Jersey, and Guernsey.

BROOKS MACDONALD GROUP PLC

HALF YEARLY FINANCIAL REPORT

FOR THE SIX MONTHSED 31 DECEMBER 2018

Highlights of the period

 
 Financial highlights                Business highlights 
  as at 31 December 2018 
 
 
   +1.0% 
   Discretionary funds under 
   management 
   31 December 2018: GBP11.86 
   billion 
   31 December 2017: GBP11.74 
   billion 
 
 
 +8.1% 
  Underlying(1) profit before 
  tax from continuing operations 
  Six months to 31 December 
  2018: GBP8.99m 
  Six months to 31 December 
  2017(2) : GBP8.32m 
 
 
 -35.6% 
  Statutory profit before tax 
  Six months to 31 December 
  2018: GBP0.74m 
  Six months to 31 December 
  2017: GBP1.15m 
 19.0p 
  Interim dividend per share 
  2017: 17.0p 
 
 51.9p 
  Underlying(1) basic earnings 
  per share from continuing 
  operations 
  Six months to 31 December 
  2017: 46.4p 
 (5.9p)                                     *    FUM of GBP11.86 billion at 31 December 2018, was down 
  Statutory basic earnings                        4.5% over the half year (compared to a fall of 7.0% 
  per share                                       in the MSCI WMA Balanced Index), driven by investment 
  Six months to 31 December                       performance (down GBP799 million), partly offset by 
  2017: 0.1p                                      solid net new business (GBP241 million). 
 
 
 
                                             *    Revenue up 7.7% over the six months ended 31 December 
                                                  2018. Fee income continued to grow, partly reflecting 
                                                  higher fee revenue yield despite lower market levels 
                                                  at the period end. Transactional income was 
                                                  materially affected by reduced new business flows, a 
                                                  relatively stable asset allocation and the ongoing 
                                                  trend towards all-in fees. 
 
 
 
                                             *    Underlying profit up 8.1% from GBP8.32m to GBP8.99m 
                                                  supported by ongoing cost discipline. 
 
 
 
                                             *    Statutory profit before tax of GBP0.49 million, 
                                                  reflected a GBP4.8m impairment of goodwill related to 
                                                  the Levitas sponsorship fee, as the Group moves to a 
                                                  new 5-year partnership, and a GBP2.3m impairment of 
                                                  the value of the Spearpoint acquired client 
                                                  relationships, following the previously disclosed 
                                                  loss of a client-facing team. 
 
 
 
                                             *    Prudent balance sheet and capital management, with 
                                                  capital expenditure of GBP0.6m (FY18: GBP2.9m) and 
                                                  dilution management undertaken to reflect the Board's 
                                                  intention to restrict aggregate share dilution from 
                                                  employee share schemes to a maximum of 10%. 
 
 
 
                                             *    Interim dividend up by 11.8% to 19.0p. 
 
 
 
                                             *    Measures announced in January to drive efficiency and 
                                                  effectiveness, resulting in a material headcount 
                                                  reduction while making Brooks Macdonald easier to do 
                                                  business with for clients and advisers. 
 
 
 
                                             *    Alan Carruthers announced as new Chairman in February, 
                                                  taking over today from Christopher Knight who has 
                                                  been Chairman since the Group's admission to trading 
                                                  on AIM in 2005. 
 (1) Excludes finance income and changes in fair value of contingent 
  consideration; finance costs and changes in fair value of deferred 
  consideration; amortisation of client relationship contracts 
  and contracts acquired with fund managers; impairment of goodwill; 
  impairment of client relationship contracts; restructuring charge; 
  the exceptional costs of resolving legacy matters; business 
  disposal costs; and profit from discontinued operations. A reconciliation 
  between underlying and statutory profit before tax from continuing 
  operations is shown in the Chairman's statement on page 2. 
  (2) Prior periods have been restated to separate the results 
  of discontinued operations, consistent with the presentation 
  in the current period. 
 

Chairman's statement

Introduction

The first six months of our financial year to the end of December 2018 have seen more difficult market conditions and weaker client sentiment driven by the ongoing macroeconomic and political uncertainty.

Despite this backdrop, the Group has once again achieved good growth in revenue, underlying profit and underlying earnings per share. Weaker markets were partly offset by solid net new business, which resulted in discretionary funds under management at 31 December 2018 being up slightly on the previous calendar year.

Our centralised investment process continues to deliver strong risk adjusted returns for our clients and over the period we have continued to invest for the future. In parallel, we have maintained our cost discipline and in January we announced plans to drive increased efficiency and effectiveness in the business, delivering increased margins in the medium term.

Results

Revenues from continuing operations have risen 7.7% to GBP52.0 million (FY18: GBP48.3 million) and underlying pre-tax profit has increased by 8.1% to GBP9.0 million (FY18: GBP8.3 million), with underlying earnings per share up 11.9% to 51.9p (FY18: 46.4p).

Statutory profit before tax from continuing operations was GBP0.49 million (FY18: GBP0.46 million), reflecting:

-- An impairment of GBP4.8 million of goodwill relating to the Levitas transaction, as the Group moves to a new 5-year partnership which:

o Has a lower sponsorship fee, on which the goodwill calculation is based; and

o Is expected to drive higher FUM and therefore higher investment management revenues.

-- An impairment of GBP2.3 million in the value of client relationships from the Spearpoint acquisition, following the previously disclosed loss of a client-facing team.

Reconciliation of underlying profit before tax to profit before tax from continuing operations

 
                                                      Six months        Six months 
                                                  to 31 December    to 31 December 
                                                            2018             2017* 
                                                            GBPm              GBPm 
 
 Underlying profit before tax from continuing 
  operations                                                8.99              8.32 
 Amortisation of client relationships                     (1.13)            (1.20) 
 Finance income / (cost) of deferred and 
  contingent consideration                                (0.05)            (0.08) 
 Changes in fair value of deferred and 
  contingent consideration                                  0.40            (0.99) 
 Goodwill impairment                                      (4.75)                 - 
 Client relationship contracts impairment                 (2.33)                 - 
 Disposal-related costs                                   (0.02)            (0.08) 
 Exceptional costs of resolving legacy 
  matters                                                      -            (5.51) 
 Restructuring charge                                     (0.62)                 - 
 Profit before tax from continuing operations               0.49              0.46 
                                                ----------------  ---------------- 
 

* The comparative results for the six months ended 31 December 2017 have been restated to exclude the results of the discontinued operation, Employee Benefits, which was sold on 31 December 2018 as per note 9 to the condensed consolidated financial statements.

The restructuring charge relates to costs incurred in relation to the Group's previously announced efficiency improvements, to drive margins in the medium term. The changes will result in a material headcount reduction and the Group will incur costs in relation to redundancy, payment in lieu of notice, settlement and other restructuring-related costs. The charges are not representative of the underlying business so have therefore been excluded in reporting underlying profit.

Dividend

The Board has declared an interim dividend of 19.0p (FY18: 17.0p). This represents an increase of 11.8% compared to the previous year. The interim dividend will be paid on 23 April 2019 to shareholders on the register as at 22 March 2019.

Funds under management

As previously announced, funds under management ('FUM') fell by GBP0.6 billion to GBP11.9 billion in the six months to 31 December 2018 (30 June 2018: GBP12.4 billion), representing a decline of 4.5%, notwithstanding net new business of 1.9%. This compares to the MSCI WMA Private Investor Balanced Index, which fell 7.0% over the same six month period. Over the calendar year to 31 December 2018, our FUM have grown GBP0.1 billion, representing 1.0% growth.

The decline in FUM over the half year was driven by investment performance (down GBP799 million), partly offset by solid new business (GBP241 million). Net new business was 1.9% over the half year; within these total figures UK Investment Management maintained a good rate of organic growth at 3.6%, in spite of a weak December driven by difficult market conditions. The International business was affected by the previously disclosed loss of a client-facing team.

Analysis of discretionary fund flows over the period

 
                                        Six months        Six months    Year to 
                                    to 31 December    to 31 December    30 June 
                                              2018              2017       2018 
                                              GBPm              GBPm       GBPm 
 
 Opening discretionary FUM                  12,414            10,456     10,456 
 
 Net new discretionary business                241               808      1,365 
 Investment growth                           (799)               474        594 
                                  ----------------  ----------------  --------- 
 Total FUM growth                            (558)             1,282      1,958 
 
 Closing FUM                                11,857            11,738     12,414 
 
 Organic growth (net of 
  markets)                                    1.9%              7.7%      13.1% 
 Total growth                               (4.5%)             12.3%      18.7% 
 
 

Business review

The Group's purpose is to protect and enhance our clients' wealth through the provision of investment management and advice alongside exceptional service. We continue to pursue an organic growth strategy based on the three pillars of foundation, focus and growth:

-- Building on a foundation of success, with our client-centric culture and our strong relationships with clients and advisers driving market-leading rates of growth in funds under management.

-- Focusing to deliver value to our shareholders, our clients and advisers, and our staff, working from a sustainable platform to ensure that we deliver improved margins in the medium term.

-- Driving for growth, deepening our relationships with our existing clients and advisers and bringing our investment management and financial planning expertise to new clients.

In the six months to 31 December 2018, we reinforced the foundation by continuing to strengthen the leadership team, adding Ben Thorpe as Finance Director, Priti Verma as Chief Risk Officer and Adrian Keane-Munday as Managing Director, Financial Planning. We are fortunate in the depth of talent in our investment teams, underlined when we promoted Robin Eggar, Head of London, and John Wallace, Head of Regions, to co-lead our UK Investment Management business. We continue to focus on driving greater value from the business, reinforcing our cost discipline and adopting a prudent approach to capital expenditure, as well as pushing for growth, adding over 100 new adviser relationships in the financial year, agreeing a new 5-year Levitas partnership, developing new product offerings and further expanding our geographic footprint with the opening of our East Anglia office in Bury St. Edmunds.

During the period, we completed the sale of our sub-scale Employee Benefits business to Brunsdon Employee Benefits Limited, continuing our strategy of focusing on our core capabilities.

As we deliver our strategy, the emphasis across the three strategic pillars of foundation, focus and growth is changing, moving increasingly from reinforcing the foundations and taking immediate actions on margin improvement to driving value-enhancing growth, looking to capture economies of scale through streamlining processes, eliminating duplication and leveraging digital, while maintaining focus on our clients and advisers, identifying growth opportunities and building a pipeline of services and products.

We completed our work on GDPR (the EU General Data Protection Regulation) and continued further development of MiFID II (the second Markets in Financial Instruments Directive), particularly related to the requirement for "ex post" reporting of costs and charges. More recently, we initiated development of a new client portal which we will launch later this year and we are continuing our preparations for the implementation of the Senior Managers Regime.

During the period, we made good progress across all of our businesses - UK Investment Management (including Funds), International, and Financial Planning.

Within UK Investment Management we have seen continued traction across all our client service lines. Further, we have been active in product development, relaunching and expanding our Court of Protection service and launching our new Responsible Investment Service. The development work is now largely complete on our new Decumulation product, which we look forward to launching in the spring, and we are currently in active discussions with a number of adviser firms, relating to opportunities for tailored versions of our Managed Portfolio Service. Our Funds activities have continued to see strong FUM growth, with our Defensive Capital Fund performing well to reach just short of GBP600 million by the calendar year end.

As expected, we have seen pressure on revenue yields, principally stemming from reduced transactional income driven by lower new business levels, the move towards all-in fees, and a stable asset allocation from our Centralised Investment Process. Overall, we believe this gives us higher quality revenue as our fee income continues to grow while transactional income has been declining. In UK Investment Management, our fee income in the six months ended 31 December 2018 increased 10.3% against the same period in the previous year.

International has seen reasonable levels of new business as we continue to resolve outstanding legacy issues related to the Spearpoint acquisition. Client attrition following the previously disclosed departure of a client-facing team has led to a GBP2.3 million write-down in the value of acquired client relationships. Revenue and underlying profit showed good growth.

Our Centralised Investment Proposition has continued to perform well, giving returns ahead of the relevant ARC Private Client Index across most risk profiles for 1, 3 and 5 years; continued good performance is critical to medium-term client retention.

The need for advice for high net worth individuals continues to grow, so the opportunity for our Financial Planning business remains strong. We continue to focus on delivering a comprehensive independent financial planning service to private clients and on seeking new opportunities to support future growth, robustly managing any perceived channel conflict.

Provision for legacy matters

We announced in July 2017 our decision to deal proactively with certain legacy matters arising from the former Spearpoint business which we acquired in 2012. These matters relate both to a number of discretionary portfolios formerly managed by Spearpoint, now managed by our Jersey office, and a Dublin-based fund, for which Spearpoint acted as investment manager. While we accept no legal liability in these matters, we have a deep commitment to treating customers fairly and seeking to protect our clients' best interests. We developed a plan to resolve these matters and made a GBP12.0 million provision relating to potential goodwill payments.

We have been in discussions with the new directors of the Board of the Dublin-based fund. We have reached agreement in principle with the directors, who informed shareholders on 12 March that they had agreed Brooks Macdonald's goodwill offer of GBP3.4 million and that they would call an Extraordinary General Meeting to seek shareholder approval.

At 31 December 2018, 82% of the goodwill offers made to discretionary portfolio clients had been accepted, accounting for 74% of the offers by value (compared to 75% and 66% respectively at 30 June 2018). A small number of clients have rejected those goodwill offers, some of whom may take other routes to pursue their claims.

GBP1.4 million of the provision was utilised during the period, bringing the total utilised to GBP7.3 million. The total provision is unchanged at GBP12.0 million.

We continue to be in discussions with all stakeholders, including relevant regulators, as we seek to bring these matters to a conclusion.

Share dilution and cash

At the Group's Annual General Meeting in October 2018 shareholders approved the introduction of a new Long Term Incentive Plan. That Plan has provisions restricting the level of dilution, particularly relating to discretionary awards:

   --      There is an overall dilution limit of 15%, a limit approved by shareholders in 2010; 

-- A large part of the existing dilution, approximately 5%, relates to our Save As You Earn Scheme, which has a high level of participation;

   --      Dilution relating to discretionary awards is explicitly capped at 10% over 10 years. 

At the AGM a number of shareholders cast votes against the Plan, informing us that in their view the 15% limit was excessive. In the light of these shareholder concerns the Board intends to limit aggregate dilution to a maximum of 10%.

In order to adhere to this 10% limit the company has engaged in buying shares in the market to fulfil awards in certain of its employee share schemes. As a result cash resources at the period end amounted to GBP24.8 million (31 December 2017: GBP26.9 million). The Group had no borrowings at 31 December 2018 (31 December 2017: GBPnil).

Principal risks and uncertainties

The Group's activities expose it to a variety of financial and non-financial risks. Our principal risks, which are described in the 2018 Annual Report and Accounts, include:

   --      loss of clients or reputational damage as a result of poor performance or service; 
   --      regulatory breaches; 
   --      loss of key staff; 
   --      cyber and data security breaches; 
   --      potential service issues with outsourced IT infrastructure; 
   --      operational risk due to failure of internal processes and controls; 
   --      the risk of breaching investment portfolio mandates; and 
   --      financial risks such as liquidity risk, market risk and credit risk. 

Brexit

The UK is scheduled to leave the European Union on 29 March. We have reviewed the potential consequences and we see no material threat to the continuing operations of the Group, given our activities are almost entirely within the UK or outside the EU (principally the Channel Islands). However, while not a direct impact, there may be continuing effects on markets and client sentiment.

The Board

John Linwood, a former Chief Technology Officer of the BBC, joined the board as a non-executive director in September 2018.

As previously announced, Alan Carruthers today succeeds me as Chairman. I joined the board as a non-executive director in 2002 and became Chairman when our shares were listed on AIM in 2005. Our FUM were then GBP371 million compared to the GBP12 billion we manage today; our market capitalisation on listing was GBP14 million compared to over GBP200 million today. Our success reflects the professionalism and commitment of those we employ, attributes which are as evident in the business today as they were when I joined the board. I am confident that alongside Caroline Connellan's executive leadership Alan will preside over a Group which will enjoy continuing growth and success.

Outlook and summary

We remain focused on delivering strong performance at all levels of the business. We continue to build on our success to date and invest in our offering to deliver future growth, while progressively improving our margins. The benefits of the measures we announced in January to drive efficiency and effectiveness through the business will start to be felt in the second half.

We have an excellent team and a well established organic growth strategy. Although the early part of the second half has seen continued macroeconomic and political uncertainty, it has also seen continued momentum in the underlying business. The Group is well positioned for the future.

Christopher Knight

Chairman

13 March 2019

Condensed Consolidated Statement of Comprehensive Income

for the six months ended 31 December 2018

 
                                                                                    Year ended 
                                             Six months 
                                           ended 31 Dec 
                                                   2018                            30 Jun 2018 
                                                                    Six months 
                                                                  ended 31 Dec 
                                   Note     (unaudited)    2017 (unaudited)(1)    (audited)(1) 
                                                GBP'000                GBP'000         GBP'000 
 
 Revenue                            4            52,013                 48,308         100,820 
 Administrative costs               5          (44,705)               (46,860)        (91,105) 
 Other gains and losses             6           (6,863)                  (932)         (3,643) 
 Operating profit                                   445                    516           6,072 
 
 Finance income                     7               109                     36             128 
 Finance costs                      7              (62)                   (88)           (152) 
 
 Profit before tax                                  492                    464           6,048 
 
 Taxation on continuing 
  operations                        8           (1,503)                (1,129)         (1,328) 
 
 (Loss) / profit for the 
  period from continuing 
  operations                                    (1,011)                  (665)           4,720 
 
 Profit from discontinued 
  operations                        9               245                    681             674 
 Taxation on discontinued 
  operations                        8              (49)                      -               - 
 
 (Loss) / profit for the 
  period attributable to 
  equity holders of the Company                   (815)                     16           5,394 
                                         --------------  ---------------------  -------------- 
 
 Other comprehensive income: 
 
 Items that may be reclassified 
  subsequently to profit 
  or loss 
 Revaluation of available 
  for sale financial assets                           -                    (3)             (2) 
 
 Total comprehensive (expense) 
  / income for the period                         (815)                     13           5,392 
                                         --------------  ---------------------  -------------- 
 
 
 (Loss) / earnings per share 
  from continuing operations 
 Basic                              10           (7.3p)                 (4.9p)           35.5p 
 Diluted                            10           (7.3p)                 (4.9p)           35.4p 
 
 (Loss) / earnings per share 
  attributable to equity 
  holders of the Company 
 Basic                              10           (5.9p)                   0.1p           39.4p 
 Diluted                            10           (5.9p)                   0.1p           39.3p 
 

(1) Prior periods have been restated to separate the results of the additional discontinued operations, consistent with the presentation in the current period. Refer to note 9 for details of the results of discontinued operations.

Condensed Consolidated Statement of Financial Position

as at 31 December 2018

 
                                                31 Dec         31 Dec       30 Jun 
                                                  2018           2017         2018 
                                   Note    (unaudited)    (unaudited)    (audited) 
 Assets                                        GBP'000        GBP'000      GBP'000 
 
 Non-current assets 
 Intangible assets                  12          51,473         61,464       60,556 
 Property, plant and equipment      13           3,642          3,969        3,996 
 Available for sale financial 
  assets                            14               -          1,572        1,578 
 Financial assets at fair value 
  through other comprehensive 
  income                            15             500              -            - 
 Financial assets at fair value 
  through profit or loss            16               5              -            - 
 Deferred tax assets                               826          1,385        1,176 
                                         -------------  -------------  ----------- 
 Total non-current assets                       56,446         68,390       67,306 
 
 Current assets 
 Trade and other receivables                    25,526         25,135       26,019 
 Financial assets at fair value 
  through profit or loss            16             662          1,238        1,267 
 Cash and cash equivalents                      24,754         26,909       30,939 
                                         -------------  -------------  ----------- 
 Total current assets                           50,942         53,282       58,225 
 
 Total assets                                  107,388        121,672      125,531 
                                         -------------  -------------  ----------- 
 
 Liabilities 
 
 Non-current liabilities 
 Deferred consideration             17           (349)        (1,282)      (1,479) 
 Deferred tax liabilities                      (1,882)        (3,149)      (2,565) 
 Other non-current liabilities                   (137)           (88)        (157) 
                                         -------------  -------------  ----------- 
 Total non-current liabilities                 (2,368)        (4,519)      (4,201) 
 
 Current liabilities 
 Trade and other payables                     (13,999)       (19,159)     (23,291) 
 Current tax liabilities                       (2,778)        (2,503)      (1,325) 
 Deferred tax liabilities                        (554)              -        (425) 
 Provisions                         18         (5,788)       (12,368)      (8,332) 
                                         -------------  -------------  ----------- 
 Total current liabilities                    (23,119)       (34,030)     (33,373) 
 
 Net assets                                     81,901         83,123       87,957 
                                         -------------  -------------  ----------- 
 
 Equity 
 Share capital                                     138            138          138 
 Share premium account                          38,476         37,510       38,404 
 Other reserves                                  3,520          6,133        3,114 
 Retained earnings                              39,767         39,342       46,301 
                                         -------------  -------------  ----------- 
 Total equity                                   81,901         83,123       87,957 
                                         -------------  -------------  ----------- 
 
 

The condensed consolidated financial statements were approved by the Board of Directors and authorised for issue on 13 March 2019, signed on their behalf by:

C M Connellan B L Thorpe

Chief Executive Finance Director

Company registration number: 4402058

Condensed Consolidated Statement of Changes in Equity

for the six months ended 31 December 2018

 
                                                     Share 
                                          Share    premium       Other    Retained 
                                Note    capital    account    reserves    earnings     Total 
                                        GBP'000    GBP'000     GBP'000     GBP'000   GBP'000 
 
 Balance at 1 July 2017                     138     37,101       6,480      41,987    85,706 
                                      ---------  ---------  ----------  ----------  -------- 
 
 Comprehensive income 
 Loss for the period 
  from continuing operations                  -          -           -       (665)     (665) 
 Profit from discontinued 
  operations                     9            -          -           -         681       681 
 Other comprehensive 
  income: 
  Revaluation of available 
   for sale financial assets                  -          -         (3)           -       (3) 
                                      ---------  ---------  ----------  ----------  -------- 
 Total comprehensive 
  income                                      -          -         (3)          16        13 
 
 Transactions with owners 
 Issue of ordinary shares                     -        409           -           -       409 
 Share-based payments                         -          -         820           -       820 
 Share-based payments 
  transfer                                    -          -       (863)         863         - 
 Tax on share options                         -          -       (301)           -     (301) 
 Dividends paid                  11           -          -           -     (3,524)   (3,524) 
                                      ---------  ---------  ----------  ----------  -------- 
 Total transactions with 
  owners                                      -        409       (344)     (2,661)   (2,596) 
 
 Balance at 31 December 
  2017                                      138     37,510       6,133      39,342    83,123 
                                      ---------  ---------  ----------  ----------  -------- 
 
 Comprehensive income 
 Profit for the period 
  from continuing operations                  -          -           -       5,385     5,385 
 Loss from discontinued 
  operations                     9            -          -           -         (7)       (7) 
 Other comprehensive 
  income: 
  Revaluation of available 
   for sale financial assets                  -          -           1           -         1 
 Total comprehensive 
  income                                      -          -           1       5,378     5,379 
 
 Transactions with owners 
 Issue of ordinary shares                     -        894           -           -       894 
 Share-based payments                         -          -         849           -       849 
 Share-based payments 
  transfer                                    -          -     (3,900)       3,900         - 
 Tax on share options                         -          -          31           -        31 
 Dividends paid                  11           -          -           -     (2,319)   (2,319) 
                                      ---------  ---------  ----------  ----------  -------- 
 Total transactions with 
  owners                                      -        894     (3,020)       1,581     (545) 
 
 Balance at 30 June 2018                    138     38,404       3,114      46,301    87,957 
                                      ---------  ---------  ----------  ----------  -------- 
 
 
 
                                                     Share 
                                          Share    premium       Other    Retained 
                                Note    capital    account    reserves    earnings      Total 
                                        GBP'000    GBP'000     GBP'000     GBP'000    GBP'000 
 
 Balance at 30 June 2018                    138     38,404       3,114      46,301     87,957 
                                      ---------  ---------  ----------  ----------  --------- 
 
 Comprehensive income 
 Loss for the period 
  from continuing operations                  -          -           -     (1,011)    (1,011) 
 Profit from discontinued 
  operations                     9            -          -           -         196        196 
 Other comprehensive 
  income                                      -          -           -           -          - 
 Total comprehensive 
  income                                      -          -           -       (815)      (815) 
 
 Transactions with owners 
 Issue of ordinary shares                     -         72           -           -         72 
 Share-based payments                         -          -       1,145           -      1,145 
 Share-based payments 
  exercised                                   -          -       (692)         692          - 
 Purchase of own shares 
  by employee benefit 
  trust                                       -          -           -     (2,288)    (2,288) 
 Tax on share options                         -          -        (47)           -       (47) 
 Dividends paid                  11           -          -           -     (4,123)    (4,123) 
                                      ---------  ---------  ----------  ----------  --------- 
 Total transactions with 
  owners                                      -         72         406     (5,719)    (5,241) 
 
 Balance at 31 December 
  2018                                      138     38,476       3,520      39,767     81,901 
                                      ---------  ---------  ----------  ----------  --------- 
 
 

Condensed Consolidated Statement of Cash Flows

for the six months ended 31 December 2018

 
                                                Six months     Six months 
                                                     ended          ended     Year ended 
                                               31 Dec 2018    31 Dec 2017    30 Jun 2018 
                                       Note    (unaudited)    (unaudited)      (audited) 
                                                   GBP'000        GBP'000        GBP'000 
 Cash flow from operating 
  activities 
 Cash generated from operations         19             455          2,954         13,610 
 Taxation paid                                       (348)        (1,388)        (2,673) 
 Net cash generated from 
  operating activities                                 107          1,566         10,937 
 
 Cash flows from investing 
  activities 
 Purchase of intangible 
  assets                                12           (200)        (1,699)        (5,069) 
 Purchase of property, plant 
  and equipment                         13           (420)        (1,174)        (1,829) 
 Deferred consideration 
  paid                                  17         (1,251)        (1,852)        (1,852) 
 Proceeds from sale of discontinued 
  operations                            9              593            966          1,005 
 Finance income received                7               96             32            102 
 Proceeds of sale of financial 
  assets at fair value through 
  profit or loss                        16           1,229              -              - 
 Cash flows from investing 
  activities of discontinued 
  operations                            9                -              2              2 
                                             -------------  -------------  ------------- 
 Net cash used in investing 
  activities                                            47        (3,725)        (7,641) 
 
 Cash flows from financing 
  activities 
 Proceeds of issue of shares                            72            409          1,303 
 Purchase of own shares 
  by employee benefit trust                        (2,288)              -              - 
 Dividends paid to shareholders         11         (4,123)        (3,524)        (5,843) 
                                             -------------  -------------  ------------- 
 Net cash used in financing 
  activities                                       (6,339)        (3,115)        (4,540) 
 
 
 Net decrease in cash and 
  cash equivalents                                 (6,185)        (5,274)        (1,244) 
 Cash and cash equivalents 
  at beginning of period                            30,939         32,183         32,183 
                                             -------------  -------------  ------------- 
 Cash and cash equivalents 
  at end of period                                  24,754         26,909         30,939 
                                             -------------  -------------  ------------- 
 
 

Notes to the condensed consolidated financial statements

for the six months ended 31 December 2018

   1.     General information 

Brooks Macdonald Group plc ("the Company") is the parent company of a group of companies ("the Group"), which offers a range of investment management services and related professional advice to private high net worth individuals, charities and trusts. The Group also provides financial planning as well as offshore fund management and administration services, acts as fund manager to regulated OEICs and provides specialist funds in the property and structured return sectors. The Group's primary activities are set out in its Annual Report and Accounts for the year ended 30 June 2018.

The Company is a public limited company, incorporated and domiciled in the United Kingdom under the Companies Act 2006 and is listed on AIM. The address of its registered office is 72 Welbeck Street, London, W1G 0AY.

The half yearly financial report was approved for issue on 13 March 2019. The condensed consolidated financial statements have been independently reviewed but are not audited.

   2.     Accounting policies 
   a)   Basis of preparation 

The Group's condensed consolidated financial statements are prepared and presented in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. They have been prepared on a going concern basis with reference to the accounting policies and methods of computation and presentation set out in the Group's consolidated financial statements for the year ended 30 June 2018, except as stated below. The condensed consolidated financial statements should be read in conjunction with the Group's audited financial statements for the year ended 30 June 2018, which have been prepared in accordance with International Financial Reporting Standards ('IFRS') and IFRS Interpretations Committee ('IFRS IC') interpretations, as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS.

The information in this announcement does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The Group's accounts for the year ended 30 June 2018 have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not draw attention to any matters by way of emphasis. It contained no statement under section 498(2) or (3) of the Companies Act 2006.

At the time of approving the half yearly financial statements, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly financial statements.

   b)   Changes in accounting policies 

The Group's accounting policies that have been applied in preparing these condensed consolidated financial statements are consistent with those disclosed in the Annual Report and Accounts for the year ended 30 June 2018, except as described below.

New accounting standards, amendments and interpretations adopted in the period

In the six months ended 31 December 2018, the Group adopted two new standards being IFRS 9 'Financial instruments' and IFRS 15 'Revenue from contracts with customers'. The Group did not adopt any other new standards and amendments issued by the International Accounting Standards Board ('IASB') or interpretations issued by the IFRS IC in the six months ended 31 December 2018.

IFRS 9 'Financial instruments'

IFRS 9 governs the accounting treatment for the classification and measurement of financial instruments and the timing and extent of credit provisioning, replacing the previously adopted IAS 39 'financial instruments: recognition and measurement.' The standard concerns guidance for the classification and measurement of financial assets by introducing a fair value through other comprehensive income category for certain financial assets. It also contains a new impairment model which intends to result in earlier recognition of losses.

Transition

The Group has taken advantage of the exemption per paragraph 5.6.1 of IFRS 9, regarding restated comparative information for prior periods with respect to classification, measurement and impairment requirements. Where differences arise in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9, they are to be recognised in retained earnings as at 1 July 2018. Accordingly, the information presented for December 2017 and June 2018 will not reflect the requirements of IFRS 9 but will be presented in line with IAS 39.

Classification and measurement of financial assets and financial liabilities

IFRS 9 requires the Group to hold its financial assets and liabilities at amortised cost, fair value through profit or loss ("FVPL") or fair value through other comprehensive income ("FVOCI"). The categorisation of assets as 'held to maturity' ("HTM") and 'available for sale' ("AFS") are no longer recognised under IFRS. The classification criteria for designating financial assets between the categories under IFRS 9 require the Group to assess and document the business models under which the assets are actually managed. Consideration needs to be given to management of the asset in terms of if the asset is held for contractual cash flow, if the contractual cash flow represents solely payment of principal and interest and if the asset is held for selling purposes.

The effect of adopting IFRS 9 on the carrying amounts of financial assets at 1 July 2018 has resulted in a change of classification on the Condensed Consolidated Statement of Financial Position, however has not changed the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows.

The following table summarises the original measurement categories under the previously adopted IAS 39 and the new measurement categories and carrying amount under IFRS 9 for each of the Group's financial assets at 1 July 2018.

 
 Financial asset                                Previous           Previous            New IFRS        New IFRS 
                                   IAS 39 classification    IAS 39 carrying    9 classification      9 carrying 
                                                                     amount                              amount 
 
 Unlisted redeemable preference                      AFS                                  FVOCI 
  shares                                                         GBP650,000                          GBP650,000 
 Contingent consideration                            AFS                                   FVPL 
  receivable                                                     GBP923,000                          GBP923,000 
 Offshore bond                                       AFS           GBP5,000                FVPL        GBP5,000 
 Trade & other receivables                     Loans and                              Amortised 
                                             receivables      GBP26,019,000                cost   GBP26,019,000 
 Financial assets at FVPL                           FVPL       GBP1,267,000                FVPL    GBP1,267,000 
 Cash and cash equivalents                     Amortised                              Amortised 
                                                    cost      GBP30,939,000                cost   GBP30,939,000 
 
 Total financial assets                                       GBP59,803,000                       GBP59,803,000 
                                                          -----------------                      -------------- 
 

The basis of classification for financial liabilities under IFRS 9 remains unchanged from IAS 39. There remains two categories being amortised cost or FVPL. The Group has assessed its financial liabilities at 1 July 2018 and concluded that no change in classification is required. Therefore there has been no impact on the Condensed Consolidated Statement of Financial Position, Condensed Consolidated Statement of Comprehensive Income or Condensed Consolidated Statement of Cash Flows as a result of IFRS 9 in relation to financial liabilities.

Impairment of financial assets

Under IFRS 9, an expected credit loss ("ECL") model is used to measure the impairment of financial assets. Under an ECL model a credit loss provision is recognised once a loss is expected to arise, instead of when it occurs as previously required under IAS 39. The objective of the impairment requirements is to recognise lifetime expected credit losses for all financial instruments, considering all reasonable information, including that which is forward looking. The Group applies the simplified lifetime expected credit loss model. This requires an assessment of the total amount of credit losses expected over the lifetime of the asset and is performed on an asset by asset basis. As a result, the Group has determined that the initial application of IFRS 9's impairment requirements at 1 July 2018 results in no additional impairment provision.

IFRS 15 'Revenue from contracts with customers'

IFRS 15 governs the accounting treatment of revenue recognition from contracts with customers which replaces the existing IFRS revenue guidance adopted previously, in particular IAS 18 'Revenue'. IFRS 15 creates a single model for revenue recognition from contracts, with customers and aims to provide greater consistency and comparability across industries by linking revenue to the fulfilment of identified performance obligations that are detailed in the customer contract. The core principle underlying the new recognition is that an entity should recognise revenue in a manner that depicts the pattern of transfer of goods and services to customers. It also requires that the incremental cost of obtaining a customer contract should be capitalised if that cost is expected to be recovered.

Transition

The Group has taken advantage of the exemption per Appendix C of IFRS 15 regarding restated comparative information for prior periods with respect to revenue recognition. Where differences arise resulting from the adoption of IFRS 15, they are to be recognised in retained earnings as at 1 July 2018. Accordingly, the comparative numbers presented for December 2017 and June 2018 will not reflect the requirements of IFRS 15 but will be presented in line with previous revenue recognition from contracts with customers.

Impact of IFRS 15 on financial statements for six months ended 31 December 2018

The Group has reviewed IFRS 15 and its impact on its existing revenue streams, as well as on its policy of capitalising the cost of obtaining customer contracts. As described below, the adoption of IFRS 15 has not had a significant impact on the Group's revenue recognition accounting policy.

Portfolio management fee income and fund management fees

The core portfolio management fee income is contracted with customers and is in relation to the continued management of their portfolio during a defined period. As a result, the performance obligation is ongoing over the contract resulting in no impact on revenue recognition as a result of IFRS 15.

Portfolio management fee income includes income earned on supporting activities and revenue that are part of the overall service provided, and as a result do not present a separate and stated performance obligation. These supporting activities are for one off services and revenue is recognised once the service has occurred, therefore IFRS 15 has no impact on the supporting activities for portfolio management fee income.

Financial services commission

The revenue is earned as a result of the core services provided in the Financial Planning segment through advisory fees (see below). The revenue is earned as a result of a past service being satisfied resulting in no impact to revenue recognition due to IFRS 15.

Advisory fees

Advisory fees are earned by the Financial Planning segment and are subject to client agreements to provide financial advice and assistance and clients are charged based on an agreed rate of funds under advice, invoiced over the period the service is provided. Under IFRS 15 the Group is required to identify distinct performance conditions in order to recognise 'work in progress' relating to unbilled revenue earned by an advisor. The client contracts do not include any distinct performance conditions meaning this work in progress revenue cannot be recognised under IFRS 15. The work in progress balance and movement from year to year is consistently immaterial, and therefore the adoption of IFRS 15 has not had a material impact on advisory fee revenue.

Costs of obtaining or fulfilling a contract

Under IFRS 15 the scope requirements for recognising an asset in relation to costs of obtaining or fulfilling a contract are broader such that costs to obtain any contract with a customer should be capitalised if those costs are incremental and the Group expects to recover them. Amortisation should then be charged on a basis that is consistent with the transfer to the customer of the services to which the capitalised costs relate.

The Group's policy for capitalising contract costs currently recognises the fair value of the future benefits accruing to the Group from the acquired client relationship contracts. The amortisation of client relationships is charged to the Condensed Consolidated Statement of Comprehensive Income on a straight line basis over their estimated useful lives of 15 to 20 years. The Group has assessed the impact IFRS 15 on these and concluded that the current policies in place are sufficient and therefore will remain unchanged.

Other new standards, amendments and interpretations listed in the following table were newly adopted by the Group but have not had a material impact on the amounts reported in these condensed consolidated financial statements. They may, however, impact the accounting for future transactions and arrangements.

 
 Standard, Amendment or Interpretation                     Effective 
                                                            date 
--------------------------------------------------------  ---------- 
 Annual improvements to IFRS standards 2014-2017           1 January 
  cycle (IFRS 1 and IAS 28)                                 2018 
--------------------------------------------------------  ---------- 
 Foreign Currency Transactions and Advance Consideration   1 January 
  (IFRIC 22)                                                2018 
--------------------------------------------------------  ---------- 
 Classification and measurement of share-based             1 January 
  payment transactions (amendments to IFRS 2)               2018 
--------------------------------------------------------  ---------- 
 

New accounting standards, amendments and interpretations not yet adopted

A number of new standards, amendments and interpretations, which have not been applied in preparing these condensed consolidated financial statements, have been issued and are effective for annual and interim periods beginning after 1 July 2018:

 
 Standard, Amendment or Interpretation                    Effective 
                                                           date 
-------------------------------------------------------  ---------- 
 Leases (IFRS 16)                                         1 January 
                                                           2019 
-------------------------------------------------------  ---------- 
 Uncertainty over Income Tax Treatments (IFRIC            1 January 
  23)                                                      2019 
-------------------------------------------------------  ---------- 
 Annual improvements to IFRS standards 2015-2018          1 January 
  cycle (IFRS 3, IFRS 11, IAS 12, IAS 23)                  2019 
-------------------------------------------------------  ---------- 
 Amendments to IAS 28: Long-term Interest in Associates   1 January 
  and Joint Ventures                                       2019 
-------------------------------------------------------  ---------- 
 Amendments to References to the Conceptual Framework     1 January 
  in IFRS Standards                                        2020 
-------------------------------------------------------  ---------- 
 Amendment to IFRS 3 Business Combinations                1 January 
                                                           2020 
-------------------------------------------------------  ---------- 
 Amendments to IAS 1 and IAS 8: Definition of Material    1 January 
                                                           2020 
-------------------------------------------------------  ---------- 
 Insurance Contracts (IFRS 17)                            1 January 
                                                           2021 
-------------------------------------------------------  ---------- 
 

Not yet endorsed for use in the EU

The impact of these changes is currently being reviewed and there is no intention to early adopt.

IFRS 16 'Leases'

IFRS 16 is effective for periods commencing on or after 1 January 2019. The standard was endorsed by the EU during 2017. The Group has decided not to early adopt this standard and as a leasee, the Group can apply the standard using either a retrospective approach, or a modified retrospective approach with optional practical expedients. The Group has considered the impact of both applications in relation to its existing contracts and expects to apply the modified retrospective approach.

IFRS 16 will require the recognition of a right-of-use asset and associated lease liability for the office premises that are leased by the Group. The asset would be depreciated over the lease term and the liability would accrue interest, resulting in a front-loaded expense profile. As a result, the Group's total assets and liabilities will be increased by the recognition of lease assets and liabilities.

This accounting treatment contrasts with the current treatment for operating leases, where no asset or liability is recognised and the lease payments are charged to the Condensed Consolidated Statement of Comprehensive Income on a straight line basis over the term of the lease. The total cost of the lease over the lease term is expected to be unchanged under the new standard.

   3.     Segmental information 

For management purposes the Group's activities are organised into three operating divisions: UK Investment Management, Financial Planning and International. The Group's other activity, offering nominee and custody services to clients, is included within UK Investment Management. These divisions are the basis on which the Group reports its primary segmental information to the Group board of directors, which is the Group's chief operating decision maker. In accordance with IFRS 8 'Operating Segments', disclosures are required to reflect the information which the Board of directors uses internally for evaluating the performance of its operating segments and allocating resources to those segments. The information presented in this note is consistent with the presentation for internal reporting.

Revenues and expenses are allocated to the business segment that originated the transaction. Revenues and expenses that are not directly originated by a particular operating business segment are reported as 'all other segments & consolidation adjustments.' Sales between segments are carried out at arm's length. Centrally incurred expenses are allocated to business segments on an appropriate pro-rata basis. Segmental assets and liabilities comprise operating assets and liabilities, those being the majority of the Condensed Consolidated Statement of Financial Position.

 
                                                                                              All other 
                                                                                               segments 
 Six months ended                          UK Investment   Financial                    & consolidation 
  31 Dec 2018 (unaudited)                     Management    Planning   International        adjustments      Total 
                                                 GBP'000     GBP'000         GBP'000            GBP'000    GBP'000 
 
 Total segment revenue                            42,450       1,801           7,423                461     52,135 
 Inter segment revenue                             (122)           -               -                  -      (122) 
                                          --------------  ----------  --------------  -----------------  --------- 
 External revenues                                42,328       1,801           7,423                461     52,013 
 Underlying administrative 
  expenses                                      (21,357)     (1,374)         (4,937)           (15,273)   (42,941) 
                                          --------------  ----------  --------------  -----------------  --------- 
 Operating contribution                           20,971         427           2,486           (14,812)      9,072 
 
 Allocated costs                                 (9,731)     (1,214)         (1,533)             12,478          - 
 Underlying other gains and 
  losses, finance income and 
  finance costs                                        7           -            (85)                (9)       (87) 
 
 Underlying profit before tax                     11,247       (787)             868            (2,343)      8,985 
 
 Goodwill impairment                                   -           -               -            (4,756)    (4,756) 
 Client relationship contracts 
  impairment                                           -           -               -            (2,328)    (2,328) 
 Amortisation of client relationships 
  and contracts acquired with 
  fund managers                                    (398)           -           (210)              (519)    (1,127) 
 Restructuring charge                              (431)           -             (3)              (181)      (615) 
 Changes in fair value of deferred 
  consideration                                        -           -               -                419        419 
 Finance cost of deferred consideration                -           -               -               (63)       (63) 
 Disposal costs                                        -        (21)               -                  -       (21) 
 Changes in fair value of contingent 
  consideration                                        -           -               -               (15)       (15) 
 Finance income from contingent 
  consideration                                        -           -               -                 13         13 
 Profit / (loss) before tax                       10,418       (808)             655            (9,773)        492 
 
 Taxation                                                                                                  (1,503) 
 Profit from discontinued operations                                                                           196 
                                                                                                         --------- 
 Profit for the period attributable to equity holders of the 
  Company                                                                                                    (815) 
                                                                                                         --------- 
 

The below segmental analysis has been restated to reflect the previously reported Funds segment which was integrated into UK Investment Management on 1 July 2018. Property Funds have been included in the 'All other segments & consolidation adjustments' along with the non-reportable Group segment. The analysis has also been restated to reflect the additional discontinued operation recognised in the six months ended 31 December 2018 (note 9) and a change in presentation to disclose administrative expenses, allocated costs and underlying other gains and losses, finance income and finance costs by segment.

 
                                                                                              All other 
                                                                                               segments 
 Six months ended                          UK Investment   Financial                    & consolidation 
  31 Dec 2017 (unaudited)                     Management    Planning   International        adjustments      Total 
                                                 GBP'000     GBP'000         GBP'000            GBP'000    GBP'000 
 
 Total segment revenue                            39,794       2,152           6,720                457     49,123 
 Inter segment revenue                             (642)       (173)               -                  -      (815) 
                                          --------------  ----------  --------------  -----------------  --------- 
 External revenues                                39,152       1,979           6,720                457     48,308 
 Underlying administrative 
  expenses                                      (22,471)     (1,006)         (5,169)           (11,749)   (40,395) 
                                          --------------  ----------  --------------  -----------------  --------- 
 Operating contribution                           16,681         973           1,551           (11,292)      7,913 
 
 Allocated costs                                 (6,876)       (866)         (1,024)              8,766          - 
 Underlying other gains and 
  losses, finance income and 
  finance costs                                        1           -              12                389        402 
 
 Underlying profit before tax                      9,806         107             539            (2,137)      8,315 
 
 Amortisation of client relationships 
  and contracts acquired with 
  fund managers                                    (454)           -           (210)              (532)    (1,196) 
 Finance cost of deferred consideration                -           -               -               (88)       (88) 
 Finance income from contingent 
  consideration                                        -           -               -                  4          4 
 Changes in fair value of deferred 
  consideration                                        -           -               -              (985)      (985) 
 Exceptional costs of resolving 
  legacy matters                                       -           -         (5,505)                  -    (5,505) 
 Disposal costs                                        -           -               -               (81)       (81) 
 Profit / (loss) before tax                        9,352         107         (5,176)            (3,819)        464 
 
 Taxation                                                                                                  (1,129) 
 Profit from discontinued operations                                                                           681 
                                                                                                         --------- 
 Profit for the period attributable to equity holders of the 
  Company                                                                                                       16 
                                                                                                         --------- 
 
 
                                                                                              All other 
                                                                                               segments 
                                           UK Investment   Financial                    & consolidation 
 Year ended 30 June 2018 (audited)            Management    Planning   International        adjustments      Total 
                                                 GBP'000     GBP'000         GBP'000            GBP'000    GBP'000 
 
 Total segment revenue                            82,593       4,226          14,170                977    101,966 
 Inter segment revenue                             (832)       (314)               -                  -    (1,146) 
                                          --------------  ----------  --------------  -----------------  --------- 
 External revenues                                81,761       3,912          14,170                977    100,820 
 Underlying administrative 
  expenses                                      (46,302)     (2,080)        (10,375)           (24,368)   (83,125) 
                                          --------------  ----------  --------------  -----------------  --------- 
 Operating contribution                           35,459       1,832           3,795           (23,391)     17,695 
 
 Allocated costs                                (16,460)     (1,974)         (2,400)             20,834          - 
 Underlying other gains and 
  losses, finance income and 
  finance costs                                        6           -              54                124        184 
 
 Underlying profit before tax                     19,005       (142)           1,449            (2,433)     17,879 
 
 Amortisation of client relationships 
  and contracts acquired with 
  fund managers                                    (890)           -           (420)            (1,051)    (2,361) 
 Finance cost of deferred consideration                -           -               -              (152)      (152) 
 Finance income from contingent 
  consideration                                        -           -               -                 26         26 
 Changes in fair value of deferred 
  consideration                                        -           -               -            (1,191)    (1,191) 
 Changes in fair value of contingent 
  consideration                                        -           -               -               (16)       (16) 
 Software impairment                             (2,518)           -               -                  -    (2,518) 
 Exceptional costs of resolving 
  legacy matters                                       -           -         (5,530)                  -    (5,530) 
 Disposal costs                                        -           -               -               (89)       (89) 
 Profit / (loss) before tax                       15,597       (142)         (4,501)            (4,906)      6,048 
 
 Taxation                                                                                                  (1,328) 
 Profit from discontinued operations                                                                           674 
                                                                                                         --------- 
 Profit for the period attributable to equity holders of the 
  Company                                                                                                    5,394 
                                                                                                         --------- 
 
   4.     Revenue 
 
                                                   Six months                    Six months                 Year ended 
                                                        ended                         ended 
                                                  31 Dec 2018                   31 Dec 2017                30 Jun 2018 
                                                                             (unaudited)(1) 
                                                  (unaudited)                                             (audited)(1) 
                                                      GBP'000                       GBP'000                    GBP'000 
 
            Portfolio management 
             fee 
             and transactional 
             income                                    45,173                        42,075                     87,908 
            Financial services 
             commission                                    72                            85                        151 
            Advisory fees                               2,307                         2,473                      4,937 
            Fund management fees                        4,461                         3,675                      7,824 
            Total revenue from 
             continuing 
             operations                                52,013                        48,308                    100,820 
                                     ------------------------  ----------------------------  ------------------------- 
 
 

(1) Prior periods have been restated to separate the results of discontinued operations, consistent with the presentation in the current period. Refer to note 9 for details of the results of discontinued operations.

   a)   Geographic analysis of revenue 

The Group's operations are located in the United Kingdom and the Channel Islands. The following table presents external revenue analysed by the geographical location of the Group entity providing the service.

 
                                    Six months 
                                         ended                         Year ended 
                                                       Six months 
                                   31 Dec 2018              ended     30 Jun 2018 
                                                      31 Dec 2017 
                                   (unaudited)     (unaudited)(1)    (audited)(1) 
                                       GBP'000            GBP'000         GBP'000 
 
 United Kingdom                         44,590             41,588          86,650 
 Channel Islands                         7,423              6,720          14,170 
 Total revenue from continuing 
  operations                            52,013             48,308         100,820 
                                 -------------  -----------------  -------------- 
 
 

(1) Prior periods have been restated to separate the results of the additional discontinued operations, consistent with the presentation in the current period. Refer to note 9 for details of the results of discontinued operations.

   b)   Major clients 

The Group is not reliant on any one client or group of connected clients for the generation of revenues.

   5.     Administrative costs 

The following items are included within administrative costs in the Condensed Consolidated Statement of Comprehensive Income.

Financial Services Compensation Scheme levies

A credit of GBP131,000 was recognised in respect of Financial Services Compensation Scheme ('FSCS') levies in the six months ended 31 December 2018 following final confirmation by the FSCS of the supplementary levy for 2018/19 scheme year (six months ended 31 December 2017: charge of GBP3,000; year ended 30 June 2018: charge of GBP664,000).

   6.     Other gains and losses 

Other gains and losses represent the net changes in the fair value of the Group's financial instruments recognised in the Condensed Consolidated Statement of Comprehensive Income.

 
                                         Six months     Six months 
                                              ended          ended 
                                        31 Dec 2018    31 Dec 2017     Year ended 
                                                                      30 Jun 2018 
                                        (unaudited)    (unaudited)      (audited) 
                                            GBP'000        GBP'000        GBP'000 
 
 Impairment of goodwill 
  (note 12)                                 (4,756)              -              - 
 Impairment of client relationship 
  contracts (note 12)                       (2,328)              -              - 
 Impairment of software                           -              -        (2,518) 
 (Loss) / gain from changes 
  in fair value of financial 
  assets at fair value through 
  profit or loss (note 16)                     (33)             53             82 
 Loss from changes in fair 
  value of contingent consideration 
  receivable (note 16)                         (15)              -           (16) 
 Gain / (loss) from changes 
  in fair value of deferred 
  consideration payable (note 
  17)                                           419          (985)        (1,191) 
 Impairment of financial 
  assets at fair value through 
  profit or loss (note 15)                    (150)              -              - 
                                      -------------  -------------  ------------- 
 Other gains and losses                     (6,863)          (932)        (3,643) 
                                      -------------  -------------  ------------- 
 
   7.     Finance income and finance costs 
 
                                     Six months 
                                          ended 
                                                     Six months 
                                    31 Dec 2018           ended     Year ended 
                                                    31 Dec 2017    30 Jun 2018 
                                    (unaudited)     (unaudited)      (audited) 
                                        GBP'000         GBP'000        GBP'000 
 Finance income 
 Dividends on preference 
  shares                                     26              20             50 
 Bank interest on deposits                   70              12             52 
 Finance income from contingent 
  consideration                              13               4             26 
 Total finance income                       109              36            128 
                                  -------------  --------------  ------------- 
 
 Finance costs 
 Finance cost of deferred 
  consideration                              62              88            152 
                                  -------------  --------------  ------------- 
 Total finance costs                         62              88            152 
                                  -------------  --------------  ------------- 
 
 
   8.     Taxation 

The current tax expense for the six months ended 31 December 2018 was calculated based on the Corporation Tax rate of 19.00%, applied to the taxable profit for the period ended 31 December 2018 (six months ended 31 December 2017: 19.00%; year ended 30 June 2018: 19.00%).

 
                                        Six months 
                                             ended 
                                                        Six months 
                                       31 Dec 2018           ended     Year ended 
                                                       31 Dec 2017    30 Jun 2018 
                                       (unaudited)     (unaudited)      (audited) 
                                           GBP'000         GBP'000        GBP'000 
 
 UK Corporation Tax                          1,754           1,808          3,396 
 (Over) / under provision 
  in prior years                                 -               -          (613) 
                                     -------------  --------------  ------------- 
 Total current taxation                      1,754           1,808          2,783 
 
 Deferred tax credits                        (251)           (679)          (600) 
 Research and development 
  tax credit                                     -               -          (855) 
 Total income tax expense 
  on continuing operations                   1,503           1,129          1,328 
 
 Capital gains tax on discontinued              49               - 
  operations                                                                    - 
 
 Total income tax expense                    1,552           1,129          1,328 
                                     -------------  --------------  ------------- 
 
 

Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

During the six months ended 31 December 2018, the Group disposed of its Employee Benefits business (note 9), resulting in a capital gains tax of GBP49,000.

The Finance (No.2) Act 2015, which was substantively enacted in October 2015, will reduce the main rate of Corporation Tax to 17% in 2020. Deferred tax assets and liabilities are calculated at the rate that is expected to be in force when the temporary differences unwind, but limited to the extent that such rates have been substantively enacted. The tax rate used to determine the deferred tax assets and liabilities is therefore 17.00% (six months ended 31 December 2017: 17.00%; year ended 30 June 2018: 17.00%) and will be reviewed in future years subject to new legislation.

During the year ended 30 June 2018, the Group made a claim for research and development tax relief in relation to qualifying expenditure on software development incurred in the years ended 30 June 2016 and 30 June 2017. This resulted in a reduction in the Corporation Tax liabilities of the respective years, and a repayment of GBP855,000 from HMRC. The Group will consider whether further claims can be made for qualifying expenditure in the year ended 30 June 2018 and thereafter in due course.

   9.     Discontinued operations 

On 31 December 2018, the Group disposed of its Employee Benefits operations within the Financial Planning segment. Profit from discontinued operations is disclosed separately in the Condensed Consolidated Statement of Comprehensive Income, being the results of the disposal to 31 December 2018 and the gain on disposal. Initial cash consideration of GBP50,000 was received on completion. Additional cash consideration will also be receivable in the first calendar quarter of 2020, being a multiple of revenue earned by the disposed business for the year ended 31 December 2019. On disposal the estimated consideration receivable was estimated at GBP282,000, which was recognised at its fair value of GBP219,000 based on the discounted forecast cash flows. This gain is presented within profit from discontinued operations in the Condensed Consolidated Statement of Comprehensive Income for the six months ended 31 December 2018. Disposal costs of GBP21,000 were incurred by the Group in relation to the sale.

On 1 December 2017, the Group disposed of its Property Management division, comprising the wholly owned subsidiaries Braemar Estates (Residential) Limited and Braemar Facilities Management Limited. Profit from discontinued operations is disclosed separately in the Condensed Consolidated Statement of Comprehensive Income, being the results of the disposal group to 1 December 2017 and the gain on disposal. For further details on this disposal please see the Brooks Macdonald Group Plc Annual Report & Accounts for the year ended 30 June 2018. During the six months ended 31 December 2018 the Group received GBP483,000 of contingent consideration (note 16), and a further GBP60,000 as additional post-completion consideration.

The presentation of prior periods below have been restated to separate the results of the additional discontinued operations, consistent with the presentation in the current period. The previously reported discontinued operations recognised the operations of Braemar Estates (Residential) Limited and Braemar Facilities Management Limited however the Employee Benefits operation has now been included.

 
                                       Six months 
                                            ended 
                                                          Six months 
                                      31 Dec 2018              ended     Year ended 
                                                         31 Dec 2017    30 Jun 2018 
                                      (unaudited)     (unaudited)(1)      (audited) 
                                          GBP'000            GBP'000        GBP'000 
 
 Loss of discontinued operations             (84)              (142)          (188) 
 Gain on disposal of discontinued 
  operations                                  329                823            862 
                                    -------------  -----------------  ------------- 
 Profit before tax from 
  discontinued operations                     245                681            674 
 Taxation                                    (49)                  -              - 
                                    -------------  -----------------  ------------- 
 Profit from discontinued 
  operations                                  196                681            674 
                                    -------------  -----------------  ------------- 
 
 
 
                           Six months 
                                ended 
                                              Six months 
                          31 Dec 2018              ended     Year ended 
                                             31 Dec 2017    30 Jun 2018 
                          (unaudited)     (unaudited)(1)      (audited) 
                              GBP'000            GBP'000        GBP'000 
 
 Revenue                          224              1,682          1,931 
 Administrative costs           (308)            (1,826)        (2,121) 
                        ------------- 
 Operating loss                  (84)              (144)          (190) 
 
 Finance income                     -                  2              2 
                        -------------  -----------------  ------------- 
 Loss before tax                 (84)              (142)          (188) 
                        -------------  -----------------  ------------- 
 
 
   a)    Gain on disposal of discontinued operations 
 
                                       Six months 
                                            ended 
                                                          Six months 
                                      31 Dec 2018              ended       Year ended 
                                                         31 Dec 2017      30 Jun 2018 
                                      (unaudited)     (unaudited)(1)     (audited)(1) 
                                          GBP'000            GBP'000          GBP'000 
 
 Initial consideration 
  received                                     50                966              966 
 Additional consideration 
  received                                     60                  -               39 
 Fair value of contingent 
  consideration (note 16)                     219                913              913 
                                    ------------- 
 Total disposal consideration                 329              1,879            1,918 
 
 Net assets on disposal                         -            (1,056)          (1,056) 
 
 Gain on disposal of discontinued 
  operations                                  329                823              862 
                                    -------------  -----------------  --------------- 
 

(1) Prior periods have been restated to separate the results of discontinued operations, consistent with the presentation in the current period.

10. Earnings per share

The directors believe that underlying earnings per share provide a truer reflection of the Group's performance in the period. Underlying earnings per share are calculated based on 'underlying earnings', which is defined as earnings before finance costs of deferred consideration, finance income of contingent consideration, changes in the fair value of deferred consideration, changes in fair value of contingent consideration, goodwill impairment, amortisation of client relationships and contracts acquired with fund managers, finance income from contingent consideration, exceptional costs of resolving legacy matters, business disposal costs and profit or loss from discontinued operations. The tax effect of these adjustments has also been considered.

Earnings for the period used to calculate earnings per share as reported in these condensed consolidated financial statements were as follows:

 
                                             Six months 
                                                  ended 
                                                             Six months 
                                            31 Dec 2018           ended     Year ended 
                                                            31 Dec 2017    30 Jun 2018 
                                                            (unaudited)      (audited) 
                                            (unaudited)             (1)            (1) 
                                                GBP'000         GBP'000        GBP'000 
 
 (Loss) / earnings from continuing 
  operations                                    (1,011)           (665)          4,720 
 Profit from discontinued operations                196             681            674 
 Earnings attributable to ordinary 
  shareholders                                    (815)              16          5,394 
 Goodwill impairment (note 12)                    4,756               -              - 
 Client relationship contracts 
  impairment (note 12)                            2,328               -              - 
 Amortisation of acquired client 
  relationship contracts (note 
  12)                                             1,072           1,084          2,156 
 Restructuring charge                               615               -              - 
 Changes in fair value of deferred 
  consideration (note 17)                         (419)             985          1,191 
 Underlying profit from discontinued 
  operations                                      (245)           (681)          (536) 
 Finance cost of deferred consideration 
  (note 17)                                          63              88            152 
 Amortisation of contracts acquired 
  with fund managers (note 12)                       55             111            206 
 Disposal costs (note 9)                             21              82             89 
 Changes in fair value of contingent 
  consideration (note 16)                            15               -             16 
 Finance income from deferred 
  consideration (note 7)                           (13)             (4)           (26) 
 Exceptional costs of resolving 
  legacy matters                                      -           5,506          5,531 
 Software impairment (note 12)                        -               -          2,518 
 Tax impact of adjustments                        (283)           (864)          (588) 
 Underlying earnings for the 
  period                                          7,150           6,323         16,103 
 
 

Basic earnings per share is calculated by dividing earnings attributable to ordinary shareholders by the weighted average number of shares in issue throughout the period. Diluted earnings per share represents the basic earnings per share adjusted for the effect of dilutive potential shares issuable on exercise of employee share options under the Group's share-based payment schemes, weighted for the relevant period. The weighted average number of shares in issue during the period was as follows:

 
                                        Six months 
                                             ended 
                                                           Six months 
                                       31 Dec 2018              ended     Year ended 
                                                          31 Dec 2017    30 Jun 2018 
                                       (unaudited)        (unaudited)      (audited) 
                                         Number of                         Number of 
                                            shares   Number of shares         shares 
 
 Weighted average number of shares 
  in issue                              13,765,991         13,641,290     13,677,910 
 Effect of dilutive potential 
  shares issuable on exercise 
  of employee share options                 18,880             58,046         28,318 
                                     -------------  -----------------  ------------- 
 Diluted weighted average number 
  of shares in issue                    13,784,871         13,699,336     13,706,228 
                                     -------------  -----------------  ------------- 
 
 
 
                                       Six months 
                                            ended 
                                                       Six months 
                                      31 Dec 2018           ended     Year ended 
                                                      31 Dec 2017    30 Jun 2018 
                                                      (unaudited)      (audited) 
                                      (unaudited)             (1)            (1) 
                                                p               p              p 
 Based on reported earnings: 
 Basic (loss) / earnings per 
  share from: 
   - Continuing operations                  (7.3)           (4.9)           35.5 
   - Discontinued operations                  1.4             5.0            3.9 
                                    -------------  --------------  ------------- 
 Total basic earnings per share             (5.9)             0.1           39.4 
 
 Diluted (loss) / earnings per 
  share from: 
   - Continuing operations                  (7.3)           (4.9)           35.4 
   - Discontinued operations                  1.4             5.0            3.9 
                                    -------------  --------------  ------------- 
 Total diluted earnings per share           (5.9)             0.1           39.3 
 
 Based on underlying earnings: 
 Basic earnings per share                    51.9            46.4          117.7 
 Diluted earnings per share                  51.9            46.2          117.5 
 

(1) Prior periods have been restated to separate the results of discontinued operations, consistent with the presentation in the current period. Refer to note 9 for details of the results of discontinued operations.

11. Dividends

 
                                        Six months     Six months 
                                             ended          ended 
                                       31 Dec 2018    31 Dec 2017     Year ended 
                                                                     30 Jun 2018 
                                       (unaudited)    (unaudited)      (audited) 
                                           GBP'000        GBP'000        GBP'000 
 
 Final dividend paid on ordinary 
  shares                                     4,123          3,524          3,524 
 Interim dividend paid on ordinary 
  shares                                         -              -          2,319 
 Total dividends                             4,123          3,524          5,843 
                                     -------------  -------------  ------------- 
 
 

An interim dividend of 19.0p (six months ended 31 December 2017: 17.0p) per share was declared by the Board of Directors on 13 March 2019. It will be paid on 23 April 2019 to shareholders who are on the register at the close of business on 22 March 2019. In accordance with IAS 10, this dividend has not been included as a liability in the condensed consolidated financial statements at 31 December 2018.

A final dividend for the year ended 30 June 2018 of 30.0p (year ended 30 June 2017: 26.0p) per share was paid on 2 November 2018.

12. Intangible assets

 
                                                                    Contracts 
                                                         Acquired    acquired 
                                                           client        with 
                                         Computer    relationship        fund 
                             Goodwill    software       contracts    managers     Total 
                              GBP'000     GBP'000         GBP'000     GBP'000   GBP'000 
 Cost 
 
 At 1 July 2017                36,006       7,732          32,745       3,521    80,004 
 Additions                          -       1,699               -           -     1,699 
 Disposals                      (230)        (77)           (584)           -     (891) 
 Reclassification to 
  Property, Plant and 
  Equipment                         -       (943)               -           -     (943) 
 At 31 December 2017           35,776       8,411          32,161       3,521    79,869 
 Additions                          -       3,370               -           -     3,370 
 Impairment                         -     (4,013)               -           -   (4,013) 
 At 30 June 2018               35,776       7,768          32,161       3,521    79,226 
 Additions                          -         200               -           -       200 
 At 31 December 2018           35,776       7,968          32,161       3,521    79,426 
                            ---------  ----------  --------------  ----------  -------- 
 
 Accumulated amortisation 
  & impairment 
 
 At 1 July 2017                 1,986       1,858          10,315       3,197    17,356 
 Amortisation charge                -         923           1,084         111     2,118 
 Disposals                          -        (61)           (217)           -     (278) 
 Reclassification to 
  Property, Plant and 
  Equipment                         -       (791)               -           -     (791) 
                            ---------  ----------  --------------  ----------  -------- 
 At 31 December 2017            1,986       1,929          11,182       3,308    18,405 
 Amortisation charge                -         595           1,072          95     1,762 
 Disposals                          -         (2)               -           -       (2) 
 Impairment                         -     (1,495)               -           -   (1,495) 
 At 30 June 2018                1,986       1,027          12,254       3,403    18,670 
 Amortisation charge                -       1,072           1,072          55     2,199 
 Impairment                     4,756           -           2,328           -     7,084 
                            ---------  ----------  --------------  ----------  -------- 
 At 31 December 2018            6,742       2,099          15,654       3,458    27,953 
                            ---------  ----------  --------------  ----------  -------- 
 
 Net book value 
 
 At 1 July 2017                34,020       5,874          22,430         324    62,648 
 At 31 December 2017           33,790       6,482          20,979         213    61,464 
 At 30 June 2018               33,790       6,741          19,907         118    60,556 
                            ---------  ----------  --------------  ----------  -------- 
 At 31 December 2018           29,034       5,869          16,507          63    51,473 
                            ---------  ----------  --------------  ----------  -------- 
 
 
   a)   Goodwill 

Goodwill acquired in a business combination is allocated at acquisition to the cash generating units ('CGUs') that are expected to benefit from that business combination. The carrying amount of goodwill in respect of these CGUs within the operating segments of the Group comprises:

 
                                            31 Dec 2018 
                                                           31 Dec 2017   30 Jun 2018 
                                            (unaudited)    (unaudited)     (audited) 
                                                GBP'000        GBP'000       GBP'000 
 Funds 
 Braemar Group Limited ('Braemar')                3,320          3,320         3,320 
 Levitas Investment Management 
  Services Limited ('Levitas')                    4,471          9,227         9,227 
                                          -------------  -------------  ------------ 
                                                  7,791         12,547        12,547 
 International 
 Brooks Macdonald Asset Management 
  (International) Limited and Brooks 
  Macdonald Retirement Services 
  (International) Limited (collectively 
  'Brooks Macdonald International')              21,243         21,243        21,243 
 
 Total goodwill                                  29,034         33,790        33,790 
                                          -------------  -------------  ------------ 
 
 

At the reporting date, there were some impairment indicators present for the Levitas CGU and based on a value-in-use calculation, the recoverable amount at 31 December 2018 was GBP5,152,000. This was lower than the carrying amount of the CGU, reflecting both a reduction in forecast revenue growth and an increase in the discount rate applied, indicating that it should be impaired. An impairment loss of GBP4,756,000 has been recognised against the goodwill attributable to the CGU and is shown in the Consolidated Statement of Comprehensive Income within other gains and losses.

The key underlying assumptions of the calculation are the discount rate, the growth in funds under management of the Levitas funds and the long-term growth rate of the business. A pre-tax discount rate of 12% (30 June 2018: 11%) has been used, based on the Group's assessment of the risk-free rate of interest and specific risks pertaining to Levitas. Annual funds under management growth rates of between 8% and 36% are forecast in the next five financial years, the period covered by the most recent forecasts, which reflect historic actual growth and planned management activities, which are considered to be achievable given current market and industry trends. A 2% long-term growth rate is applied to cash flows beyond the forecast period and is considered prudent in the context of the long-term average growth rate for the funds industry in which the CGU operates.

Reasonable possible changes in the key assumptions and the impact of these changes on the calculated recoverable amount are:

-- A 1% change in the pre-tax discount rate which would result in an increase of GBP628,000 or a decrease of GBP512,000 in the recoverable amount.

-- A 10% change in the forecast funds under management which would result in a GBP329,000 change in the recoverable amount.

-- A 0.5% change in the long-term average growth rate which would result in an increase of GBP210,000 or a decrease of GBP190,000 in the recoverable amount.

At the reporting date there were some impairment indicators present for the Brooks Macdonald International CGU, however based on a value-in-use calculation the recoverable amount at 31 December 2018 was GBP32,813,000, indicating that there is no impairment.

There were no impairment indicators present for the Braemar CGU at 31 December 2018.

   b)   Computer software 

Computer software costs are amortised on a straight line basis over an estimated useful life of 4 years. Costs incurred on internally developed computer software are initially recognised at cost and when the software is available for use the costs are amortised on a straight line basis over an estimated useful life of 4 years.

   c)   Acquired client relationship contracts 

This asset represents the fair value of future benefits accruing to the Group from acquired client relationship contracts. The amortisation of client relationships is charged to the Condensed Consolidated Statement of Comprehensive Income on a straight line basis over their estimated useful lives (15 to 20 years).

During the six months ended 31 December 2018, an impairment charge of GBP2,328,000 was recognised in relation to one of the Group's acquired relationship contracts due to a reduction in the expected useful economic life from 15 to 12 years.

   d)   Contracts acquired with fund managers 

This asset represents the fair value of the future benefits accruing to the Group from contracts acquired with fund managers. Payments made to acquire such contracts are initially recognised at cost and amortised on a straight line basis over an estimated useful life of 5 years.

13. Property, plant and equipment

 
                                               Motor vehicles    Fixtures, 
                                                                  fittings 
                                  Leasehold                       & office 
                               improvements                      equipment   IT equipment     Total* 
                                    GBP'000           GBP'000      GBP'000        GBP'000    GBP'000 
 Cost 
 
 At 1 July 2017                       2,053                 8        8,125          1,323     11,509 
 Additions                              428                 -           89            658      1,175 
 Disposals                                -               (8)         (53)            (3)       (64) 
 Reclassification to 
  intangible assets                       -                 -            -            943        943 
 At 31 December 2017                  2,481                 -        8,161          2,921     13,563 
 Additions                              400                 -           55            199        654 
 At 30 June 2018                      2,881                 -        8,216          3,120     14,217 
 Additions                              153                 -           80            187        420 
 At 31 December 2018                  3,034                 -        8,296          3,307     14,637 
                             --------------  ----------------  -----------  -------------  --------- 
 
 Accumulated amortisation 
 
 At 1 July 2017                       (737)               (8)      (7,175)          (386)    (8,306) 
 Depreciation charge                   (99)                 -        (276)          (184)      (559) 
 Depreciation on disposals                -                 8           53              1         62 
 Reclassification to 
  intangible assets                       -                 -            -          (791)      (791) 
 At 31 December 2017                  (836)                 -      (7,398)        (1,360)    (9,594) 
 Depreciation charge                  (162)                 -        (241)          (224)      (627) 
 At 30 June 2018                      (998)                 -      (7,639)        (1,584)   (10,221) 
 Depreciation charge                  (193)                 -        (230)          (351)      (774) 
 At 31 December 2018                (1,191)                 -      (7,869)        (1,935)   (10,995) 
                             --------------  ----------------  -----------  -------------  --------- 
 
 Net book value 
 
 At 1 July 2017                       1,316                 -          950            937      3,203 
 At 31 December 2017                  1,645                 -          763          1,561      3,969 
 At 30 June 2018                      1,883                 -          577          1,536      3,996 
                             --------------  ----------------  -----------  -------------  --------- 
 At 31 December 2018                  1,843                 -          427          1,372      3,642 
                             --------------  ----------------  -----------  -------------  --------- 
 
 

*During the six months ended 31 December 2018, property, plant and equipment non-current assets were reviewed in terms of useful economic life and classification of assets. The outcome was that the useful economic lives have been updated in line with Group's revised expectations from 1 July 2018. The Group has also amended the property, plant and equipment non-current asset classifications to present the property, plant and equipment non-current assets in clearly defined classifications.

The following table summarises and shows the changes to the Group's new property, plant and equipment non-current asset classifications and useful economic lives.

 
            As at 30 June 2018                         As at 1 July 2018 
 Classification           Useful economic   Classification           Useful economic 
                           life                                       life 
-----------------------  ----------------  -----------------------  ---------------- 
 
 Fixtures and             3 to 6.67 years   Fixtures, fittings       5 years 
  fittings                                   & office equipment 
 Equipment                5 years           IT equipment             4 or 5 years* 
 Leasehold improvements   Over the term     Leasehold improvements   Over the term 
                           of the lease                               of the lease 
 Motor vehicles           4 years           Motor vehicles           4 years 
 

*IT equipment includes hardware, which has a useful economic life of 4 years and servers and networks, which have a useful economic life of 5 years.

14. Available for sale financial assets

 
                                    Six months 
                                         ended 
                                                    Six months 
                                   31 Dec 2018           ended     Year ended 
                                                   31 Dec 2017    30 Jun 2018 
                                   (unaudited)     (unaudited)      (audited) 
                                       GBP'000         GBP'000        GBP'000 
 
 At 30 June 2018                         1,578               -              - 
 IFRS 9 reclassification 
  to FVOCI                               (650)               -              - 
 IFRS 9 reclassification 
  to FVPL                                (928)               -              - 
                                --------------  --------------  ------------- 
 At beginning of period                      -             658            658 
 Additions                                   -             913            913 
 Finance income of contingent 
  consideration                              -               4             26 
 Net loss from changes 
  in fair value                              -             (3)           (19) 
 At end of period                            -           1,572          1,578 
                                --------------  --------------  ------------- 
 

The Group adopted IFRS 9 'Financial instruments' at 1 July 2018 resulting in the available for sale financial assets category being no longer available. As a result, the available for sale assets were reclassified to fair value through other comprehensive income (note 15) and fair value through profit or loss (note 16). For further details on the adoption and impact to the financial statements, please see note 2(b).

15. Financial assets at fair value through other comprehensive income

 
                                                 Six months 
                                                      ended 
                                                31 Dec 2018 
                                                (unaudited) 
                                                    GBP'000 
 
 IFRS 9 reclassification from AFS (note 14)             650 
 Impairment                                           (150) 
                                              ------------- 
 At end of period                                       500 
                                              ------------- 
 

At 31 December 2018, the Group held an investment of 500,000 redeemable GBP1 preference shares in an unlisted company incorporated in the UK. The preference shares carry an entitlement to a fixed preferential dividend at a rate of eight per cent per annum. During the six months ended the company impaired its GBP150,000 investment in preference share capital in an unlisted company incorporated in the Channel Islands to a net book value of GBPnil as the Group does not expect to recover its investment.

16. Financial assets at fair value through profit or loss

 
                                     Six months 
                                          ended 
                                                     Six months 
                                    31 Dec 2018           ended     Year ended 
                                                    31 Dec 2017    30 Jun 2018 
                                    (unaudited)     (unaudited)      (audited) 
                                        GBP'000         GBP'000        GBP'000 
 
 At 30 June 2018                          1,267               -              - 
 IFRS 9 reclassification from 
  AFS (note 14)                             928               -              - 
                                  -------------  --------------  ------------- 
 At beginning of period                   2,195           1,185          1,185 
 Additions                                  219               -              - 
 Finance income of contingent                13               -              - 
  consideration 
 Net (loss) / gain from changes 
  in fair value                            (48)              53             82 
 Payments received                        (483)               -              - 
 Disposals                              (1,229)               -              - 
 At end of period                           667           1,238          1,267 
                                  -------------  --------------  ------------- 
 
 Analysed as: 
 
 Amounts falling due within 
  one year                                  662           1,238          1,267 
 Amounts falling due after more 
  than one year                               5               -              - 
                                  -------------  --------------  ------------- 
 At end of period                           667           1,238          1,267 
                                  -------------  --------------  ------------- 
 

The Group disposed of their 563,689 class A units in the IFSL Brooks Macdonald Balanced Fund in November 2018 at their fair value of GBP1,229,000. In the period from 1 July 2018 to disposal, the Group recognised a reduction in fair value of GBP33,000.

At 31 December 2018, the offshore bond had a market value of GBP5,000 (31 December 2017: GBP8,000; 30 June 2018: GBP5,000 recognised as available for sale financial assets; note 14).

During the six months ended 31 December 2018, the Group disposed of its Employee Benefits business (note 9). On disposal, the Group recognised a contingent consideration receivable in respect of contingent consideration receivable from the purchaser at its fair value of GBP219,000.

During the six months ended 31 December 2018, the Group received GBP483,000 of the contingent consideration receivable recognised on disposal of Braemar Estates (Residential) Limited in December 2017. At 31 December 2018, the contingent consideration receivable was GBP437,000 including finance income of GBP13,000 and a reduction in fair value of GBP15,000 was recognised during the period.

17. Deferred consideration

Deferred consideration is split between non-current liabilities (see below) and provisions in current liabilities (note 18) to the extent that it is due to be paid within one year of the reporting date. It reflects the directors' best estimate of amounts payable in the future in respect of certain client relationships and subsidiary undertakings that were acquired by the Group. Deferred consideration is measured at its fair value based on discounted expected future cash flows. The movements in the total deferred consideration balance during the year were as follows:

 
                                             Six months 
                                                  ended 
                                                             Six months 
                                            31 Dec 2018           ended     Year ended 
                                                            31 Dec 2017    30 Jun 2018 
                                            (unaudited)     (unaudited)      (audited) 
                                                GBP'000         GBP'000        GBP'000 
 
 At beginning of the period                       2,875           3,384          3,384 
 Finance cost of deferred consideration              63              88            152 
 Fair value adjustments                           (419)             985          1,191 
 Payments made during the period                (1,251)         (1,852)        (1,852) 
 At end of period                                 1,268           2,605          2,875 
                                          -------------  --------------  ------------- 
 
 Analysed as: 
 
 Amounts falling due within 
  one year                                          919           1,323          1,396 
 Amounts falling due after more 
  than one year                                     349           1,282          1,479 
 At end of period                                 1,268           2,605          2,875 
                                          -------------  --------------  ------------- 
 
 

No additions to deferred consideration payable were recognised in the period. Payments totalling GBP1,251,000 (six months ended 31 December 2017: GBP1,852,000; year ended 30 June 2018: GBP1,852,000) were made during the period to the vendors of Levitas. Full details of the Levitas acquisition are disclosed in note 13 of the 2015 Annual Report and Accounts.

A decrease in the fair value of deferred consideration of GBP419,000 (six months ended 31 December 2017: increase of GBP985,000; year ended 30 June 2018: increase of GBP1,191,000) was recognised during the period, all in respect of Levitas, with a corresponding gain recognised within other gains and losses in the Condensed Consolidated Statement of Comprehensive Income. The amount payable is based on the incremental growth in FUM of the TM Levitas funds, measured at annual intervals. As forecast growth was not achieved during the period, the FUM forecast was subsequently revised and the estimated future deferred consideration payments decreased accordingly. The outstanding deferred consideration liability at 31 December 2018 relates entirely to the present value of fixed amounts owed to the vendors of Levitas.

Amounts falling due after more than one year from the reporting date are presented within non-current liabilities as shown below:

 
                                             Six months 
                                                  ended 
                                                             Six months 
                                            31 Dec 2018           ended     Year ended 
                                                            31 Dec 2017    30 Jun 2018 
                                            (unaudited)     (unaudited)      (audited) 
                                                GBP'000         GBP'000        GBP'000 
 
 At beginning of the period                       1,479           1,720          1,720 
 Finance cost of deferred consideration              62              88            152 
 Fair value adjustments                           (419)             985          1,191 
 Transfer to current liabilities                  (773)         (1,511)        (1,584) 
 At end of period                                   349           1,282          1,479 
                                          -------------  --------------  ------------- 
 

18. Provisions

 
                                                              Exceptional 
                                                                 costs of 
                                                                resolving         Deferred      FSCS 
                                    Client compensation    legacy matters    consideration      levy     Total 
                                                GBP'000           GBP'000          GBP'000   GBP'000   GBP'000 
 
 At 1 July 2017                                     807             6,500            1,664       621     9,592 
 Charge / (Release) to 
  the Statement of Comprehensive 
  Income                                          (499)             5,506                -         3     5,010 
 Transfer from non-current 
  liabilities                                         -                 -            1,511         -     1,511 
 Utilised during the period                       (107)           (1,265)          (1,852)     (521)   (3,745) 
                                   --------------------  ----------------  ---------------  --------  -------- 
 At 31 December 2017                                201            10,741            1,323       103    12,368 
 
 Charge to the Statement 
  of Comprehensive Income                            92                25                -       624       741 
 Transfer from non-current 
  liabilities                                         -                 -               73         -        73 
 Utilised during the period                       (271)           (4,541)                -      (38)   (4,850) 
                                   --------------------  ----------------  ---------------  --------  -------- 
 At 30 June 2018                                     22             6,225            1,396       689     8,332 
 
 Adjustment in respect 
  of prior periods                                    -                 -                1         -         1 
 Charge to the Statement 
  of Comprehensive Income                            88                 -                -     (131)      (43) 
 Transfer from non-current 
  liabilities                                         -                 -              773         -       773 
 Utilised during the period                        (21)           (1,446)          (1,251)     (557)   (3,275) 
                                   --------------------  ----------------  ---------------  --------  -------- 
 At 31 December 2018                                 89             4,779              919         1     5,788 
                                   --------------------  ----------------  ---------------  --------  -------- 
 
 
   a)   Client compensation 

Client compensation provisions relate to the potential liability arising from client complaints against the Group. Complaints are assessed on a case by case basis and provisions for compensation are made where judged necessary. The amount recognised within provisions for client compensation represents management's best estimate of the potential liability. The timing of the corresponding outflows is uncertain as these are made as and when claims arise.

   b)   Exceptional costs of resolving legacy matters 

Following a review into legacy matters arising from the former Spearpoint business, which was acquired by the Group in 2012, a provision was recognised for costs of resolving these including associated expenses in the years ended 30 June 2017 and 30 June 2018. These matters relate to a number of discretionary portfolios formerly managed by Spearpoint, now managed by Brooks Macdonald Asset Management (International) Limited, and a Dublin-based fund, for which Spearpoint acted as investment manager. During the six months ended 31 December 2018 no further provisions were made (six months ended 31 December 2017: GBP5,506,000; year ended 30 June 2018: GBP5,531,000). The amount utilised during the period of GBP1,446,000 represented goodwill payments made to clients of GBP871,000, legal fees of GBP330,000 and related expenses of GBP245,000. During the period, a contingent liability was recognised in relation to potential claims related to the legacy matters (note 22).

   c)   Deferred consideration 

Deferred consideration has been included within provisions as a current liability to the extent that it is due for payment within one year of the reporting date. Details of the total deferred consideration payable are provided in note 17.

   d)   FSCS levy 

At 31 December 2018 provisions include an amount of GBP1,000 (at 31 December 2017: GBP103,000; at 30 June 2018: GBP689,000) in respect of expected levies by the Financial Services Compensation Scheme. The expected levy for the 2019/20 scheme year has been announced by the FSCS but does not yet meet the recognition criteria for a provision.

19. Reconciliation of operating profit to net cash inflow from operating activities

 
                                     Six months        Six months 
                                          ended             ended      Year ended 
                                    31 Dec 2018       31 Dec 2017     30 Jun 2018 
                                    (unaudited)    (unaudited)(1)    (audited)(1) 
                                        GBP'000           GBP'000         GBP'000 
 Operating profit / (loss) 
  from: 
 - Continuing operations                    445               516           6,072 
 - Discontinued operations 
  (note 9)                                 (84)             (144)           (190) 
                                  -------------  ----------------  -------------- 
 Operating profit                           361               372           5,882 
 
 Depreciation of property, 
  plant and equipment                       774               573           1,186 
 Amortisation of intangible 
  assets                                  2,199             2,118           3,880 
 Other gains & losses                     6,863               932           3,643 
 Decrease / (increase) in 
  trade and other receivables               493           (2,442)         (3,323) 
 (Decrease) / increase in 
  trade and other payables              (9,292)           (2,010)           2,122 
 (Decrease) / increase in 
  provisions                            (2,067)             3,117           (992) 
 Decrease in other non-current 
  liabilities                              (20)              (69)               - 
 Reduction in net assets due 
  to disposal of discontinued 
  operations                                  -             (457)           (457) 
 Share-based payments charge              1,144               820           1,669 
                                  -------------  ----------------  -------------- 
 Net cash inflow from operating 
  activities                                455             2,954          13,610 
                                  -------------  ----------------  -------------- 
 
 

(1) Prior periods have been restated to separate the results of discontinued operations, consistent with the presentation in the current period. Refer to note 9 for details of the results of discontinued operations.

20. Related party transactions

There were no related party transactions during the period and no balances outstanding at 31 December 2018 owed to or from related parties.

21. Equity-settled share-based payments

Share options granted during the period under the Group's equity settled share-based payment schemes were as follows:

 
                                Exercise                   Number of 
                                   price      Fair value     options 
                                       p               p 
 
 Long Term Incentive Scheme          nil   1,149 - 1,708     163,501 
                              ----------  --------------  ---------- 
 

No options were granted in respect of the Company's other equity settled share-based payment schemes during the six months ended 31 December 2018. The charge to the Condensed Consolidated Statement of Comprehensive Income for the six months ended 31 December 2018 in respect of all equity settled share-based payment schemes was GBP646,000 (six months ended 31 December 2017: GBP820,000; year ended 30 June 2018: GBP1,653,000).

22. Contingent liabilities

In the normal course of business the Group is exposed to certain legal and tax issues which, in the event of a dispute, could develop into litigious proceedings and in some cases may result in contingent liabilities.

During the six months ended 31 December 2018, the Group has discovered a possible liability to HM Revenue & Customs in relation to a PAYE settlement agreement. The Group has made contact with HM Revenue & Customs, but at this stage it is unknown if and how much the possible liability is, and therefore no provision has been made at 31 December 2018.

During the six months ended 31 December 2018, a small number of clients rejected goodwill offers made by Brooks Macdonald Asset Management (International) Limited in connection with the exceptional costs of resolving legacy matters (note 18), which have been released from the provision. It is possible that one or more of these clients might issue claims against Brooks Macdonald Asset Management (International) Limited but no such claims have been issued as at 31 December 2018. As a result, it is not possible to estimate the potential outcome of claims or to assess the quantum of any liability with any certainty at this stage.

23. Events since the end of the period

Since the end of the period, the Group announced efficiency improvements, to increase margins in the medium term. The Group has identified a range of opportunities to streamline and remove duplication from core processes. The changes will result in a material headcount reduction and the Group expects the cost of the changes to be up to GBP3,000,000, incurred in relation to redundancy, payment in lieu of notice, settlement and other restructuring-related costs. During the six months ended 31 December 2018, the Group had expensed GBP615,000 in relation to this, with the remaining balance expected to be expensed during the six months ending 30 June 2019.

Since the end of the period, the Group have reached an agreement in principle with the Board of directors of the Dublin-based fund in relation to the exceptional costs of resolving legacy matters (note 18), who informed shareholders on 12 March that they had agreed Brooks Macdonald Asset Management (International) Limited's goodwill offer of GBP3,400,000 and that they would call an Extraordinary General Meeting to seek shareholder approval.

Statement of directors' responsibilities

The directors confirm that the half yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the first six months and their impact on the condensed set of consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

-- material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.

The directors of Brooks Macdonald Group plc are listed on page 42.

By order of the Board of Directors

B L Thorpe

Finance Director

13 March 2019

Report on the condensed consolidated half yearly financial statements

Our conclusion

We have reviewed Brooks Macdonald Group Plc's condensed consolidated financial statements (the "interim financial statements") in the half-yearly financial report of Brooks Macdonald Group Plc for the 6 month period ended 31 December 2018. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the AIM Rules for Companies.

What we have reviewed

The interim financial statements comprise:

   --      the condensed consolidated statement of financial position as at 31 December 2018; 
   --      the condensed consolidated statement of comprehensive income for the period then ended; 
   --      the condensed consolidated statement of cash flows for the period then ended; 
   --      the condensed consolidated statement of changes in equity for the period then ended; and 
   --      the explanatory notes to the interim financial statements. 

The interim financial statements included in the half-yearly financial report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the AIM Rules for Companies.

As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The half-yearly financial report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements.

Our responsibility is to express a conclusion on the interim financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants

London

13 March 2019

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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