Brooks Macdonald, the financial planning and asset management group, will pay an interim dividend for the first time this month as pre-tax profits almost doubled in the second half of 2009.
Pre-tax profits at the group were £2.47m for the six months to 31 December last year, nearly double the £1.26m reported for the same period in 2008.
Shareholders will now receive an interim dividend of 3p per share on 31 March 2010 for the first time since the company's listing in 2005.
However, total revenues for Financial Consulting, the financial planning arm of the business, were down for the period at £1.24m, from £1.3m in H2 2008.
Asset Management, the investment management side of the group, reported total revenues of £16.2m for H2 2009, up from £8.6m for the same period the previous year.
Discretionary funds under management were £1,852m as of 31 December 2009, compared with £1,386m at 30 June 2009, an increase of 34%.
Total turnover at the company was £16.4m, up 70% compared to the previous period.
Earnings per share have soared 126%, from 8.35p to 18.85p.
CEO Chris Macdonald says: "The payment of an interim dividend reflects our confidence in the group's business model and continued ability to grow the business, creating value for shareholders."
Group chairman Christopher Knight says the results reflect improved markets and the company's continued growth on a number of fronts.
"We have enjoyed considerable success with our strategic alliance partners which now number five; and we continue to be supported by professional introducers, both long-standing and new relationships," he says.
In September, the group acquired the entire share capital of Brooks Macdonald Asset Management in Tunbridge Wells, formerly Lawrence House Fund Managers.
He adds: "These results are a further demonstration of the growth of the business which we are confident will continue in the second half."
The group says it plans to pay dividends twice yearly, with an interim dividend in April and a larger final dividend in October.
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