British wealth manager Brooks Macdonald Group has reported a statutory pre-tax profit from continuing operations of £7.9m ($10m) for the half-year ended 31 December 2019.

This is higher than the previous year’s figure of £0.6m.

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Underlying pre-tax profit surged 29% to £11.7m while profit margin improved to 21% from 17.6%.

Revenues increased 8% year-on-year to £55.8m, with FUM increasing to £13.1bn from £11.7bn.

UK Investment Management contributed to 1.3% of the FUM growth, while International accounted for 1.8% of the growth.

The performance was hit by a 13.6% decrease in UKIM Funds. This was due to Brooks Macdonald’s loss of a £244m investment management contract with Grosvenor Wealth Management.

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Brooks Macdonald CEO Caroline Connellan said: “I am delighted with the progress made during the first half.  We continued to execute our strategy with discipline, making good progress on our commitment to improve underlying profit margins, in a strong first half financial performance, and welcomed Cornelian to the Brooks Macdonald group.

“We remain confident in the actions we are taking to set the business up for continued success, provide outstanding products and services for clients and advisers, and deliver value for shareholders.”

However, the firm warned of an uncertain 2020 in the wake of the coronavirus (Covid-19 outbreak).

“In the short term, the macroeconomic outlook remains uncertain, exacerbated by the increasing impact of the coronavirus outbreak, with highly volatile markets and the potential effect on the wider economy,” Connellan added.

Last month, Brooks Macdonald acquired Cornelian Asset Managers Group.