Brooks Macdonald Group PLC Notice of correction to FY22 Full Year Results (2488E)

TIDMBRK

RNS Number : 2488E

Brooks Macdonald Group PLC

26 October 2022

BROOKS MACDONALD GROUP PLC

Notice of correction to FY22 Full Year Results released on 15 September 2022

Brooks Macdonald Group plc ("the Group") has identified an error within the Financial Review section contained in the Regulatory News Service announcement published at 7.00am on 15 September 2022 (RNS number 5149Z) and on page 36 of the Annual Report and Accounts for the year ended 30 June 2022 published on 23 September 2022.

The reconciliation between the Statutory profit before tax and the earnings before interest, tax, depreciation and amortisation ("EBITDA") contained an error in the calculation of Statutory EBITDA. Underlying EBITDA in the table was correct but the Statutory EBITDA was overstated by GBP5.0m in FY22 and GBP5.5m in FY21. The correct calculation of Statutory EBITDA is shown in the second table below:

 
                                            FY22   FY21  Change 
                                            GBPm   GBPm       % 
-----------------------------------------  -----  -----  ------ 
Underlying profit before tax                34.5   30.6    12.7 
Add back: 
Net finance costs                            0.2    0.2       - 
Depreciation and underlying amortisation     4.0    5.4  (25.9) 
-----------------------------------------  -----  -----  ------ 
Underlying EBITDA                           38.7   36.2     6.9 
-----------------------------------------  -----  -----  ------ 
 
 
                                 FY22   FY21  Change 
                                 GBPm   GBPm       % 
------------------------------  -----  -----  ------ 
Statutory profit before tax      29.5   25.1    17.5 
Add back: 
Net finance costs                 0.3    0.6  (50.0) 
Depreciation and amortisation     9.5   10.3   (7.8) 
------------------------------  -----  -----  ------ 
Statutory EBITDA                 39.3   36.0     9.2 
------------------------------  -----  -----  ------

The rest of the FY22 Full Year Results announcement remains unchanged. EBITDA is not one of the Group's key performance indicators; none of the Group's key performance indicators, including statutory and underlying profit, are affected by this correction.

Enquiries to:

 
 Brooks Macdonald Group plc                             www.brooksmacdonald.com 
  Andrew Shepherd, CEO                                            020 7659 3492 
  Ben Thorpe, CFO 
 Peel Hunt LLP (Nominated Adviser and 
  Broker) 
  Paul Shackleton / Andrew Buchanan / John 
  Welch                                                           020 7418 8900 
 FTI Consulting                               brooksmacdonald@fticonsulting.com 
  Laura Ewart / Katherine Bell                             07711 387085 / 07976 
                                                                         870961

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 GBP15.5 billion as at 30 September 2022.

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 international investment management, and acts as fund manager to a range of onshore and international funds.

The Group has fourteen offices across the UK and Crown Dependencies including London, Birmingham, Cheltenham, East Anglia, Exeter, Leeds, Manchester, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.

LEI: 213800WRDF8LB8MIEX37

www.brooksmacdonald.com / @BrooksMacdonald

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October 26, 2022 13:20 ET (17:20 GMT)

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