Revenues rose 1.3% to £123.8m (2022: £122.2m), driven by positive net flows and investment performance as well as acquisitions.

Despite positive flows, underlying group profit fell to £30.3m (2022: £34.5m), with a profit margin of 24.5%.

Net flows rose 5.2% for the year compared to 4.8% the previous year.

The third quarter saw the highest net flows, at an annualised level of 9.2%.

The year saw Brooks complete the acquisition of Integrity Wealth Solutions and Adroit Financial Planning, extending the group’s existing Financial Planning offering.

The wealth manager’s platform MPS, including its BM Investment Solutions MPS offered to advisers, saw funds under management rise 70%, with MPS now over 20% of the group’s total funds under management.

Andrew Shepherd, CEO of Brooks Macdonald, said: “Although the economic climate continued to affect investor sentiment, we delivered consistent positive net flows, demonstrating the strength of both our proposition and our relationships with clients and advisers.

“As we look ahead, our focus remains on ensuring we are well positioned to support clients, advisers and our people. This underpins our ambition and the plans we have in place to take advantage of the long-term opportunity.  Supported by a strong capital position, our proven strategy, and motivated people, we look to the future with confidence.”

Brooks added that it will pay a full year dividend of 75p per share, a rise of 5.6% year on year.

The wealth manager expects net flows to remain positive this year despite expecting negative net flows for the first quarter.