Brooks Macdonald (“BM”) has reported in line interims, having delivered ~50% of our FY25e forecast. We note some margin improvement from cost discipline. The pace at which the new strategy is been delivered is eyecatching. Already, we have seen M&A to reposition the business and a revitalised approach to delivering the proposition. The opportunity is material and there is scope for growth across multiple facets, in turn driving margin expansion. We leave earnings forecasts unchanged. We reiterat ....
