Brooks Macdonald’s (“BM”) in line interim results reflect successful management actions to optimise costs and process, rather than a full period at target efficiency. Ongoing cost restructuring was undertaken during H1 leaving the business in strong shape. Although there is no update on recent flows, there was an improved performance during the tough Budget quarter (cal’Q4) as we now move into the tax year end. We leave forecasts unchanged. Trading at only ~11x PER, we think the valuation is undemanding with the business primed for margin improvement. We reiterate our BUY and 2500p 12m Target Price (17x PER).