Brooks Macdonald has reported statutory pre-tax profit for its first half of £0.49 million.

This is broadly flat year on year after the firm incurred “£2.3 million impairment of the value of Spearpoint acquired client relationships, following the previously disclosed loss of a client-facing team.”

In addition there was also a £4.8 million impairment of goodwill related to a Levitas sponsorship fee, as it moved to a new five year partnership.

On an underlying basis pre-tax profit was £9 million, up 8.1 percent year on year. This increase was on the back on a 7.7 percent increase in revenue to £52 milli...