I don't think we have the information to speak to whether the actual numbers are fair and reasonable, but BRL grew in this period due to...
Acquisitions outline on page 2 of this announcement all during 2016:
https://www.nsx.com.au/ftp/news/021732824.PDF
Also noting that JB Markets launched the JB Hi Alpha Fund on 21st Nov:
https://www.nsx.com.au/ftp/news/021732238.PDF
And once JB Markets became JBFG and made other broking acquisitions, that would have driven it further.
Again: I don't vouch for the numbers behind BRL's value, but I can see a growth path in the various announcements.