Premier Miton Group – Half Year Results

Premier Miton Group – Half Year Results

Premier Miton Group plc (‘Premier Miton’, ‘Company’ or ‘Group’), the AIM quoted fund management group, today announces its half year results for the six months ended 31 March 2020 (the ‘Period’).

 

Highlights 

 

·    £9,145 million closing AuM versus £6,793 million at 31 March 2019

·    £9,925 million closing AuM as at 30 April 2020

·    Net outflows of £389 million in the Period

·    Eight funds at Period end each with AuM greater than £300 million

·    Adjusted profit before tax of £12.2 million (2019 half year: £9.3 million)

·    Half year cash balances totalled £29.3 million (30 September 2019: £20.7 million)

Financial performance

Unaudited six months to

31 March 2020

£m

Unaudited six months to

31 March 2019

£m

%

Audited year to

30 September 2019

£m

Closing AuM

9,145

6,793

+34.6

6,556

Average AuM(1)

9,928

6,643

+49.4

6,695

Net revenue

33.4

24.0

+39.2

48.6

Adjusted profit before tax(2)

12.2

9.3

+31.2

19.0

Profit before tax(3)

5.3

7.2

-26.4

13.7

Total cash

29.3

15.3

+91.5

20.7

pence

pence

pence

Adjusted earnings per share(2)

7.29

7.22

+0.97

15.10

Basic earnings per share

2.35

5.30

-55.7

10.82

Notes

(1) Average AuM is calculated on a daily basis for each product managed by the Group.

(2) Adjusted profit and adjusted earnings per share are calculated before the deduction of amortisation, exceptional items and share-based payments.

(3) There were exceptional items of £3.1 million during the period (30 September 2019: £1.2 million).

Mike O’Shea, Chief Executive of Premier Miton Group, commented:

“I am pleased to announce that we are ahead of target with the integration of our two highly regarded companies. It has been a period of considerable change and challenge but despite this, we continue to build a scalable platform for growth.”

“Our people have shown substantial resilience and dedication during the recent COVID-19 pandemic. By continuing with clear implementation plans, straightforward communication and the passion of our staff we have delivered our goal of business continuity, notwithstanding the challenging circumstances we are experiencing across the globe.”

“As we look forward, the business is well placed to take advantage of the broad range of investment capabilities, collegiate investment culture and the scalable operating platform we now have for the benefit of our clients and stakeholders.”

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