22nd Jun 2022 09:40
(Alliance News) Liontrust Asset Management PLC on Wednesday reported a successful financial year as its profit more than doubled, prompting a sizeable dividend hike.
For the financial year that ended on March 31, the London-based asset manager's pretax profit more than doubled to GBP79.3 million from GBP34.9 million, as revenue climbed by 40% to GBP245.6 million from GBP175.1 million.
As of March 31, assets under management and advice were GBP33.5 billion, compared to GBP30.9 billion a year ago, an increase of 8.5%. Net inflows fell to GBP2.5 billion in the recent financial year from GBP3.5 billion a year before. In the final quarter, Liontrust said it suffered a GBP400 million net outflow, amid negative investor sentiment.
Liontrust noted its acquisition of Majedie Asset Management Ltd completed on April 1, adding GBP5.2 billion to AuMA, taking Liontrust's pro forma AuMA to GBP38.7 billion. As of Friday last week, however, AuMA had declined to GBP34.23 billion.
Liontrust declared a second interim dividend of 50.00 pence, up from 36.00p a year before, bringing its total annual payout 72.0 pence per share, up 53% from 47.0p from a year ago.
Looking ahead, Liontrust said "it has been a more challenging economic background so far this year across the industry for fund flows", but its ability to resume face-to-face meetings with clients following the pandemic will help.
Liontrust shares were down 1.6% at 915.00 pence each on Wednesday morning in London.
By Xindi Wei; [email protected]
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