10th Nov 2015 08:59
LONDON (Alliance News) - Liontrust Asset Management PLC on Tuesday reported higher first-half pretax profit as revenue increased by 18% on the prior year period and assets under management
Pretax profit rose to GBP4.2 million in the six months to September 30 from GBP3.2 million in the corresponding half the prior year, and the asset manager lifted its interim dividend by 50% to 3.0 pence per share.
Revenue rose to GBP18.7 million from GBP15.8 million, while administration expenses increased to GBP14.5 million from GBP12.6 million.
Assets under management fell slightly over the course of the six months, to GBP4.42 billion at the end of September from GBP4.49 billion at the start of April. Liontrust said that assets under management amounted to GBP4.6 billion at the close of business on November 6.
"This time last year, I wrote about the uncertainty facing UK investors from the upcoming General Election in May 2015. A year on and investors face great uncertainty as governments and central banks continue to grapple with the challenge of how to generate sustainable economic growth and will they or won't they raise interest rates," Chairman Adrian Collins said in a statement.
"As I have written before, we focus on managing money according to our robust and distinct investment processes so it gives our clients certainty over how we will invest their savings even if everything else is unclear. This will continue to stand us in good stead over the coming months and years," the chairman added.
Chief Executive John Ions said: "The fund management industry is benefiting from the ever increasing need for people to save for their own retirement and then having the freedom to choose what to do with their pension pot when they have retired. Given the fund management expertise and strength of distribution we have, I am confident we will be entrusted with greater levels of people's savings in the future."
Shares in the asset manager were up 4.3% at 294.25 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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