15th Nov 2016 08:52
LONDON (Alliance News) - Liontrust Asset Management PLC hiked its interim dividend in its first half results on Tuesday, after reporting net inflows during what it called a "challenging" period in the industry.
Liontrust booked a pretax profit of GBP2.2 million for the six months ended September 30, down by almost half from GBP4.2 million the prior financial year, but included amortisation costs and non-cash costs of GBP4.6 million.
The asset manager said its adjusted pretax profit for the period was GBP6.8 million, increased from GBP5.9 million year-on-year. Revenue increased to GBP22.0 million from GBP18.7 million.
The company declared an interim dividend per share of 4.0 pence, increased from 3.0p in 2015.
Liontrust's assets under management at September 30 stood at GBP5.7 billion, up from GBP4.4 billion at the same date in 2015. Net inflows over the six month period were GBP92 million, down slightly from GBP110 million in the same period the prior financial year.
"This expansion has come during a challenging period for fund management groups. The vote on 23 June in favour of Britain leaving the EU and the US Presidential election campaign have exacerbated significantly the political uncertainty this year and the industry has suffered negative sales of equity funds every month in 2016 among retail investors, with the UK All Companies sector being the worst net seller in six of the first nine months of the year. It is, therefore, pleasing that we have generated net positive flows over the last two quarters," said John Ions, chief executive.
Shares in Liontrust were down 1.9% at 317.25p Tuesday morning.
By Adam Clark; [email protected]
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