25th Sep 2014 09:58
LONDON (Alliance News) - Miton Group PLC, an AIM-listed fund manager, Thursday said it swung to a first-half pretax loss due to a GBP12.0 million loss on the sale of its Liverpool business.
In a statement, Miton Group said it made a GBP10.0 million pretax loss in the six months ended June 30, compared with a GBP370,000 pretax profit in the corresponding period last year. Net revenue increased to GBP9.6 million from GBP6.0 million, as revenue increased to GBP15.3 million from GBP11.8 million and fees and commission expense was broadly flat at GBP5.7 million. Administration expenses increased to GBP5.8 million from GBP3.9 million.
Assets under management fell to GBP2.64 billion from GBP3.10 billion during the six-month period. The sale of Miton Capital Partners Ltd, the Liverpool business, reduced the figure by GBP438.0 million.
"We have addressed challenges in the first half and our business remains strong. The group's distinctive market position, along with our demonstrable operational strengths, highly regarded fund managers and performance culture put us in a strong position to grow AuM over the coming years," Executive Chairman Ian Dighé said in a statement.
Earlier this month, Miton completed the acquisition of Darwin Investment Managers Ltd.
Miton shares were Thursday quoted up 2.1% at 37.76 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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