24th Sep 2018 09:57
LONDON (Alliance News) - Asset manager Miton Group PLC on Monday reported strong growth in both profit and assets under management for the first six months of 2018.
Assets under management at the end of June was GBP4.55 billion, 35% higher year-on-year, with average AuM in the period rising 31% to GBP4.13 billion.
Miton's pretax profit increased 75% to GBP4.2 million, with the adjusted figure, which removes various exceptional items, was up 52% to GBP4.4 million.
Net inflows were GBP616 million, more than the entire of 2017 and compared to GBP195 million for the same period a year prior, and net revenue climbed 24% to GBP12.8 million.
Miton said its investment performance "remains strong", while inflows in both the US and European businesses were "good".
Chief Executive David Barron said: "The results of the first half reflect increasing interest in the genuinely active positioning of our range of funds, the strength of our distribution across the UK and the growing profile of Miton."
"We continue to concentrate on diversifying the product range, building our brand and distribution, communicating the strengths of our offering and assisting our clients in meeting their aims - and we do this from a scalable platform with clear controls," Barron continued.
"The momentum of our fund flows and performance are strong. The outlook for the remainder of the year is encouraging."
Shares were 3.5% lower on Monday at a price of 68.80 pence each.
Related Shares:
MGR.L