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Premier Miton half-year profit down but managed assets increase

30th May 2024 11:54

(Alliance News) - Premier Miton Group PLC on Thursday said the company remains optimistic after a weaker performance in the first half of its financial year.

The Guildford, Surrey-based asset management firm said pretax profit fell 75% to GBP600,000 in the six months that ended March 31 from GBP2.4 million a year before, as net revenue declined 14% to GBP30.1 million from GBP35.0 million amid lower management fees.

Premier Miton maintained its interim dividend at 3.00 pence per share .

Closing assets under management were GBP10.71 billion, up 9.1% from GBP9.82 billion on September 30, with the company adding GBP560 million through the acquisition of London-based equity investor Tellworth Investments LLP.

Premier Miton incurred GBP5.7 million in merger related and exceptional costs during the recent half-year, down from GBP7.9 million a year before.

Chief Executive Officer Mike O'Shea said: "We are now at a point where interest rates are likely to trend lower as we move through 2024 and we believe this will support an improving environment for fund flows and asset values.

"Demand for savings products will remain high as savers and investors need to do more to secure their individual long term financial futures."

Premier Miton shares were down 7.7% to 72.00 pence each in London on Thursday morning.

By Elijah Dale, Alliance News reporter

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