2nd Dec 2022 09:57
(Alliance News) - Premier Miton Group PLC on Friday said both profit and assets under management declined in its recent financial year, but it asserted it is well positioned to capitalise on future growth opportunities.
The Surrey, England-based asset manager said pretax profit in the financial year that ended September 30 fell by 15% to GBP14.9 million from GBP17.5 million a year earlier, while assets under management on September 30 were GBP10.57 billion, down 24% from GBP13.93 billion.
More positively, assets under management had partially recovered to around GBP11.3 billion by November 25, partly thanks to net positive flows during the first two months of financial 2023.
Financial 2022 net outflow was GBP1.08 billion, swinging from a GBP830 million inflow a year prior.
The outflow, plus investment in launching new funds, meant that adjusted operating profit margin narrowed to 30.0% from 33.8%.
Chief Executive Officer Mike O'Shea said Premier Miton remained well-placed to achieve its growth ambitions, including its medium-term target to reach GBP20 billion in assets under management. He predicted this will occur when market confidence returns, following current turbulence caused by rising interest rates to curb inflation and heightened geopolitical tensions surrounding the Russian invasion of Ukraine.
"More investors will seek genuinely active strategies as they look to deliver added value for their clients above and beyond benchmark returns. Premier Miton is well placed to take advantage of this opportunity, given our track record of delivering strong investment performance for our clients, across a range of asset classes," said O'Shea.
Premier Miton declared a final dividend of 6.30 pence, unchanged from a year ago, taking its financial 2022 total dividend to an unchanged 10.00p.
Shares in Premier Miton were up 15% to 105.24p in London on Friday morning.
By Greg Rosenvinge; [email protected]
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