22nd Nov 2022 12:12
(Alliance News) - Tatton Asset Management PLC on Tuesday declared a higher dividend as half-year profit jumped.
Tatton is a Cheshire-based on-platform discretionary fund management and independent financial adviser support services.
In the six months to September 30, pretax profit rose 38% to GBP6.6 million from GBP4.8 million a year prior. Revenue grew 15% to GBP15.9 million from GBP13.8 million.
The company highlighted its purchase of a 50% stake in specialist provider 8AM Global Ltd for GBP7.0 million in August, which it said is part of its "roadmap to growth" strategy.
Net inflows increased by 39% to GBP907 million from GBP652 million.
Meanwhile, administrative expenses increased by just 1.2% to GBP9.0 million from GBP8.9 million.
The company declared an interim dividend of 4.5 pence, up 13% from 4.0p.
Looking ahead, Tatton expects its Paradigm service to perform well. Paradigm is "the provision of compliance and support services to independent financial advisors and mortgage advisers," the company explained. Meanwhile, net inflows are set to "return to a more normalised level," following the just posted 39% growth.
Tatton shares rose 9.6% to 443.92 pence each on Tuesday midday in London.
By Tom Budszus; [email protected]
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