11th Nov 2019 09:47
(Alliance News) - Tatton Asset Management PLC on Monday said it is "optimistic" about its future prospects following double-digit revenue and profit growth in the first half.
The stock was trading 4.7% higher in London on Monday at 224.00 pence a share.
The AIM-listed company said its discretionary assets under management increased by 23% to GBP7.0 billion from GBP5.7 billion reported a year prior, with average AuM inflows of over GBP73.0 million per month.
"It is particularly pleasing to have reached the important milestone of GBP7 billion of AuM with monthly net flows continuing to perform well from both existing and new independent financial advisers despite an uncertain and volatile market," said Chief Executive Paul Hogarth.
As a result, Tatton said its pretax profit grew by 23% to GBP4.1 million in the six months to the end of September and revenue was 15% higher year-on-year at GBP9.7 million.
The fund manager proposed an interim dividend of 3.20p a share, up 14% from 2.80p paid a year ago.
Looking ahead, Hogarth added: "While we are mindful of the current political and macro-economic factors, the group continues to trade in line with the board's full year expectations and the board remains optimistic regarding the prospects of the group."
By Evelina Grecenko; [email protected]
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