23rd Apr 2018 13:36
LONDON (Alliance News) - Tatton Asset Management PLC said Monday its results for its recently ended financial year were in line with expectations, as it announced the appointment of a new finance head.
For the year ended March, Tatton said its business had "performed well" with the "good" progress reported at its interim results having continued. Revenue and operating profit were said to be "in, line" with expectations.
At the end of the year, assets under management rose to GBP4.9 billion from GBP3.9 billion the year prior.
Tatton's independent financial advisor support services business - Paradigm Partners - now has 368 client firms, up from 352 the year before. Membership of its Paradigm Mortgage Services unit also rose to 1,219 from 1,069 the year before.
"The positive impact of our IPO has continued, and we are very pleased that the group has performed in line with expectations," Tatton Chief Executive Officer Paul Hogarth said.
Tatton had its initial public offering in July 2017 at 156 pence per share, valuing it at GBP87.2 million at the time.
Shares in Tatton were 2.0% higher at 208.00 pence on Monday, valuing it at GBP116.3 million.
"Increasing assets under management by GBP1.0 billion in the last twelve months to GBP4.9 billion, and GBP5.0 billion as at today, is a continued endorsement of the demand for a DFM service that offers competitive pricing and has delivered strong investment returns during challenging markets."
In a separate announcement on Monday, Tatton said Paul Edwards will become its new finance head after current Chief Financial Officer Noel Stubley retires at the end of April
Stubley - CFO since March 2012, originally with Paradigm Partners - will remain at the firm until the end of July to ensure a "smooth handover".
Edwards served as group finance director at Scapa PLC between 2010 and 2016. Prior to that he served in the same role at NCC Group PLC from 2003 to 2010.
"The board thanks Noel for his contribution to the success of the company during his tenure," Chairman Roger Cornick said.
"He helped lead the company through its early development to the recent successful IPO and the board wishes him well for the future. Paul brings considerable listed public company experience to the role which allied to his broad range of financial and operational expertise will greatly strengthen the management team."
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