23rd Jan 2009 07:00
23 January 2009
Midas Capital plc
Trading update - year ended 31 December 2008
Midas Capital Plc ('Midas' or the 'Group'), announces a trading update for the year ended 31 December 2008.
Trading update
The Group's results for the year ended 31 December 2008 are expected to be in line with market expectations. Fund, wealth management and corporate services divisions traded profitably in the year despite a much tougher market environment.
As at 31 December 2008 the Group funds under management and advice ('FUM&A') were £2.1bn (2007: £1.3bn). In the second half, the Group experienced marginal net redemptions in its FUM&A, but is reassured by the level of support continuing to be shown by investors in its managed funds and clients of its wealth management business.
As announced on 21 January 2009, the Group's net debt was down to £29.8m as at the year end.
Notice of Full Year Results
Midas expects to announce its preliminary results for the year ended 31 December 2008 in late March 2009.
Further information on Midas can be found at: www.midascapitalplc.com
Enquiries:
Midas
Colin Rutherford, Executive Chairman: 07768 053 054
Simon Edwards, Chief Executive: 07947 118 670
Broadgate
Roland Cross, Director: 020 7726 6111
Note to editors:
The Group manages 10 OEICs, of which 2 are in the top decile and 1 in the top quartile of their sectors over the periods since launch.
CF Miton Special Situations Portfolio and CF Miton Strategic Portfolio are ranked in the top decile of their sectors over the 1 and 3 year periods and since launch.
The Group's fund management division has a very strong presence in the 'managed' fund sectors, which we believe are at the heart of investor's long term needs.
There remains significant scope to increase new money flows into the Fund Management division's products through enhanced distribution.
The iWM division is in excellent shape and is well placed to withstand the current downturn and grow its FUM&A. It continues to attract new clients into its financial planning, investment management and employee benefits activities.
Early indications for deal flow in 2009 in the corporate services division are promising.
END
Related Shares:
MGR.L