26th Jun 2008 07:00
26th June 2008
Pre close trading statement
Midas Capital plc, a leading UK multi-asset fund management business, today announces a pre close trading update in advance of the announcement of its interim results for the period to 30 June 2008, which will be made no later than 26th September 2008.
The acquisition of Midas Capital Partners was completed on 6 March 2008, at which time the Group's aggregate funds under management and advice amounted to £2.75bn. The integration of the fund management operations is progressing well and the new UK Midas fund range, comprising seven open ended multi-asset funds, was launched on 4th June 2008. Each of the seven funds stands in the top performance quartile of its relevant fund peer group since launch and each has been managed by the same fund manager since launch*.
The Group has achieved net inflows into its open ended funds in each month of the current calendar year to 31 May 2008, albeit at a significantly lower level than previously anticipated. At 31 May 2008, funds under management and advice, had increased marginally to £2.82bn. In light of recent experience, expectations for net fund flows have been revised downwards for the remainder of the current financial year.
The Group's wealth management business had a difficult first quarter, but since then has traded in line with expectations. Accordingly the forecast outcome for the year to 31 December 2008 is likely to be lower than expectations.
Intelli Corporate Finance is trading in line with expectations.
As a consequence of the above, the adjusted profit before tax for the year to 31 December 2008 will be lower than previous market expectations.
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For further information, please contact:
Michael Phillips, Chief Executive, Midas Capital plc 07973 141998
Roland Cross, Director, Broadgate 020 7726 6111
James Steel, Arbuthnot Securities Limited 020 7012 2000
Web: midascapital.co.uk
*Periods to 30th April 2008
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