LONDON (ShareCast) - (Sharecast News) - Tatton Asset Management reported on Thursday that its interim profit before tax more than quadrupled in size after a jump in customer numbers.
The six-month period ended 30 September saw profit before tax rise 454% to £3.1m on the back of a 15.7% increase in group revenue to £8.5m and a reduction in administrative expenses from £6.7m to £5.5m.

Paul Hogarth, chief executive of Tatton, said: "We have delivered a positive first half with continued growth in revenue, profit and earnings underlining the strong demand by independent financial advisers for our low-cost discretionary fund management service for the mass affluent. This is particularly reflected in the strong growth of our assets under management and in the increasing number of IFAs and clients we are working with."

A total of 405 adviser firms now use Tatton's discretionary portfolio management service, up 41.6% compared to the same period last year.

The AIM traded outfit's assets under management were 29.5% higher year-on-year at £5.7bn and cash and cash equivalents at the period end stood at £11.6m, up from £10.5m at the same point last year.

"Paradigm Mortgages performed very well and continues to gain market share and we look forward to the re-branding of Paradigm Partners in January 2019. We remain confident of achieving further progress through the rest of the financial year," said Hogarth.

Paradigm Mortgages, Tatton's mortgage and protection distribution business, saw gross lending increase by 25% to £4bn as the number of mortgage firms using its services climbed by 13% to 1,290.

Tatton's shares were down 1.45% at 244.00p at 1150 GMT.

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