LONDON (ShareCast) - (Sharecast News) - Discretionary fund management and financial adviser support services company Tatton Asset Management said on Tuesday that it delivered a "robust performance" in its first half, continuing to grow revenue and profits.
The AIM-traded firm said it remained on track to deliver results in line with market expectations.

It said group revenue increased 12.6% year-on-year for the six months ended 30 September, to £10.96m, while group adjusted operating profit improved by 21.9% to £5.03m.

Tatton's assets under management increased to £7.811bn from £6.65bn at the end of March, which made for growth of 17.4% over the six months.

Net inflows for the period totalled £328.1m, making for an increase of 4.9% of assets under management.

The company's mortgage distribution and support services company, Paradigm Mortgage Services, saw an increase in member firms of 3.0% to 1,591 members compared to the end of March.

Paradigm Consulting, the group's independent financial adviser support business, increased its members by 2.5%.

"The last six months have been testing times for many businesses and our business model has proved to be resilient and capable of dealing with the challenges presented by the pandemic," said founder and chief executive officer Paul Hogarth.

"We adapted seamlessly to the new trading environment and have maintained face-to-face engagement with our independent financial advisers, where possible.

"We have also redeployed resources to direct online engagement, running multiple interactive virtual events and frequent video investment updates, which have been well received and have proved to be very successful."

Hogarth said Tatton continued to make progress increasing new firm numbers, as its assets under management increased through a combination of positive organic net inflows and strong investment performance.

"Paradigm Consulting has been largely unaffected by the ongoing pandemic and has increased new members, and while Paradigm Mortgages encountered a very challenging environment specifically in the first quarter, it has since remained resilient and is performing well in the current market.

"As we look forward, the group is well positioned to take advantage of the opportunities that lie ahead, and we remain optimistic and confident the group will continue to grow and make progress."

Tatton said its unaudited results for the first half would be announced on 18 November.

At 1056 BST, shares in Tatton Asset Management were up 4.24% at 295p.

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