Premier Miton maintains dividend after 'resilient' year
By Josh White
Date: Friday 02 Dec 2022
(Sharecast News) - Fund manager Premier Miton Group reported closing assets under management of £10.6bn in its full-year results on Friday, down from £13.9bn year-on-year.
The AIM-traded firm said it swung to net outflows of £1.08bn in the 12 months ended 30 September, from inflows of £830m in the 2022 financial year.
It described a "strong" investment performance, with 87% of funds in the first or second quartile of their respective sectors since launch or fund manager tenure, up from 83% in the prior year.
Adjusted profit before tax slipped to £24.3m from £28.6m, while adjusted earnings per share fell to 13.79p from 16.46p.
Profit before tax totalled £14.9m, compared to £17.5m for the 12 months through September 2021.
Cash balances at period end on 30 September totalled £45.8m, down marginally from the £47.7m it recorded a year prior.
The board proposed a final dividend of 6.3p per share, in line with its final distribution for the 2021 financial period, making for an unchanged total proposed dividend for the year of 10.0pe per share.
Premier Miton's board said it had made "significant investment" in fund management and distribution talent over the last three years, to help create a "modern, active asset management business" positioned for future growth.
It added that unaudited closing assets under management had risen to £11.3bn between the end of the financial year on 30 September, and the close of business on 25 November.
"I am pleased to deliver a resilient set of results for the group despite tougher market conditions," said chief executive officer Mike O'Shea.
"I believe we remain well positioned to achieve our long-term growth ambitions.
"We have a financially robust business and a diversified range of products delivering excellent outcomes for our clients over the medium to long term."
O'Shea said he was "of the view" that when confidence returned, investors would increasingly seek genuinely active strategies as they looked to deliver added value for clients above benchmark returns.
"Premier Miton is well placed to take advantage of this opportunity, given our track record of delivering strong investment performance for our clients."
At 1227 GMT, shares in Premier Miton Group were up 18.12% at 108.08p.
Reporting by Josh White for Sharecast.com.
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