Liontrust asset management announces 127% spike in profits

Liontrust Asset Management shares dipped 1.7% to 913.8p in late morning trading on Wednesday following a reported 127% spike in pre-tax profit to £79.3 million compared to £34.9 million in FY 2022.

The company announced a 64% increase in adjusted pre-tax profit of £96.6 million against £59 million year-on-year.

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Liontrust Asset Management noted a 41% revenue climb of £245.5 million against £175 million in the previous financial term.

“Over the past 13 years, we have successfully grown Liontrust by seeking to deliver discipline and excellence in everything we do and focusing on long-term positive outcomes for our investors,” said Liontrust Asset Management CEO John Ions.

“The success of this approach is shown by our strong sales, growth in AuMA and profitability, and a 53% increase in total dividends for the financial year.”

“These positive outcomes have been achieved through Liontrust’s investment teams, their rigorous and robust processes, and first-class service and communications.”

The firm also confirmed a rise in assets under management and advice of 8.5% to £33.5 billion compared to £30.9 billion, with the acquisition of Majedie Asset Management Limited on 1 April 2022 adding £5.2 billion, growing Liontrust’s pro forma assets under management to £38.7 billion.

“We continue to add value through M&A. On 1 April 2022, we completed the acquisition of Majedie Asset Management, which has broadened our distribution and investment capability,” said Ions.

“Majedie was appointed manager of one of the oldest investment trusts in 2020, which is testament to the team’s investment strength and provides a presence in this market.”

Liontrust Asset Management reported an assets under management total at £34.2 billion on 17 June 2022.

The company noted net inflows of £2.5 billion in FY 2022 against £3.5 billion in FY 2021. Liontrust had the second-highest net retail sales in the UK in 2021, according to the Pridham Report.

Liontrust Asset Management commented that it was well-positioned to achieve its objectives for the coming year, and did not expect the wider macroeconomic picture to notably impact its results going forward.

“Whatever the challenges ahead for the global economy, our investment excellence, robust processes and high-quality service give me great confidence that over the long term we can continue to deliver positive outcomes for our investors and therefore our shareholders and other stakeholders,” said Ions.

The group announced a total dividend of 72p against 47p, representing an increase of 53% from last year.

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