Premier Miton revenue climbs to £43.7m

Premier Miton Group shares gained 8.8% to 123p in early afternoon trading on Friday, after the company reported an increase in net revenue to £43.7 million against £38.5 million, on the back of its diversified product offering and disciplined approach to fund management.

The fund management group announced a climb in closing assets under management to £12.8 billion in HY1 2022 compared to £12.6 billion in HY1 2021.

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Premier Miton mentioned an adjusted pre-tax profit of £14.6 million compared to £11.9 million year-on-year, with the company presenting a range of funds and investment performance which it used to target the institutional market, alongside its traditional distribution channels in the UK IFA and wealth management sectors.

However, the company confirmed net outflows of £401 million compared to £359 million the previous year.

In addition, the firm noted an 80% rate of funds with above median investment performance since their launch or tenure, against 74% in HY1 2021.

“This is a good set of results given the volatile market environment. Premier Miton is a well-diversified asset manager operating on a stable and sustainable platform with a robust balance sheet and, notwithstanding the more difficult market environment, our business is in good health,” sais Premier Miton CEO Mike O’Shea.

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“We are delivering strong investment returns for our fund investors with almost 90% of our funds outperforming over 3 years and 80% since tenure.”

“At times of market stress there are substantial opportunities for genuinely active managers who have the courage of their convictions to run differentiated, long-term, and focused portfolios by taking an agile and positive role in the capital allocation process.”

Premier Miton highlighted the contribution of the Ukrainian war on market volatility, and commented that the long-term prospects for the savings markets remained attracted, with a high level of confidence in the potential and resilience of its business.

The firm also said it aimed to grow its assets under management to over £20 billion in the medium term.

“The outlook for investment markets remains uncertain and, in my view, this is likely to remain the position for some months yet,” said O’Shea.

“Our balance sheet strength and overall health of the business will allow us to focus on delivering superior investment returns for our clients through genuinely active investing during this volatile period.”

“As and when investors decide to commit new capital to investment markets once more, I believe our strong, long term performance record places us in a good position to capture significant market share.”

The investment group proposed an interim dividend of 3.7p per share, remaining flat against its payout in the last year.

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