Premier Miton Group plc (LON:PMI), the AIM quoted fund management group, has announced its final results for the year ended 30 September 2020.
Highlights
· £10.6 billion closing Assets under Management 4 (‘AuM’) (2019: £6.6 billion)
· £11.6 billion closing AuM as at 20 November 2020 (unaudited)
· Net outflows of £619 million for the year
· Adjusted profit before tax 1,4 of £22.4 million (2019: £19.0 million)
· Adjusted earnings per share 2,4 of 12.46 pence (2019: 15.10 pence)
· Profit before tax 3 of £9.6 million (2019: £13.7 million)
· Cash balances totalled £36.0 million at 30 September 2020 (2019: £20.7 million)
· Final proposed dividend of 4.5 pence per share (2019: 5.4 pence per share)
Notes
(1) Adjusted profit before tax is calculated before the deduction of taxation, amortisation, share-based payments, merger related costs and exceptional costs. Reconciliation included within the Financial Review section.
(2) Adjusted earnings per share is calculated before the deduction of amortisation, share-based payments, merger related costs and exceptional costs.
(3) Merger related costs totalled £4.5 million during the year (2019: nil).
(4) These are Alternative Performance Measures (‘APMs’).
Mike O’Shea, Chief Executive Officer of Premier Miton Group, commented:
“It has been a landmark year for Premier Miton. Our financial year commenced following the announcement of the merger between Premier Asset Management Group plc and Miton Group plc and I am pleased to report that the integration process has gone to plan in terms of people integration and operational and financial synergies. We have also faced the significant market disruption arising from the COVID-19 pandemic and I am pleased with the overall strong performance delivered by our investment strategies via genuine active management.”
“We have made a number of key investment team hires during the year in fixed income, global sustainable equities, global smaller companies, and UK equities, which further strengthens our business for the future. Although we had net outflows during the year, we are encouraged by our continued positive fund flow momentum into our equity and fixed income funds, the strong performance across our broad range of multi-asset funds, and the potential of our new investment capabilities.”
“The Group seeks to maintain a dividend policy that targets an ordinary dividend payout of approximately 50% to 65% of adjusted profit after tax, and despite the challenging environment we are proposing a final dividend of 4.5p per share, bringing the total for the full year to 7p.”
“Following the successful integration, we now have an even stronger and scalable investment and operating platform. We see exciting growth opportunities across our range for both our new and established funds and believe that Premier Miton is well positioned for the future.”
