LONDON (Alliance News) - AIM-listed fund manager Miton Group PLC Monday reported a slip in pretax profit in 2013 but said assets under management increased by 73% on its acquisition of PSigma Asset Management Holdings Ltd.
Pretax profit fell to GBP701,000 in 2013 from GBP913,000 in 2012, despite a 25% increase in revenue, because of GBP1.1 million in expenses related to acquiring PSigma, as well as redundancies.
However, assets under management increased to GBP3.10 billion as at December 31, 2013 from GBP1.79 billion a year before, boosted by GBP351 million of net inflows into the Miton funds and investment trusts and GBP749 million from the PSigma acquisition.
Executive Chairman Ian Dighé said assets under management have increased further to GBP3.2 billion at the end of February.
"We have made a good start to 2014 and therefore look forward to a year of further progress," he said in a statement.
Dighé also said the sale of Miton's Liverpool-based fund-management business, agreed towards the end of January, is expected to complete at the end of March.
The Liverpool business is being sold to Seneca Investment Managers Ltd in a deal worth up to GBP6.4 million.
Dighé said the sale will initially lower assets under management by GBP450 million but said underlying growth momentum within Miton is continuing to drive up profitability.
Miton upped its full-year dividend to 0.54 pence, from 0.45 pence, in light of its growth in the last financial year and what it called the board's confidence in future prospects.
Miton shares were Monday quoted at 48.50 pence, up 2.1%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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