LONDON (Alliance News) - Miton Group PLC Friday said it expects to pay a "good and growing dividend" for its last financial year, as it reported a rise in cash balances and said that adjusted pretax profit, which excludes amortisation, exceptional items and certain matters of taxation, is in line with expectations.
The group also set its sights on growing assets under management after difficult year for the fund manager, during which it sold its Liverpool business, saw the loss of a GBP300 million segregated mandate following the retirement of veteran fund manager Bill Mott, and warned on profit.
Reporting a 34% fall in assets under management to GBP2.05 billion over the course of 2014, of which GBP438 million related to the sale of its Liverpool business to Seneca Investment Managers Ltd last January, the AIM-listed multi-asset and equity fund manager said the business is focused on achieving assets under management growth in the current financial year.
Cash balances grew to GBP15.2 million at the end of 2014, compared with GBP11.2 million at the end of the prior year.
In addition, Miton said that David Jane and his team have delivered a "major turnaround" in the performance of the group's multi-asset funds, while the Miton Income Fund has delivered a "much improved" showing.
"As markets have become more challenging, the differentials of our fund strategies have become more relevant," Miton said.
The group said its strategies are "specifically positioned" to deliver premium returns in the current market environment.
"Three years ago Miton first highlighted to clients how world growth could slow in spite of exceptionally low interest rates, considerable budget deficits and major injections of liquidity into asset markets via quantitative easing. The major falls in commodity prices underline just how much expectations for world growth have now moderated," Miton said.
Miton shares were up 9.4% at 21.88 pence per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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