LONDON (Alliance News) - Asset manager Miton Group PLC on Monday said it swung to profit in 2015 due to one-off costs not repeating, but adjusted profit fell due to the group having lower average assets under management on its books through the year, which hit revenue.
Miton said its average assets under management fell 12% to GBP2.32 billion in 2015 from GBP2.64 billion a year earlier. This meant net revenue for the group slipped to GBP15.7 million from GBP17.2 million and this hit adjusted pretax profit, which fell to GBP3.0 million from GBP5.3 million.
The adjusted numbers strip out one-off costs the group has booked, which were higher in 2014 due to losses on the sale of a business. Without those one-offs, Miton swung to a GBP2.1 million pretax profit from a GBP5.5 million loss.
Total assets under management for the group increased to GBP2.78 billion by the end of December, from GBP2.05 billion at the same point a year earlier, as the group registered good net inflows over the course of the year and benefited from the launch of two new funds.
Miton will pay a 0.67 pence annual dividend, up from 0.60p a year earlier.
Chairman Ian Dighe said the group saw momentum improve in the second half, and this has continued into 2016.
Miton shares were down 2.4% to 30.00p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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