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(Alliance News) - Premier Miton Group PLC said on Friday it has managed to deliver growth in its half year despite a volatile market environment.
For the six months to March 31, the London-based asset manager said revenue was up 10% to GBP48.5 million from GBP43.9 million year-on-year.
Pretax profit jumped 60% to GBP9.9 million from GBP6.2 million, while earnings per share rose to 3.97 pence from 3.48p.
Shares in Premier Miton were up 11% at 124.88 pence each in London on Friday morning.
Assets under management at the end of March stood at GBP12.85 billion, decreased from GBP13.93 billion at October 1. AuM at April 30 totalled GBP12.5 billion.
"Geopolitical events created a challenging period for markets and this was reflected in the group's AuM. Despite strong relative investment performance, the group saw negative market returns of GBP683 million," the investor said.
The firm proposed an interim dividend of 3.7p a share, unchanged from the year before.
"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. We are delivering strong investment returns for our fund investors with almost 90% of our funds outperforming over 3 years and 80% since tenure," says Chief Executive Officer Mike O'Shea.
Looking ahead, the firm notes the ongoing uncertainty is likely to remain, but will continue to focus on long term growth and capturing market share.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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