Miton profit mounts up as inflows double

(Sharecast News) - Miton Group's shares climbed on Monday after the investment manager reported an expansion of its assets under management, as well as annual revenues and profits.Profit before tax came in at £8.9m for 2018, up 43% from the year before, while revenue jumped 30% to reach £36.2m after assets under management grew 14% to £4.4bn at the end of the year.Net fund inflows increased by 106% to £1.0bn and the average level of assets under management was 30% higher at £4.4bn.Meanwhile, the AIM-traded company said that its investment performance remains strong in 81% of funds in the first or second quartile of their respective sectors, since launch or fund manager tenure.David Barron, chief executive of Miton, said: "2018 was a year of positive progress for Miton. Record net flows of just over £1 billion demonstrated the appeal of strategies that are genuinely active. We have continued to broaden the business as evidenced by the strong growth in our newer funds."The company declared a dividend of 2.0p, up 14% on-year, and said it will introduce an interim dividend in 2019.Cash and cash equivalents stood at £25.5m at the end of the period, up from £19.9m at the same point the year before."We are confident that we can maintain our longer-term momentum, despite the subdued markets in the short term. Overall, the strength of our strategies, the effectiveness of our distribution and our scalable platform, supported by our robust financial foundations, give us confidence in Miton's future," said Barron.Miton Group's shares were up 8.63% at 56.49p at 0847 GMT.