Premier Miton Group shares jump; profit and revenue falls

(Alliance News) - Premier Miton Group PLC on Wednesday posted steep falls in annual profit and revenue, as "difficult" market conditions persisted.

The Guildford, Surrey-based asset management firm reported a 46% fall in pretax profit to GBP3.2 million for the year ended September 30, from a restated profit of GBP5.9million a year before.

Revenue fell by 6.5% to GBP64.0 million, from a restated revenue of GBP68.5 million a year before.

Premier Mitton attributed this to "difficult" market conditions, driven by low investor confidence.

It also noted costs relating to the acquisition of both Tellworth and an Irish UCIT's structure during the period.

More positively, assets under management rose 8.8% on-year to GBP10.68 billion as at September 30, from GBP9.82 billion a year prior.

Chief Executive Officer Mike O'Shea commented: "Looking forward into 2025, we recognise that over the last two or three years, market conditions for active fund management businesses such as ours have been difficult."

"Our response to this has been to make sure that our business is well diversified by asset class and by fund so that we are not overly exposed to any one investment theme, manager, or risk."

Premier Miton proposed a final dividend of 3.0 pence, bringing the total dividend for the year to 6.0p, unchanged on-year.

Premier Miton shares were up 9.3% at 60.13 pence each in London on Wednesday morning.

By Lydia Doye, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Premier Miton