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Interim Results

15 May 2006 07:01

Premier Asset Management PLC15 May 2006 Premier Asset Management PLC Interim results for the six month period ended 31st March 2006 Highlights • Turnover up 55% to £7.04 million (2005 - £4.54 million) • Profit before tax and amortisation of £525,432 (2005 - £66,475 loss) • Basic EPS before tax and amortisation of 3.64p (2005 - 0.50p loss) • Funds under management as at 31st March 2006 up to £1.33 billion from £694 million as at 30th September 2005 • Net new business of £110 million in the first six months Enquiries: 01483 306090 Premier Asset Management plc Mike O'Shea Chief Executive Chairman's Statement Period to 31st March 2006 In my last report to shareholders I highlighted that your Company was in astronger position than at any time in recent years to enhance earnings and toaccelerate the improvement in profitability. It is, therefore, pleasing toreport that during the six months under review, turnover increased by 55%compared to the same period last year, to £7.04 million and that your Companymade a profit before taxation and amortisation of £525,432 compared to a loss of£66,475 for the corresponding period last year. This translates into a basicearnings per share before taxation and amortisation of 3.64p. Funds under management at the end of March were £1.33 billion, more than doubletheir level at the same time last year. This increase is attributable to boththe acquisition activity referred to in my previous report to shareholders, aswell as to organic growth in sales. During the six months, net new businesstotalled £110m across our range of open ended funds and discretionaryportfolios, a significant increase on last year's number of £43m. Your Board believes that your Company is making good progress on a number offronts. As mentioned above, sales have been buoyant, in particular across theThird Party Fund range, but also across the core fund of funds products.Performance on the Advantage funds range, your Company's specialist equityfunds, has been encouraging. This performance is beginning to attract goodinvestment flows, albeit from a small base. It is hoped that this can be builton further in the coming months as these performance numbers gain widerattention in the marketplace and the funds become available through the variousinvestment platforms. On the corporate side, the integration of the BFS acquisition is at an advancedstage with the new Aylesbury administration office now fully operational and theinvestment trust clients and portfolio managers fully integrated. Plans are wellunderway for the integration of the private client businesses which will takeplace over the next six months. It is also positive to be able to report that the acquisition of the FramlingtonAbsolute Growth fund was completed in early April adding an interesting new fundto the product line as well as an additional £50 million of funds undermanagement. Your Board is also pleased to report the launch of the Premier RENNUS Emerging Growth fund in Guernsey which has attracted $10m at launch. Takentogether with your Company's recent appointment to manage the £23 millionAbsolute Growth and Income Investment Trust, and to manage a new £29 millionfund of funds mandate for an offshore insurance company, this gives your Companya positive start to the second half of the year. Looking forward, your Board is hopeful that your Company can continue to buildon its recent successes both in terms of assets under management andprofitability throughout the rest of this year and beyond. The management teamis clearly focussed on delivering organic growth within the business as well askeeping an active watch on further potential acquisitions that will enhance therange of products and services your Company offers. As mentioned in my last report, your Board reviews the prospects for announcingthe commencement of a dividend and if trading continues to improve then it ishoped to be able to consider this in a positive light at the year end. My colleagues and I recognise that it is the result of the hard work andexpertise of the whole team at Premier that has allowed your Company to make theprogress that it has. I would, therefore, like to thank them for theircommitment during the last six months and I look forward to their continuedsupport as the business moves forward. Roger Wood Chairman 15th May 2006 Consolidated Profit and Loss AccountFor the six month period ended 31st March 2006 6 months to 6 months to Notes 31st March 2006 31st March 2005 £ £ Turnover 2 7,042,806 4,549,061 Operating expenses ---------- ---------- Amortisation (284,349) (116,655) Other operating expenses (6,622,910) (4,431,560) Exceptional item 3 - (239,004) ---------- ----------Totaloperatingexpenses (6,907,259) (4,787,219)--------------------------------------------------------------------------------Operatingprofit/(loss) 135,547 (238,158) Share ofprofit fromassociate 41,654 - Net interestreceivable 63,882 55,028-------------------------------------------------------------------------------- Profit/(loss)on ordinaryactivitiesbeforetaxation 241,083 (183,130) Tax on profit/(loss) on ordinary activities - - -------------------------------------------------------------------------------- Profit/(loss)on ordinaryactivitiesafter taxation 241,083 (183,130) Dividends (non equity) - --------------------------------------------------------------------------------- Retainedprofit/(loss)for the period 241,083 (183,130)-------------------------------------------------------------------------------- Earnings per share - basic 4 1.67 (1.39)-------------------------------------------------------------------------------- - diluted 4 1.58 (1.38)-------------------------------------------------------------------------------- Consolidated Balance SheetAs at 31st March 2006 31st March 30th September 2006 2006 2005 2005 £ £ £ £Fixed assetsIntangible fixed assets 2,802,923 2,531,314Goodwill 3,593,837 2,231,950Tangible fixed assets 373,364 309,003Investment in associate 60,396 43,500-------------------------------------------------------------------------------- 6,830,520 5,115,767Current assetsInvestments 181,777 135,827Debtors 6,166,946 5,297,859Cash 4,483,909 3,551,341-------------------------------------------------------------------------------- 10,832,632 8,985,027 Creditors: Amounts falling due within one year (10,087,753) (8,456,748)-------------------------------------------------------------------------------- Net current assets 744,879 528,279--------------------------------------------------------------------------------Total assets less current liabilities 7,575,399 5,644,046-------------------------------------------------------------------------------- Called up share capital 1,465,521 1,316,669Share premium account 2,228,558 686,646Capital redemption reserve 830,000 830,000Profit and loss account 3,051,320 2,810,731--------------------------------------------------------------------------------Shareholders' funds 7,575,399 5,644,046-------------------------------------------------------------------------------- Consolidated Cash Flow StatementFor the six month period ended 31st March 2006 31st March 2006 31st March 2005 £ £ £ £Net cashinflow fromoperatingactivities 1,914,427 769,102 Dividendsreceived fromassociate 24,758 - Returns on investments and servicing of finance Interest received 75,658 59,186 Interest paid (11,776) (4,158)--------------------------------------------------------------------------------Net cash inflow from returnson investments and servicing of finance 63,882 55,028 Capital expenditure and financial investment Purchase of tangible fixed assets (133,171) (16,682) Purchase investments (45,950) (49,000) Purchase of intangible fixed assets (965,504) - Purchase of goodwill - (12,351) Sale of tangible fixed assets 2,350 1,955 Sale of investments - 251,201--------------------------------------------------------------------------------Net cash (outflow)/inflow from capital expenditure and financial investment (1,142,275) 175,123 Financing Repurchase of shares in treasury - (447,279) Issue of shares (net of expenses) 24,424 17,114 Bank loan 153,834 ---------------------------------------------------------------------------------Net cash inflow/(outflow)from financing 178,258 (430,165)----------------------------------------------------------------------------------------------------------------------------------------------------------------Increase incash 1,039,050 569,088-------------------------------------------------------------------------------- Notes to the Interim Statement For the six month period ended 31st March 2006 1. Basis of Preparation These interim financial statements, which are unaudited, comply with relevant UKaccounting standards and should be read in conjunction with the Annual Reportand Accounts for the year ended 30th September 2005 which have been filed atCompanies House and which contain an unqualified audit report. The accountingpolicies have been applied on a consistent basis with those applied in 2005. 2. Turnover Analysis Turnover relates to commissions and fees receivable, and arose primarily in theUnited Kingdom. A split of turnover by geographical region and activity are asfollows: Geographical analysis Six Months to Six Months to 31st March 2006 31st March 2005United Kingdom 97.4% 94.6%Ireland 2.5% 5.0%North America 0.1% 0.4%-------------------------------------------------------------------------------- 100.0% 100.0%-------------------------------------------------------------------------------- Activity Analysis Six Months to Six Months to 31st March 2006 31st March 2005 £'000 £'000Fund Management Fees 5,112 3,464Initial Fund Commissions 983 570Private Client Fees 603 178Private Client Commissions 212 39Other 133 298-------------------------------------------------------------------------------- 7,043 4,549-------------------------------------------------------------------------------- Profit/(loss) on ordinary activities before taxation and amortisation arecalculated as follows: Six Months to Six Months to 31st March 2006 31st March 2005 £'000 £'000Profit/(loss) on ordinary activities 241,083 (183,130)before taxationAmortisation 284,349 116,655-------------------------------------------------------------------------------- 525,432 (66,475)-------------------------------------------------------------------------------- 3. Exceptional Item As previously noted in the 2005 annual report and accounts, Premier FundManagers Ltd (PFM) was assisting the Financial Services Authority (FSA) with itsindustry wide investigation of the split capital investment sector. The FSA hadsuggested to PFM and the other firms under investigation that the parties shouldconsider making a contribution into a fund that was to be established by the FSAfor the purpose of making distributions to eligible investors who felt that theywould have a claim for losses as a result of investing in certain split capitalinvestments. On 24th December 2004 PFM, along with a number of other firms,reached an agreement with the FSA, bringing to an end the split capitalinvestment sector investigation. In this respect PFM agreed to pay £150,000without admission of liability. In addition to the contribution, PFM alsoincurred legal fees during the six-month period to 31st March 2005 of £89,004. 4. Earnings Per Share The calculation of earnings per share has been made in accordance with the FRS22 'Earnings Per Share'. 6 months to 31st March 2006 Weighted Per share Earnings Average No Amount £ of shares pence--------------------------------------------------------------------------------Attributable profit/(loss) 241,083 14,428,214 1.67Amortisation 284,349 - 1.97-------------------------------------------------------------------------------- Adjusted earnings per share 525,432 14,428,214 3.64Share options - 860,295 0.00-------------------------------------------------------------------------------- Diluted earnings per share 241,083 15,288,509 1.58Amortisation 284,349 - 1.86--------------------------------------------------------------------------------Diluted adjusted earnings per share 525,432 15,288,509 3.44-------------------------------------------------------------------------------- 6 months to 31st March 2005 Weighted Per share Earnings Average No Amount £ of shares pence--------------------------------------------------------------------------------Attributable profit/(loss) (183,130) 13,133,140 (1.39)Amortisation 116,655 - 0.89-------------------------------------------------------------------------------- Adjusted earnings per share (66,475) 13,133,140 (0.50)Share options - 104,007 0.00-------------------------------------------------------------------------------- Diluted earnings per share (183,130) 13,237,147 (1.38)Amortisation 116,655 - 0.88--------------------------------------------------------------------------------Diluted adjusted earnings per share (66,475) 13,237,147 (0.50)-------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
13th Sep 20071:53 pmRNSHolding in Company
12th Sep 20079:20 amRNSRecommended Final Cash Offer
10th Sep 20077:02 amRNSCancellation of Admission
4th Sep 20076:42 pmRNSRule 8.3- Premier Asset Manag
31st Aug 20074:15 pmRNSTotal Voting Rights
31st Aug 20073:50 pmRNSResignation and Add. Listing
28th Aug 20077:03 amRNSOffer Update
24th Aug 20071:36 pmRNSRule 8.1- Premier Asset
23rd Aug 20076:21 pmRNSHolding in Company
23rd Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
23rd Aug 200710:00 amRNSRule 8.3- Premier Asset Man.
22nd Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
21st Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
20th Aug 20074:18 pmRNSOffer Update
20th Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
20th Aug 20078:42 amRNSAIM Rule 26
17th Aug 200712:55 pmRNSOffer Update
17th Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
15th Aug 20072:06 pmRNSHolding(s) in Company
15th Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
13th Aug 200712:00 pmRNSRule 8.3- Premier Asset Man.
13th Aug 20077:01 amRNSLevel of Acceptances
10th Aug 200711:30 amRNSRule 8.3- Premier Asset Man.
9th Aug 20075:34 pmRNSEPT Disclosure
7th Aug 200712:25 pmRNSRule 8.3-Premier Asset Mngmnt
6th Aug 20072:08 pmRNSResult of EGM
6th Aug 20079:03 amRNSRule 8.3-Premier Asset Manag.
2nd Aug 200711:56 amRNSHolding in Company
1st Aug 20075:02 pmRNSHolding in Company
1st Aug 20074:17 pmRNSRule 8.3-Premier Asset Manag.
1st Aug 20072:49 pmRNSRule 8.3- Premier Asset Man.
1st Aug 200710:49 amRNSRule 8.1- Premier Asset Mgt
31st Jul 20071:23 pmRNSRule 8.3- Premier Asset Man.
31st Jul 200711:28 amRNSRule 8.1- Premier Asset Mgt
31st Jul 200711:05 amRNSre: Premier Asset Management
30th Jul 20076:20 pmRNSResponse to Water Hall Group
30th Jul 20075:57 pmRNSEPT Disclosure
30th Jul 20079:00 amRNSOffer for Premier Asset Man.
27th Jul 20072:14 pmRNSRule 8.3-Premier Asset-Amd
27th Jul 200711:56 amRNSRule 8.3-Premier Asset-Amend
27th Jul 200711:00 amRNSRule 8.3- Premier Asset Man.
27th Jul 200710:58 amRNSRule 8.3-Premier Asset Manag
27th Jul 200710:57 amRNSRule 8.3- Premier Asset Man.
27th Jul 200710:55 amRNSRule 8.3- Premier Asset Manag
25th Jul 200711:18 amRNSRule8.3-Premier Asset-Replace
25th Jul 200710:35 amRNSRule8.3-Premier Asset-Replace
20th Jul 20075:22 pmRNSEPT Disclosure
20th Jul 20074:34 pmRNSOffer Document Posted
18th Jul 20075:14 pmRNSEPT Disclosure
18th Jul 20079:28 amRNSEPT Disclosure

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