Last checked at 20 Oct 2020 07:00
20 October 2020
Tatton Asset Management plc
(the "Group")
Trading Update and Notice of Results
Tatton Asset Management plc (AIM: TAM), the on-platform discretionary fund management (DFM) and IFA support services business, is today providing an unaudited period end update for the six months ended 30 September 2020 (the "Period").
The Group delivered a robust performance in the Period, continuing to grow revenue and profits, and remains on track to deliver results in line with market expectations.
The unaudited results for the Period will be announced on Wednesday, 18 November 2020.
Highlights
● | Group revenue increased 12.6% to £10.956 million (30 September 2019: £9.729m)
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● | Group adjusted operating profit1 increased 21.9% to £5.030 million (30 September 2019: £4.126m)
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● | Tatton assets under management (AUM) increased to £7.811 billion (31 March 2020: £6.651 billion). This is an increase of £1.160 billion or 17.4% for the six-month period
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● | Net inflows for the six months to September 2020 were £328.1 million, an increase of 4.9% of AUM
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● | Paradigm Mortgage Services, the Group's mortgage distribution and support services business, has seen an increase in member firms for the period of 3.0% to 1,591 members (31 March 2020: 1,544 members). Paradigm Consulting, the Group's IFA support business, increased its members by 2.5% |
Paul Hogarth, Founder and CEO of plc, said:
"I am pleased to report the continued growth of the Group for the six-month period to 30 September 2020. The last six months have been testing times for many businesses and our business model has proved to be resilient and capable of dealing with the challenges presented by the pandemic.
We adapted seamlessly to the new trading environment and have maintained face-to-face engagement with our IFAs, where possible. We have also redeployed resources to direct online engagement, running multiple interactive virtual events and frequent video investment updates, which have been well received and have proved to be very successful.
Tatton continues to make progress increasing new firm numbers and we are pleased to see our AUM increase to £7.8 billion through a combination of positive organic net inflows and strong investment performance.
Paradigm Consulting has been largely unaffected by the ongoing pandemic and has increased new members and while Paradigm Mortgages encountered a very challenging environment specifically in Q1, it has since remained resilient and is performing well in the current market.
As we look forward, the Group is well positioned to take advantage of the opportunities that lie ahead, and we remain optimistic and confident the Group will continue to grow and make progress."
1Adjusted for exceptional items, share based charges and amortisation
For further information, please contact:
Tatton Asset Management plc Paul Hogarth (Chief Executive Officer) Paul Edwards (Chief Financial Officer) Lothar Mentel (Chief Investment Officer)
| +44 (0) 161 486 3441 |
Zeus Capital - Nomad and Broker Martin Green (Corporate Finance) Dan Bate (Corporate Finance and QE)
| +44 (0) 20 3829 5000 |
N+1 Singer - Joint Broker Peter Steel (Corporate Finance) Rachel Hayes (Corporate Broking)
|
+44 (0) 20 7496 3061 +44 (0) 20 7496 3189 |
Belvedere Communications - Financial PR John West / Llew Angus (media) Cat Valentine / Keeley Clarke (investors)
| tattonpr@belvederepr.com +44 (0) 7407 023147 +44 (0) 7715 769078
|
Trade Media Enquiries Roddi Vaughan Thomas
| +44 (0) 20 7139 1452 |
For more information, please visit: www.tattonassetmanagement.com