Premier Miton Group plc (LON:PMI), the AIM quoted fund management group, today announced its final results for the year ended 3oth September 2021.
· £13.9 billion closing Assets under Management 4 (‘AuM’) (2020: £10.6 billion) – up 31%
· £14.0 billion closing AuM as at 31 October 2021 (unaudited)
· Net inflows of £830 million for the year (2020: £619 million outflow)
· Strong investment performance with 83% of funds in the first or second quartile of their respective sectors since launch or fund manager tenure (2020: 65%)
· Adjusted profit before tax 1,4 of £28.6 million (2020: £22.4 million) – up 28%
· Adjusted earnings per share 2,4 of 16.46 pence (2020: 12.46 pence) – up 32%
· Profit before tax 3 of £17.5 million (2020: £9.6 million) – up 82%
· Cash balances were £47.7 million at 30 September 2021 (2020: £36.0 million) – up 32%
· Final proposed dividend of 6.3 pence per share (2020: 4.5 pence per share) – up 40%
· Total proposed dividend for the year of 10.0 pence per share (2020: 7.0 pence per share) – up 43%
· Three investment teams hired and three new funds launched in the year
(1) Adjusted profit before tax is calculated before the deduction of taxation, amortisation, share-based payments, merger related costs and exceptional costs. Reconciliation included within the Financial Review section.
(2) Adjusted earnings per share is calculated before the deduction of amortisation, share-based payments, merger related costs and exceptional costs.
(3) Merger related costs totalled £1.4 million during the year (2020: £4.5 million).
(4) These are Alternative Performance Measures (‘APMs’).
Mike O’Shea, Chief Executive Officer of Premier Miton Group, commented:
“I am pleased to deliver a strong set of results for the Group. We have achieved net inflows of £830 million in 2021, with all four quarters seeing positive flows. In terms of investment performance, 83% of our funds are outperforming since manager tenure. From a financial point of view, we have a healthy level of cash on our balance sheet and our AuM is at an all-time high.
“We have a diversified business and a strong, broad product range which we have continued to develop over the year, including the launch of the Premier Miton European Sustainable Leaders Fund, managed by our highly successful European equities team, as well as the Premier Miton Global Smaller Companies Fund and Premier Miton European Equity Income Fund managed by our new investment teams. Our ability to deliver such good results is entirely down to the hard work and diligence of the talented people within our Group. We would like to thank them for their efforts which have allowed us to maintain the highest levels of business continuity and investment excellence over the period.
“As a business we have a clear medium-term goal of growing our assets under management to £20bn and beyond. With our talented investment teams, excellent long-term performance, and strong distribution capabilities we can see how this is achievable. As part of this growth ambition, we will continue to develop our successful profile in the UK wealth management and independent financial advisory space as well as exploring opportunities to grow our presence in the UK institutional market.
“We have continued to make significant progress with the integration of ESG into our investment processes across the firm alongside the launch of two more dedicated responsible investing funds with more planned in the future. This is a very important focus for the Group, and we are determined to make this a key area of success for Premier Miton.
“Our key strengths of investment excellence, relevant products, powerful distribution, financial position, operating platform, strong culture, and acting responsibly as we move towards a more sustainable future, support our belief that Premier Miton is well positioned for future growth.”