Liontrust Asset Management Plc (“ Liontrust “, the “ Company “, or the “ Group “), the independent fund management group, today announces its results for the year ended 31 March 2021.
Results:
· Adjusted profit before tax of £64.3 million (2020: £38.1 million), an increase of 69%
· Adjusted diluted earnings per share of 87.4 pence per share (2020: 56.7 pence per share), an increase of 54%
· Profit before tax of £34.9 million (2020: £16.5 million), an increase of 116%, see note 5 below for a reconciliation to Adjusted profit before tax
· Revenues (Gross Profit) of £164 million (2020: £107 million), an increase of 54%
Dividend:
· Second Interim dividend of 36.0 pence per share (2020: 24.0 pence) . This brings the total dividend for the financial year ending 31 March 2021 to 47.0 pence per share (2020: 33.0 pence), an increase of 42%
Assets under management and advice:
· On 31 March 2021, assets under management and advice (“ AuMA “) were £30.9 billion (2020: £16.1 billion), an increase of 92%
· AuMA as at 18 June 2021 were £33.270 billion
Flows:
· Net inflows for the year to 31 March 2021 of £3,498 million (2020: £2,695 million), an increase of 30%
Commenting, John Ions, Chief Executive, said:
“I am proud of the way Liontrust and our colleagues have performed over the past year, rising to the challenges and continuing to deliver excellence across the business for our clients. This is shown in Liontrust generating net inflows of £3.5 billion and a near doubling in our AuMA, with a subsequent rise to £33.3 billion as at 18 June 2021.
The momentum behind the business is demonstrated by the industry's sales figures for the first three months of 2021. According to the Pridham Report, Liontrust had the third highest net retail sales in the UK in the first quarter of the year and was placed fifth for gross retail sales.
The tailwind behind ESG continues and Liontrust is benefiting from our Sustainable Investment team's 20-year track record, proven process and clear reporting on their engagement with companies and the impact of their investments. To meet the rising interest in sustainability and demand for sustainable investment, we have announced the intention the launch an investment trust, Liontrust ESG Trust PLC (“ ESGT “).
This is a significant launch for Liontrust in expanding our offering into investment trusts and will enable a wider range of investors to access the Sustainable Investment team.
As planned, the IPO for ESGT will be on 5 July and will enable Peter Michaelis' team to be unconstrained by market cap, include small cap stocks not held by their open-ended funds and invest in the highest sustainability companies.
In continental Europe, Liontrust has partnered with ABN AMRO Investment Solutions to launch a global impact fund which is being distributed in Italy, Luxembourg and Spain. Along with Sustainable Investment, we see great potential for our Global Fixed Income, Cashflow Solution and Economic Advantage strategies in Europe.
The excellence and breadth of our fund management capability is demonstrated by the fact that Liontrust has been shortlisted for Global Group of the Year and 12 funds managed by four of the investment teams – Economic Advantage, Sustainable Investment, Global Equity and Multi-Asset – have been nominated for Incisive Media's Fund Manager of the Year Awards 2021 that take place on 8 July.
The importance and benefit of high-quality active fund management with strong long-term performance has been reiterated by the pandemic. Our investment teams can allocate the capital that companies and the economy need to deliver a positive outcome and engage to ensure best business practices. Active managers also have a role in ensuring that all shareholders can realise the full potential value of a listed company.
The excellence of our active investment management, service and communications gives me great confidence that Liontrust will continue to grow as we emerge from the pandemic.”