Liontrust Asset Management Half-Year Report

LIONTRUST ASSET MANAGEMENT PLC

HALF YEAR REPORT FOR THE SIX MONTHS ENDED

30 SEPTEMBER 2022 

Liontrust Asset Management Plc (“Liontrust“, the “Company“, or the “Group“), the independent fund management group, today announces its Half Year Report for the six months ended 30 September 2022.

Results:

·   Adjusted profit before tax¹ of £42.9 million (2021: £39.2 million²), an increase of 9% compared to the equivalent period last year.

·   Profit before tax of £14.1 million (2021: £31.1 million), a decrease of 55% compared to the equivalent period last year. This includes costs of £28.8 million (2021: £8.2 million²) relating to acquisitions and associated restructuring costs; the amortisation and impairment of the related intangible assets; and other non-cash and non-recurring costs (see note 6 below).

·   Gross profit of £108.8 million (2021: £108.5 million), an increase of 0.2% compared to the equivalent period last year.

·   Adjusted diluted EPS¹ of 53.87 pence (2021: 51.82 pence²), an increase of 4.0% compared to the equivalent period last year.

Dividend:

· First Interim dividend per share of 22.0 pence (2021: 22.0 pence) .

Assets under management and advice:

· Assets under management and advice (“AuMA“) were £31.7 billion as at 30 September 2022, a decrease of 5.5% over the financial year to date and 11% compared to AuMA on 30 September 2021.

· AuMA as at close of business on 14 November 2022 were £33.5 billion.

Net flows:

· Net outflows for the six months ended 30 September 2022 of £2.2 billion (2021: £2.1 billion inflows) .

Awards:

· During the period first six months of our financial year, Liontrust won the following awards:

a.   Liontrust won the Global Group of the Year award and Liontrust European Dynamic Fund won the Best Europe ex UK Fund award at Incisive Media’s Fund Manager of the Year Awards

b.   UK Smaller Companies Fund won the award for the best UK Smaller Companies – Active fund at the AJ Bell Fund and Investment Trust Awards

c.   Liontrust won Best UK Manager of the Year at the Financial News Excellence in Institutional Fund Management Awards

¹ This is an Alternative Performance Measure, see note 2 below.

² Restated, see note 6 below .

Commenting on the results, John Ions, Chief Executive, said:

“As guardians of our investors’ savings, we take this responsibility very seriously. This is particularly important given the current cost of living crisis and the volatility we have seen in investment markets.

While we expect this volatility to continue, the Liontrust business remains in good health. The company is financially strong, investment processes are robust, the brand profile is high and positive, and there is extensive client engagement.

The strength of the company is demonstrated by the further independent recognition that Liontrust has gained through awards, including recently being voted Best UK Manager at the Financial News’ Excellence in Fund Management Awards 2022 .

The Board’s confidence in the outlook for the business is shown by the fact that Liontrust is maintaining the same Interim dividend payment as last year at 22p. ”   

For further information please contact:

Tulchan Communications (Tel: 020 7353 4200, Email: liontrust@tulchangroup.com)

Tom Murray or Stephanie Mackrell

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

Panmure Gordon (Tel: 020 7886 2500)

Corporate Broking: Charles Leigh-Pemberton

Corporate Advisory: Dominic Morley