Highlights
· £4,539 million closing AuM, up from £3,354 million for the same period last year
· £4,814 million AuM as at 31 August 2018
· Seven consecutive quarters of positive net inflows
· Adjusted Profit before tax of £4.4 million (2017 half year £2.9 million)
· Half year cash balances remain robust at £21.0 million (30 June 2017 £18.2 million)
Financial performance
|
|
Unaudited six months to 30 June 2018 £m |
Unaudited six months to 30 June 2017 £m |
% |
Audited year to 31 December 2017 £m |
|
Closing AuM |
4,539 |
3,354 |
+35.3 |
3,823 |
|
Average AuM(1) |
4,126 |
3,157 |
+30.7 |
3,361 |
|
Net revenue |
12.8 |
10.3 |
+24.3 |
21.8 |
|
Adjusted Profit before tax(2) |
4.4 |
2.9 |
+51.7 |
6.8 |
|
Profit before tax(3) |
4.2 |
2.4 |
+75.0 |
6.2 |
|
Cash generated from operations |
4.1 |
1.9 |
+115.8 |
7.3 |
|
Total cash |
21.0 |
18.2 |
+15.4 |
19.9 |
|
|
pence |
pence |
|
pence |
|
Adjusted earnings per share(2) |
2.25 |
1.53 |
|
3.60 |
|
Diluted adjusted earnings per share(4) |
2.11 |
1.35 |
|
3.38 |
|
Basic earnings per share |
2.18 |
1.24 |
|
3.27 |
|
Diluted earnings per share |
2.04 |
1.09 |
|
3.06 |
David Barron, Chief Executive of Miton Group, commented:
“The results of the first half reflect increasing interest in the genuinely active positioning of our range of funds, the strength of our distribution across the UK and the growing profile of Miton. We continue to concentrate on diversifying the product range, building our brand and distribution, communicating the strengths of our offering and assisting our clients in meeting their aims – and we do this from a scalable platform with clear controls.”
“The momentum of our fund flows and performance are strong. The outlook for the remainder of the year is encouraging.”
strong investment performance and continued investment in our platform. We have seen the growth continue from the end of 2017 into 2018 with our AuM reaching £4.5bn as at 30 June 2018.
AuM growth was 19% over the half year ended 30 June 2018 (six months to 30 June 2017: 15%), and 35% from the position 12 months ago. The growth was primarily driven by strong net inflows of £616m achieved in the period across both our single-strategy and multi-asset ranges. This compares with £494m of net inflows in the year to 31 December 2017.
I am also pleased to report a strong period of growth in our net revenues which increased by 24% to £12.8m (2017 HY: £10.3m). Profit before tax for the period was £4.2m (2017 HY: £2.4m) representing an increase of 77%. See pages 10 to 11 for further detail.
Outlook
We continue to concentrate on diversifying the product range, building our brand and distribution, communicating the strengths of our offering and assisting our clients in meeting their aims. We do this from a scalable platform with clear controls. By these measures, we are making good progress and are well-positioned to deliver for our clients and shareholders. The impact of interest rate rises, particularly in the US, is unclear and equity markets remain volatile against a backdrop of heightened geopolitical risk. However, the momentum of our fund flows and performance are strong. The outlook for the remainder of the year is encouraging.
I would like to thank all the staff at Miton for their hard work and commitment. Asset management firms rely on excellence in investment management, distribution and management and control; we recognise the importance of all of our people in delivering a first-rate fiduciary service to our clients. Without their skill and knowledge we would not be in the robust position we are in today.
David Barron
Chief Executive Officer
21 September 2018