Premier Miton Group PLC on Thursday said the company remains optimistic after a weaker performance in the first half of its financial year.
The Guildford, Surrey-based asset management firm said pretax profit fell 75% to £600,000 in the six months that ended March 31 from £2.4 million a year before, as net revenue declined 14% to £30.1 million from £35.0 million amid lower management fees.
Premier Miton maintained its interim dividend at 3.00 pence per share .
Closing assets under management were £10.71 billion, up 9.1% from £9.82 billion on September 30, with the company adding £560 million through the acquisition of London-based equity investor Tellworth Investments LLP.
Premier Miton incurred £5.7 million in merger related and exceptional costs during the recent half-year, down from £7.9 million a year before.
Chief Executive Officer Mike O’Shea said: ‘We are now at a point where interest rates are likely to trend lower as we move through 2024 and we believe this will support an improving environment for fund flows and asset values.
‘Demand for savings products will remain high as savers and investors need to do more to secure their individual long term financial futures.’
Premier Miton shares were down 7.7% to 72.00 pence each in London on Thursday morning.
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