Premier Miton Group PLC on Wednesday posted steep falls in annual profit and revenue, as ‘difficult’ market conditions persisted.
The Guildford, Surrey-based asset management firm reported a 46% fall in pretax profit to £3.2 million for the year ended September 30, from a restated profit of £5.9million a year before.
Revenue fell by 6.5% to £64.0 million, from a restated revenue of £68.5 million a year before.
Premier Mitton attributed this to ‘difficult’ market conditions, driven by low investor confidence.
It also noted costs relating to the acquisition of both Tellworth and an Irish UCIT’s structure during the period.
More positively, assets under management rose 8.8% on-year to £10.68 billion as at September 30, from £9.82 billion a year prior.
Chief Executive Officer Mike O’Shea commented: ‘Looking forward into 2025, we recognise that over the last two or three years, market conditions for active fund management businesses such as ours have been difficult.’
‘Our response to this has been to make sure that our business is well diversified by asset class and by fund so that we are not overly exposed to any one investment theme, manager, or risk.’
Premier Miton proposed a final dividend of 3.0 pence, bringing the total dividend for the year to 6.0p, unchanged on-year.
Premier Miton shares were up 9.3% at 60.13 pence each in London on Wednesday morning.
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