Search Share Prices
Miton Group shares on the rise after 'strong start' to trading year
Asset manager Miton Group posted a double-digit increase in annual profit on Monday, pointing to a "strong start" to the year after its assets under management topped £4bn.
Miton posted a pre-tax profit of £6.2m for the twelve months ended 31 December, up 44% from the £4.3m reported a year earlier, as net revenues moved ahead 21% to £21.8m.
Assets under management hit £3.82bn, a 32% uptick year-on-year, thanks to positive net inflows of £494m, itself a marked improvement on the £1m posted the year before.
Multi-assets rose by 29%, with UK and US equities expanded 27% and 60%, respectively, and European equities more-than-doubling throughout the period.
For 2018, assets under management hit £4.06bn, with positive net inflows of £190m for the two months ended 28 February.
Earnings per share grew 35% to 3.60p as the group remained "soundly financed with no debt" and a cash balance of £19.9m as of 31 December, a 6.57% year-on-year decrease.
Chief executive David Baron, said, "Positive net flows of £494m demonstrated the appeal of our genuinely active investment strategies. We have produced good long-term investment performance across a range of funds as well as making our operating platform even more efficient to grow the assets under management."
Miton proposed a dividend of 1.40p per share, a 40% improvement on the prior year.
As of 1350 GMT, shares had gained 6.41% to 41.50p.