The fund management group Premier Miton Group (PMI ) says it has released “a good set of results” despite the volatile market environment for the six month period to 31 March 2022.
In 1H22, the London-based asset manager reported a year-on-year revenue increase of 10% to £48.5m, up from £43.9m in 1H21. While pre-tax profit jumped by 60% to £9.9m, up from £6.2m reported in the year prior, earnings per share also rose to 3.97 pence from 3.48 pence.
The value of the company’s assets under management by 31 March 2022 stood at £12.85bn, a marginal decline from £13.93bn on 1 October 2021 and up slightly from £12.5bn on 30 April.
The firm proposed an interim dividend of 3.7p a share, which remains unchanged from FY21.
At 31 March 2022, 62% of Premier’s funds by number were ranked in the first quartile of our funds’ relevant sectors since fund manager start date, and 80% of its funds had performed above median in their respective Investment Association (‘IA’) sectors over the same period.
Mike O’Shea, Chief Executive Officer of Premier Miton Group, commented: “This is a good set of results given the volatile market environment. Premier Miton is a well-diversified asset manager operating on a stable and sustainable platform with a robust balance sheet and, notwithstanding the more difficult market environment, our business is in good health.”
He said: “At times of market stress there are substantial opportunities for genuinely active managers who have the courage of their convictions to run differentiated, long-term, and focused portfolios by taking an agile and positive role in the capital allocation process.”
Shares in Premier Miton Group were trading 8.41% higher this morning at 122.5p.
Despite the volatile market, Premier says it is delivering strong investment returns for its fund investors with almost 90% of all funds outperforming over 3 years and 80% since tenure. It remains focused on a goal of growing its assets under management to £20bn and beyond.
Premier expects its new distribution channel in the UK institutional market and an established emerging market sustainable equities team to help the group achieve this medium term goal.
While O’Shea says ongoing uncertainty is likely to remain, he said Premier’s balance sheet strength and overall health of the business will allow the firm to focus on delivering superior investment returns for its clients through genuinely active investing during this volatile period.
Premier said its proposition of “genuinely active management managed by very high-quality investment teams is well suited to produce long term value for clients in these conditions.”
Despite acknowledging the political and regulatory environment, O’Shea said long-term prospects for the savings markets remained “attractive”. He added: “As and when investors decide to commit new capital to investment markets once more, I believe our strong, long term performance record places us in a good position to capture significant market share.”
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