TIDMPMI
RNS Number : 1086A
Premier Miton Group PLC
28 May 2021
28 May 2021
PREMIER MITON GROUP PLC
HALF YEAR RESULTS FOR THE SIX MONTHSED 31 MARCH 2021
Premier Miton Group plc ('Premier Miton', 'Company' or 'Group'),
the AIM quoted fund management group, today announces its half year
results for the six months ended 31 March 2021 (the 'Period').
Highlights
-- GBP12.6 billion closing Assets under Management (4) ('AuM') (2020 HY: GBP9.1 billion)
-- GBP13.1 billion closing AuM as at 30 April 2021
-- Net inflows of GBP359 million in the Period (2020 HY: GBP(389) million outflows)
-- 74% of funds have above median investment performance since launch or tenure (5)
-- Adjusted profit before tax (1,4) of GBP11.9 million (2020 HY: GBP12.2 million)
-- Profit before tax of GBP6.2 million (2020 HY: GBP5.3 million)
-- Proposed interim dividend of 3.7 pence per share (2020 interim: 2.5 pence per share)
Notes
(1) Adjusted profit before tax is calculated before the
deduction of taxation, amortisation, share-based payments, merger
related costs and exceptional costs. Reconciliation included within
the Financial Review section.
(2) Adjusted earnings per share is calculated before the
deduction of amortisation, share-based payments, merger related
costs and exceptional costs.
(3) Merger related costs totalled GBP1.2 million during the
period (2020 HY: GBP3.0 million).
(4) These are Alternative Performance Measures ('APMs').
(5) As at 31 March 2021. Based on Investment Association sector
classifications where applicable, with data sourced from FE
Analytics using the main representative post-RDR share class, based
on a total return, UK Sterling basis. Performance for investment
trusts is calculated on Net Asset Value ('NAV'), ranked against the
relevant Morningstar category for each investment trust.
Mike O'Shea, Chief Executive Officer of Premier Miton Group,
commented:
"We have made considerable progress as a business since our
merger in 2019 and it is pleasing to be able to report a return to
net positive flows for the Group over the period. Premier Miton is
now a well-diversified asset manager operating on a stable and
sustainable platform with a robust balance sheet."
"With attractive investment performance and a clear sense of
client service, coupled with a growing brand and targeted marketing
activity, this is an exciting time for the firm. I believe that the
business is well positioned to deliver for our investors and for
our wider stakeholders over the years ahead."
S
For further information, please contact:
Premier Miton Group plc
Mike O'Shea, Chief Executive Officer 01483 306 090
Numis Securities Limited (NOMAD and Broker)
Charles Farquhar / Kevin Cruickshank 020 7260 1000
Liberum Capital Limited (Joint Broker)
Richard Crawley / Jamie Richards 020 3100 2000
Smithfield Consultants (Financial PR) 020 3047 2544 /
John Kiely / Andrew Wilde / Imogen Gardam 07785 275665
www.premiermiton.com
About Premier Miton
Premier Miton Investors is focused on delivering good investment
outcomes for investors through relevant products and active
management across its range of investment strategies, which include
equity, fixed income, multi-asset and absolute return.
LEI Number: 213800LK2M4CLJ4H2V85
Chairman's Statement
I was delighted to be appointed Chairman of the Group in
February and am pleased to introduce these interim results. The
Group has made considerable progress over the past half year and is
well placed for further success.
Financial results
These are set out in more detail below and show a strong story
with Assets under Management ('AuM') standing at GBP12.6 billion at
31 March 2021, an increase of 19% on the opening position for the
period. AuM at the period end is split between single-strategy 56%,
multi-asset 31%, fixed income 4%, investment trusts 6% and
segregated mandates 3%.
This position reflects overall improving investment markets and
a return to positive net flows for the Group. Net inflows for the
period totalled GBP359 million (2020 HY: GBP(389) million outflow),
marking a real turn for the business.
We know that our clients have choices for their savings and will
only invest with us if we perform as they expect. We seek to charge
a fair fee for our services and keep a strong cost discipline to
balance the interests of our clients with those of our other
stakeholders. I am pleased that we are doing so and that our profit
before tax for the period was GBP6.2 million, up by 17% against the
comparative period last year.
We have declared an interim dividend of 3.7p per share
representing an increase of 48% on the comparative period and I
thank our shareholders for their ongoing support. The final
dividend for 2020 of 4.5p per share was paid on 12 February 2021
following Shareholder approval at the Group's Annual General
Meeting on 3 February 2021.
Our strong capital position protects the Group through market
cycles and allows us to take a long-term view of
business development. The Group has no external bank debt and
held net cash of GBP34.4 million as at 31 March 2021.
Strategy
Asset management is a large and fast-changing global industry
with attractive opportunities for growth. The UK remains well
placed to continue as an important centre for the industry and we
look forward to the future with confidence. Our clients are mainly
in the UK although many of our funds invest globally. We have a
resilient and well designed business platform which is highly
scalable and designed to support significant growth in AuM. We are
targeting a greater market share within the UK without material
change to our operating model or the immediate need to increase the
breadth of our product range, although of course we are always
interested in adding to our investment and distribution talent.
We have now successfully completed the merger of Premier and
Miton and our Group is far stronger and better placed. I believe
that our leadership team did an excellent job on the merger and has
accumulated valuable acquisition and integration experience.
The asset management industry is going through a period of
extensive strategic change which will mean good businesses, teams
and individuals becoming available. We continue to look for new
strategic or tactical opportunities to grow and add value to the
Group, using sensible and thought through criteria for pursuing
ideas.
Culture
I know that asset management firms need a healthy culture to be
successful over time. Put simply, we must do the right things, in
the right way and for the right reasons. As our business grows and
changes, we pay close attention to our own culture to make sure we
understand if and where any adjustments are needed. Our most recent
review which was led at Board level shows that overall our culture
is distinctive, healthy and valuable. We intend to keep it this way
through careful and thoughtful leadership.
Environmental, Social and Governance ('ESG')
I expect we are all feeling our way to a better understanding of
ESG matters and what we need to do as a Group. This is an essential
matter for a responsible asset management firm and, next to fund
performance, is increasingly relevant to determining our success as
a business. I believe we are taking the right steps, especially so
in the investment models for several of our funds, yet we have much
more to learn and do. I look forward to saying more on this in
future.
People
As at 31 March 2021, we employed 151 people and over the past
months their working lives have not been easy, yet I am proud of
how hard they have worked and how well they have coped. The coming
months are likely to be challenging as we decide together how a
modern, successful workplace will look and what this means for our
people. I am optimistic that, whatever the broader environment, we
will find ways to attract, retain and motivate our talented
people.
We know that managing other people's savings well gives everyone
in Premier Miton a strong purpose and carries broad
responsibilities. I thank our people for all that they do.
Board
Mike Vogel was Chairman of the Group for 13 years and
instrumental in our success and the healthy position we are now in.
We thank him deeply for his stewardship. Since announcing his
departure, the Nomination Committee
led the process of developing our Board composition, with
particular regard to opportunities to improve diversity, as well as
fulfill the requirement to identify a suitable candidate to chair
the Audit & Risk Committee. We set out to find candidates who
would bring a full contribution to the role, especially in view of
the changing nature of the industry and our ambitions. We have met
several excellent candidates and expect shortly to announce on
appointment.
Outlook
Premier Miton is a successful and ambitious business. We have a
clear plan for growth and profitability and an experienced
management team with the energy to achieve this. The market outlook
is still rather clouded and volatile yet there are encouraging
signs for us. I am confident that our Group will make the most of
our strong platform and distinctive investment styles as we,
hopefully, emerge from the wretched pandemic. I look forward,
alongside the other members of the Board, to making my own
contribution as your Chairman.
Robert Colthorpe
Chairman
27 May 2021
Chief Executive Officer's Statement
The half year ended 31 March 2021 has been an important period
for Premier Miton. Despite the challenging circumstances of the
global pandemic, the business has continued to grow, we have seen a
return to net positive fund flow across the Group, and our people
have successfully delivered on our goals of business continuity and
strong outcomes for our investors.
Business performance
The Group's AuM increased by 19% in the period, to GBP12.6
billion as at 31 March 2021. The average AuM was GBP11.8 billion
versus GBP9.9 billion for the comparative period, an increase of
19%.
Net inflows for the period were GBP359 million (2020 HY:
GBP(389) million outflow).
Pleasingly, the business demonstrated robust profitability with
adjusted profit before tax of GBP11.9 million and a resulting
profit before tax of GBP6.2 million.
During the period we saw continued growth from several of our
single strategy funds. The Premier Miton European Opportunities
Fund, launched in 2015, passed the milestone of GBP2 billion,
ending the period with AuM of GBP2.4 billion. Also growing strongly
was the Premier Miton US Opportunities Fund demonstrating a
consistent, active investment approach. It surpassed an important
AuM milestone ending the half year with GBP1.1 billion of AuM.
It was also pleasing to see a strong recovery for our UK smaller
companies fund, which has been one of the strongest performers in
its sector. AuM for this fund have now reached GBP234 million and
we have recently taken steps to restrict flows into the fund in
order to protect the long-term interests of investors in the fund.
Performance of the UK microcap investment trust has been similarly
impressive.
We see growth opportunities across many of our funds,
particularly where there has been top quartile investment
performance. Over the medium term, we believe that UK equities are
likely to reverse their long-term underperformance against global
equities. As investor interest in UK equities returns, our
UK-focused funds, which have very strong relative performance
records, are, we believe, well placed to capture significant market
share.
Our multi-asset multi-manager funds also have significant
exposure to UK equities in order to meet their income requirements
for investors. Whilst this exposure has been a headwind in
performance terms, although not in income generating terms, a
return to form for UK equities will be helpful looking forward.
It is also our belief that as we emerge from the pandemic the
long deflationary down wave that has been in place since the
financial crisis of 2008 will likely give way to a more
reflationary environment. This could persist for much longer than
many people expect with a significant impact on bond yields,
interest rates and inflation. In this environment, we believe that
genuinely active management will come to the fore, as investors
will have to work much harder to achieve their financial
objectives. Premier Miton's range of high active share, alpha
focused funds are well placed to help deliver for investors in this
environment.
Product development
During the period our funds maintained strong investment
performance, with 64% of AuM in first quartile and 75% performing
above median within their respective IA sectors since the tenure of
the fund manager. Shorter-term numbers also look promising and we
believe that this will support future fund flows. Over three years,
we have 63% above median. Over one year, we have 80% above median
and 78% in the first quartile.
The Group has continued to develop its product range during the
period. In November, Emma Mogford joined the Group from Newton
Investment Managers and assumed management of three UK equity
income funds. Emma has a disciplined style that we believe will do
well for investors over the long term.
In January 2021 we made changes to our multi-asset multi-manager
fund range, driven by the aim to reduce the costs borne by
investors. This team, led by David Hambidge and head of research,
Ian Rees, now offers nine funds covering all outcome objectives -
income, risk-targeted, growth and wealth preservation. Recently
Wayne Nutland, manager of the Premier Miton Managed Index Balanced
Fund, joined the multi-manager team. Wayne is an experienced fund
manager in asset allocation, portfolio construction and ETF
selection and the team will leverage his expertise to assist in the
multi-manager portfolios.
Further to these changes and with effect from 1 February 2021,
David Jane and Anthony Rayner assumed the management of Premier
Miton Multi-Asset Growth & Income Fund and the Premier Miton
Multi-Asset Conservative Growth Fund.
Neil Birrell, our Chief Investment Officer and manager of the
successful Diversified multi-asset fund range, became manager of
the Premier Miton Balanced Multi Asset Fund from 1 March 2021.
Building on the success of the Premier Miton Diversified Growth
Fund, the fund will have similar asset allocation but with a
planned focus on sustainable investments.
I am also pleased to report on the successful launch of the
Premier Miton Global Smaller Companies Fund. The fund launched on
the 22 March 2021 and is managed by the investment team of Alan
Rowsell and Imogen Harris who both joined us from Aberdeen Standard
Investments in 2020. This fund fits in well with our ethos and
offers investors active stock selection in the global smaller
companies universe. At the period end, this fund had GBP15 million
in AuM.
Lastly, in terms of product development, the new Premier Miton
European Sustainable Leaders Fund launched on 10 May 2021. The fund
is managed by the highly regarded investment team of Carlos Moreno
and Thomas Brown together with Russell Champion, who will be
joining the Group later in 2021. This fund broadens the team's
investment offering and builds on their successful Premier Miton
European Opportunities Fund.
Responsible investing
During the period, we have continued to develop our focus on
responsible investing. This includes integration of ESG factors
into our investment processes, the development of specialist
investment products in this area and building clearer responsible
investing reporting for our clients. We believe it is important
that we offer responsible investment products to our clients and,
as part of this, to actively and responsibly consider ESG issues
with the companies we invest in.
As a Group, we currently manage five funds with specific
sustainable, ESG or ethical objectives designed to meet increasing
demand for a specialist responsible investing approach from our
investors. These funds include our
top-performing ethical fund managed by Benji Dawes and Jon
Hudson.
Additionally, we have announced the launch of a further
sustainable product during 2021. I am delighted that we will be
offering such a strong range of sustainable and responsible focused
funds. I would like to thank Helene Winch, our head of responsible
investing, and the many people involved in the launch or transition
of these funds.
There is more for us to do in this area, but we are making good
progress.
Distribution
Our distribution team has adapted well to the challenges of
working remotely and moving to a virtual world of meetings and
client contact. It is pleasing to see that high levels of client
contact have been maintained throughout the period and that we have
been able to effectively communicate the key features of our funds
to investors and their advisers.
The Group purposely structures its distribution to be
relationship-centric, split according to the key focus areas of the
discretionary and advisory intermediary markets. Our sales team
consists of 21 people and is geographically structured to provide
comprehensive coverage throughout the United Kingdom. The
distribution team has a detailed approach to sales data and this
has been enhanced through the successful integration of the
databases used by both the former Premier and Miton areas of the
business.
Our marketing team continued to focus on a broad range of
activities to build awareness of the Premier Miton brand and
familiarity across our investment range, as well as to keep our
clients informed. This work has included organising many digital
events, such as webinars, for existing and potential professional
investors. The Group's new website was launched in March 2021
reflecting our brand and offering enhanced information for our
different
client groups, including financial advisers and wealth
managers.
COVID-19
It has been a challenging period during lockdown and the welfare
of our people has been our highest priority. I have been impressed
with the adaptability and resilience our staff have shown across
all areas of the business.
The current indications are that the roadmap for easing
restrictions remains on target. We have been
thinking carefully about our working arrangements and the
availability of ongoing workspace flexibility to our staff.
As a Group we believe the office is a place of collaboration,
engagement and thought leadership. We also recognise the many
positive elements to working from home and the benefits of not
commuting every day. It is safe to say that we will endeavour to
adopt a more flexible approach to office-based working in the
future and create an arrangement that successfully combines the
benefits of home working with a dynamic office environment.
Outlook
With the completion of the operational aspects of the merger in
December 2020, we are now realising the benefits of our combined
platform and the hard work put in over the past 12 months.
Our operational platform has been streamlined to support
significant growth in AuM and our investment teams, with their
genuinely active ethos, are very well positioned to navigate market
trends as we hopefully emerge from the pandemic. We have an
experienced, effective distribution team working diligently to
communicate the benefits of our funds and deliver excellent client
service.
Mike O'Shea
Chief Executive Officer
27 May 2021
Financial Review
Assets under Management * ('AuM')
Opening Closing
AuM AuM
1 October Half year Market/ investment 31 March
2020 net flows performance 2021
GBPm GBPm GBPm GBPm
-------------------- ---------- ---------- ------------------ ---------
Equity funds 5,404 621 1,023 7,048
Multi-asset funds 4,119 (627) 445 3,937
Fixed income funds 486 20 14 520
Investment trusts 599 (18) 150 731
Segregated mandates - 363 3 366
-------------------- ---------- ---------- ------------------ ---------
Total 10,608 359 1,635 12,602
-------------------- ---------- ---------- ------------------ ---------
* Indicates Alternative Performance Measures ('APMs').
AuM ended the half year at GBP12,602 million, an increase of 19%
on the opening position for the period.
In the six months to 31 March 2021 the Group saw a return to net
inflows totalling GBP359 million (2020 HY: GBP(389) million
outflows).
The equity fund range experienced strong client demand driven
primarily by the European and US funds. Toward the end of the
period, the Group saw increased interest for the UK-focused funds
with inflows across these funds totalling GBP162 million.
The multi-asset funds continued to see outflows, GBP(627)
million (2020 HY: GBP(325) million outflows), however, in the
second quarter the level of outflows reduced to GBP(243) million.
During the period, the Group completed a number of changes to the
multi-asset multi-manager funds with the objective of reducing
overall costs for investors. These funds have also returned to
delivering strong investment performance over the last 12
months.
The fixed income team performed well during the period and
continued to gather AuM. At 31 March 2021, the two new funds
launched on 14 September 2020 had combined AuM of GBP145 million.
In addition to this, on 22 October 2020 the team were appointed to
manage two external mandates with AuM of GBP366 million at 31 March
2021.
Financial performance
Profit before tax was GBP6.2 million (2020 HY: GBP5.3 million).
The Group completed the operational aspects of the merger with a
further GBP1.2 million of non-recurring costs recognised during the
period (2020 HY: GBP3.0 million).
Adjusted profit before tax*, which is after adjusting for
amortisation, share-based payments, merger-related costs and
exceptional costs was GBP11.9 million (2020 HY: GBP12.2
million).
Adjusted profit and profit before tax Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBPm GBPm GBPm
-------------------------------------- ------------ ------------ -------------
Net revenue 38.5 33.4 66.8
Administrative expenses (26.6) (21.3) (44.4)
Adjusted profit before tax* 11.9 12.2 22.4
-------------------------------------- ------------ ------------ -------------
Amortisation (2.4) (2.1) (4.5)
Share-based payments (2.1) (1.6) (3.6)
Merger-related costs (1.2) (3.0) (4.5)
Exceptional costs (0.1) (0.1) (0.2)
-------------------------------------- ------------ ------------ -------------
Profit before tax 6.2 5.3 9.6
-------------------------------------- ------------ ------------ -------------
Net revenue Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBPm GBPm GBPm
----------------------------------- ------------ ------------ -------------
Net management fees(1) * 37.9 33.5 66.6
Other income 0.6 (0.1) 0.2
----------------------------------- ------------ ------------ -------------
Net revenue 38.5 33.4 66.8
----------------------------------- ------------ ------------ -------------
Average AuM(2) 11,819 9,928 10,110
----------------------------------- ------------ ------------ -------------
Net management fee margin3 (bps) * 64.2 67.4 65.9
----------------------------------- ------------ ------------ -------------
1 Being gross management fee income less trail/rebate expenses
and the cost of fund accounting and external Authorised Corporate
Director ('ACD') fees for the former Miton fund range where
applicable
2 Average AuM is calculated on a daily basis
3 Net management fee margin represents net management fees
divided by the average AuM
The Group's net management fee margin for the period was 64.2
basis points (2020 HY: 67.4 basis points). As noted in the 2020
Annual Report and Accounts, the merger with Miton Group plc
introduced a lower average margin business. The resulting change in
the business mix and the impact of flows and markets on our
existing business has driven the change in the net management fee
margin.
Administration expenses Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBPm GBPm GBPm
-------------------------- ------------ ------------ -------------
Fixed staff costs 9.1 8.3 16.7
Variable staff costs 7.8 3.9 10.9
Overheads and other costs 9.0 8.4 15.5
Depreciation 0.7 0.6 1.3
-------------------------- ------------ ------------ -------------
Administration expenses 26.6 21.3 44.4
-------------------------- ------------ ------------ -------------
Administration expenses (excluding share-based payments)
totalled GBP26.6 million (2020 HY: GBP21.3 million). The increase
reflects the inclusion of an additional one and a half months of
costs associated with the former Miton business, when compared to
the comparative period. This has, in part, been offset by synergies
realised post-merger.
Staff costs continue to be the largest component of
administration expenses, these consist of both fixed and variable
elements. Fixed staff costs, which includes salaries and associated
national insurance, employers'
pension contributions and other indirect costs of employment,
increased to GBP9.1 million (2020 HY: GBP8.3 million).
The Group continues to invest in new products and teams where it
believes it can generate good investment
outcomes for clients. The results for the period include a full
six months of costs for the fixed income and global smaller
companies teams.
Amortisation
The amortisation of intangible assets increased to GBP2.4
million (2020 HY: GBP2.1 million). The charge for the period
includes a full six months of amortisation relating to the
intangible assets recognised on completion of the merger.
Share-based payments
The share-based payment charge for the period was GBP2.1 million
(2020 HY: GBP1.6 million).
As at 31 March 2021 the Group's Employee Benefit Trusts ('EBTs')
held 10,421,565 ordinary shares representing 6.6% of the issued
ordinary share capital (2020 FY: 9,921,565 shares).
At the period end the outstanding awards totalled 13,213,920
(2020 FY: 9,329,115). The increase reflects 3,980,000 awards
granted during the period. See note 12 for further detail.
Exceptional costs and non-recurring merger-related costs
Merger-related and exceptional costs incurred in the period
amounted to GBP1.3 million (2020 HY: GBP3.1 million).
Of this balance, GBP1.2 million related to the merger (2020 HY:
GBP3.0 million). On 27 November 2020 the Group completed the
onboarding of all open-ended funds onto the in-house ACD platform.
The majority of the Group's funds are now named 'Premier
Miton'.
Capital management and dividends
At 31 March 2021 the Group held GBP34.4 million in cash (2020
HY: GBP29.3 million). The Group has no debt.
Dividends totalling GBP6.7 million were paid in the period (2020
HY: GBP10.6 million), see note 3 for further detail.
The Board is recommending an interim dividend payment of 3.7p
per share (2020 HY: 2.5p interim dividends). The interim dividend
will be paid on 13 August 2021 to shareholders on the register at
the close of business on 23 July 2021.
The Group seeks to maintain a dividend policy that targets an
ordinary dividend pay-out of approximately 50 to 65% of profit
after tax, adjusted for exceptional costs, share-based payments and
amortisation.
Piers Harrison
Chief Financial Officer
27 May 2021
Alternative Performance Measures ('APMs')
APM Unit Definition Purpose
Adjusted GBP Profit before taxation, Except for the noted costs, this
profit before amortisation, share-based encompasses all operating expenses
tax payments, merger-related in the business, including fixed
costs and exceptional and variable staff cash costs. Provides
costs. a proxy for cash generated and is
the key measure of profitability
for management decision making.
---- -------------------------- ----------------------------------------------
AuM GBP The value of external Management fee income is calculated
assets that are managed based on the level of AuM managed.
by the Group. The AuM managed by the Group is
used to measure the Group's relative
size against the industry peer group.
---- -------------------------- ----------------------------------------------
Net management GBP The net revenue of Provides a consistent measure of
fees the Group. Calculated the profitability of the Group and
as gross management its ability to grow and retain clients,
fee income, less the after removing amounts paid to third-parties.
cost of fund accounting,
external ACDs, OCF
caps and any enhanced
fee arrangements.
---- -------------------------- ----------------------------------------------
Net management bps Net management fees A measure used to demonstrate the
fee margin divided by average blended fee rate earned from the
AuM. AuM managed by the Group.
A basis point ('bps') represents
one hundredth of a percent, this
measure is used within the asset
management sector and provides comparability
of the Group's net revenue generation.
---- -------------------------- ----------------------------------------------
Adjusted p Profit after tax excluding Provides a clear measure to shareholders
earnings amortisation, share-based of the profitability of the Group
per share payments, merger-related from its underlying operations.
(basic) costs and exceptional The exclusion of amortisation, share-based
costs, divided by the payments, merger-related costs and
weighted average number exceptional items provides a consistent
of shares in issue basis for comparability of results
in the period. year on year.
---- -------------------------- ----------------------------------------------
Unaudited Condensed Consolidated Statement of Comprehensive
Income
for the six months ended 31 March 2021
Unaudited
Unaudited six months Audited
six months to to year to
31 March 31 March 30 September
2021 2020 2020
Notes GBP000 GBP000 GBP000
------------------------------------- ----- -------------- ----------- --------------
Revenue 4 43,878 38,514 77,721
Fees and commission expenses (5,386) (5,117) (10,948)
------------------------------------- ----- -------------- ----------- --------------
Net revenue 38,492 33,397 66,773
Administration expenses (26,573) (21,251) (44,408)
Share-based payment expense 12 (2,067) (1,636) (3,581)
Amortisation of intangible assets 8 (2,379) (2,055) (4,517)
Merger-related costs 5 (1,213) (2,982) (4,467)
Exceptional items 5 (64) (145) (216)
------------------------------------- ----- -------------- ----------- --------------
Operating profit 6,196 5,328 9,584
Finance revenue - 17 20
------------------------------------- ----- -------------- ----------- --------------
Profit for the period before
taxation 6,196 5,345 9,604
Taxation 6 (1,041) (2,140) (3,714)
------------------------------------- ----- -------------- ----------- --------------
Profit for the period after taxation
attributable to equity holders
of the parent 5,155 3,205 5,890
------------------------------------- ----- -------------- ----------- --------------
pence pence pence
--------------------------- ---- ----- ----- -----
Basic earnings per share 7(a) 3.48 2.35 4.14
--------------------------- ---- ----- ----- -----
Diluted earnings per share 7(a) 3.30 2.27 4.00
--------------------------- ---- ----- ----- -----
No other comprehensive income was recognised during 2021 or
2020. Therefore, the profit for the period is also the total
comprehensive income.
Unaudited Condensed Consolidated Statement of Changes in
Equity
for the six months ended 31 March 2021
Employee Capital
Share Merger Benefit redemption Retained
capital reserve Trust reserve earnings Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2020 60 94,312 (14,649) 4,532 45,439 129,694
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the period - - - - 5,155 5,155
Purchase of own shares held
by an EBT 12(a) - - (724) - - (724)
Share-based payment expense 12 - - - - 2,067 2,067
Other amounts direct to equity - - - - (134) (134)
Deferred tax direct to equity - - - - 70 70
Equity dividends paid 3 - - - - (6,660) (6,660)
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 31 March 2021 (Unaudited
half year) 60 94,312 (15,373) 4,532 45,937 129,468
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2019 50 - (6,944) 4,532 47,688 45,326
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the period - - - - 3,205 3,205
Issue of share capital on merger 10 94,312 - - - 94,322
Purchase of own shares held
by an EBT 12(a) - - (2,669) - - (2,669)
Shares issued to EBT as part
of the merger - - (5,178) - - (5,178)
Exercise of options - - 142 - (15) 127
Share-based payment expense 12 - - - - 1,636 1,636
Deferred tax direct to equity - - - - (4) (4)
Equity dividends paid 3 - - - - (10,589) (10,589)
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 31 March 2020 (Unaudited
half year) 60 94,312 (14,649) 4,532 41,921 126,176
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2019 50 - (6,944) 4,532 47,688 45,326
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the year - - - - 5,890 5,890
Issue of share capital on merger 10 94,312 - - - 94,322
Purchase of own shares held
by an EBT - - (2,669) - - (2,669)
Shares issued to EBT as part
of the merger - - (5,178) - - (5,178)
Exercise of options - - 142 - (15) 127
Share-based payment expense - - - - 3,581 3,581
Deferred tax direct to equity - - - - (6) (6)
Equity dividends paid - - - (11,699) (11,699)
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 30 September 2020 (Audited) 60 94,312 (14,649) 4,532 45,439 129,694
--------------------------------- ----- -------- -------- -------- ----------- --------- --------
Unaudited Condensed Consolidated Statement of Financial
Position
as at 31 March 2021
Unaudited Unaudited Audited
31 March 31 March 30 September
2021 2020 2020
Notes GBP000 GBP000 GBP000
--------------------------------------- ----- --------- --------- -------------
Non-current assets
Goodwill 8 70,948 71,478 70,948
Intangible assets 8 29,855 34,057 32,234
Other investments 100 100 100
Property and equipment 2,021 2,683 2,385
Right-of-use assets 2,091 2,777 2,414
Deferred tax asset 1,400 793 1,599
Trade and other receivables 791 152 367
--------------------------------------- ----- --------- --------- -------------
107,206 112,040 110,047
--------------------------------------- ----- --------- --------- -------------
Current assets
Financial assets at fair value through
profit and loss 3,319 1,618 2,697
Trade and other receivables 167,816 66,969 44,409
Cash and cash equivalents 9 34,402 29,259 35,992
--------------------------------------- ----- --------- --------- -------------
205,537 97,846 83,098
--------------------------------------- ----- --------- --------- -------------
Total assets 312,743 209,886 193,145
--------------------------------------- ----- --------- --------- -------------
Current liabilities
Trade and other payables (175,169) (74,021) (53,046)
Current tax liabilities (1,471) (1,924) (2,948)
Lease liabilities (871) (784) (857)
--------------------------------------- ----- --------- --------- -------------
(177,511) (76,729) (56,851)
--------------------------------------- ----- --------- --------- -------------
Non-current liabilities
Provisions 10 (389) (389) (389)
Deferred tax liability 8 (3,793) (4,104) (4,152)
Lease liabilities (1,582) (2,488) (2,059)
--------------------------------------- ----- --------- --------- -------------
Total liabilities (183,275) (83,710) (63,451)
--------------------------------------- ----- --------- --------- -------------
Net assets 129,468 126,176 129,694
--------------------------------------- ----- --------- --------- -------------
Equity
Share capital 11 60 60 60
Merger reserve 8 94,312 94,312 94,312
Own shares held by an Employee Benefit
Trust 12 (15,373) (14,649) (14,649)
Capital redemption reserve 4,532 4,532 4,532
Retained earnings 45,937 41,921 45,439
--------------------------------------- ----- --------- --------- -------------
Total equity shareholders' funds 129,468 126,176 129,694
--------------------------------------- ----- --------- --------- -------------
Unaudited Condensed Consolidated Statement of Cash Flows
for the six months ended 31 March 2021
Unaudited Unaudited
six months six months Audited
to to year to
31 March 31 March 30 September
2021 2020 2020
Notes GBP000 GBP000 GBP000
Cash flows from operating activities:
--------------------------------------------------- ----- ------------------------ ----------- --------------
Profit after taxation 5,155 3,205 5,890
Adjustments to reconcile profit to net cash
flow from operating activities:
Tax on continuing operations 6 1,041 2,140 3,714
Finance revenue - (17) (20)
Interest payable on leases 51 34 93
Depreciation - fixed assets 371 301 617
Depreciation - leases 285 327 689
Gain on sale of financial asset at fair value
through profit and loss - (13) (13)
(Gain)/loss on revaluation of financial assets
at fair value through profit and loss (242) 241 6
Increase in employee benefit liability 970 1,182 1,182
Purchase of plan assets (held for employee
benefits liability) (970) (1,182) (1,182)
Amortisation of intangible assets 8 2,379 2,055 4,517
Share-based payment expense 12 2,067 1,636 3,581
(Increase)/decrease in trade and other receivables (123,967) (13,866) 8,479
Increase/(decrease) in trade and other payables 122,123 1,419 (19,533)
Cash generated from operations 9,263 (2,538) 8,020
Income tax paid (2,607) (1,791) (3,226)
--------------------------------------------------- ----- ------------------------ ----------- --------------
Net cash flow from operating activities 6,656 (4,329) 4,794
--------------------------------------------------- ----- ------------------------ ----------- --------------
Cash flows from investing activities:
Interest received - 17 20
Acquisition of assets at fair value through
profit and loss (1,216) (11,308) (12,166)
Proceeds from disposal of assets at fair value
through profit and loss 836 10,290 10,304
Purchase of property and equipment (7) (120) (138)
Cash acquired on merger - 27,296 27,296
--------------------------------------------------- ----- ------------------------ ----------- --------------
Net cash flow from investing activities (387) 26,175 25,316
--------------------------------------------------- ----- ------------------------ ----------- --------------
Cash flows from financing activities:
Lease payments (475) (145) (566)
Exercise of options - 127 127
Purchase of owns shares held an EBT 12(a) (724) (2,669) (2,669)
Equity dividends paid 3 (6,660) (10,589) (11,699)
Net cash flow from financing activities (7,859) (13,276) (14,807)
--------------------------------------------------- ----- ------------------------ ----------- --------------
(Decrease)/increase in cash and cash equivalents (1,590) 8,570 15,303
Opening cash and cash equivalents 35,992 20,689 20,689
--------------------------------------------------- ----- ------------------------ ----------- --------------
Closing cash and cash equivalents 9 34,402 29,259 35,992
--------------------------------------------------- ----- ------------------------ ----------- --------------
Notes to the Unaudited Condensed Consolidated Financial
Statements
for the six months ended 31 March 2021
1. Basis of accounting
These interim unaudited Condensed Consolidated Financial
Statements do not constitute statutory accounts within the meaning
of section 435 of the Companies Act 2006. They have been prepared
on the basis of the accounting policies as set out in the Group's
Annual Report for the year ended 30 September 2020.
The interim unaudited Condensed Consolidated Financial
Statements to 31 March 2021 have been prepared in accordance with
IAS 34 'Interim Financial Reporting' and the Listing Rules of the
Financial Conduct Authority.
Premier Miton Group plc (the 'Group') is the Parent Company of a
group of companies which provide a range of investment management
services in the United Kingdom and Channel Islands.
The Group's 2020 Annual Report is prepared in accordance with
International Financial Reporting Standards ('IFRS') as adopted by
the European Union, and is available on the Premier Miton Group plc
website (www.premiermiton.com).
The Group has considerable financial resources and ongoing
investment management contracts. As a consequence, the Directors
believe that the Group demonstrates the financial resilience
required to manage its business risks successfully. The Directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for a period of at least
twelve months after the date the interim financial statements are
signed. Thus, the Directors continue to adopt the going concern
basis of accounting in preparing the interim unaudited Condensed
Consolidated Financial Statements. The Directors note that the
Group has no external borrowings and maintains significant levels
of cash reserves. The Group has conducted financial modelling at
materially lower levels of AuM with the business remaining cash
generative. The Directors have also reviewed and examined the
financial stress testing inherent in the Internal Capital Adequacy
Assessment Process ('ICAAP').
These interim unaudited Condensed Consolidated Financial
Statements were approved and authorised for issue by the Board
acting through a duly authorised committee of the Board of
Directors on 27 May 2021.
The full-year accounts to 30 September 2020 were approved by the
Board of Directors on 25 November 2020 and have been
delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under section 498 of the Companies Act 2006. The figures for the
six months ended 31 March 2021 and the six months ended 31 March
2020 have not been audited.
The interim unaudited Condensed Consolidated Financial
Statements are presented in Sterling and all values are rounded
to the nearest thousand pounds (GBP000) except where otherwise
indicated.
Forward looking statements
These interim unaudited Condensed Consolidated Financial
Statements are made by the Directors in good faith based on
information available to them at the time of their approval of the
accounts. Forward looking statements should be treated with caution
due to the inherent uncertainties, including economic, regulatory
and business risk factors underlying any such statement. The
Directors undertake no obligation to update any forward looking
statement whether as a result of new information, future events or
otherwise. The interim unaudited Condensed Consolidated Financial
Statements have been prepared to provide information to the Group's
shareholders and should not be relied upon by any other party or
for any other purpose.
IFRS 16 'Leases'
The Directors have applied the IFRS 16 modified retrospective
approach with the cumulative effect of adopting IFRS 16 being
recognised as an adjustment to the opening balance of retained
earnings as at 1 October 2019. In the comparative period, the
adoption of IFRS 16 resulted in an increase in depreciation of
GBP326,730 and finance costs of GBP33,695. Other administration
expenses decreased by GBP184,425.
2. Segmental reporting
The Group has only one business operating segment, asset
management for reporting and control purposes.
IFRS 8 'Operating Segments' requires disclosures to reflect the
information which the Group's management uses for evaluating
performance and the allocation of resources. The Group is
managed as a single asset management business and as such, there
are no additional operating segments to disclose. Under IFRS 8, the
Group is also required to make disclosures by geographical
segments. As Group operations are solely in the UK and Channel
Islands, there are no additional geographical segments to
disclose.
3. Dividend
The final dividend for the year ended 30 September 2020 of 4.5p
per share was paid on 12 February 2021 resulting in a distribution
of GBP6,659,616. This is reflected in the Consolidated Statement of
Changes in Equity (2020 HY: GBP10,588,834).
4. Revenue
Revenue recognised in the Consolidated Statement of
Comprehensive Income is analysed as follows:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
---------------- ------------ ------------ -------------
Management fees 43,306 38,591 77,506
Commissions 267 3 7
Other income 305 (80) 208
---------------- ------------ ------------ -------------
Total revenue 43,878 38,514 77,721
---------------- ------------ ------------ -------------
All revenue is derived from the United Kingdom and Channel
Islands.
5. Exceptional items and merger-related costs
Recognised in arriving at operating profit from continuing
operations:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
-------------------------- ------------ ------------ -------------
Fund development costs - 51 52
Connect development costs 64 94 164
Total exceptional items 64 145 216
-------------------------- ------------ ------------ -------------
Merger-related costs 667 2,091 2,560
Merger employment restructuring costs 546 891 1,907
Total merger-related costs 1,213 2,982 4,467
-------------------------------------- ----- ----- -----
Exceptional items are those items of income or expenditure that
are considered significant in size and/or nature to merit separate
disclosure and which are non-recurring.
Merger-related costs in the period totalling GBP667,026 (2020
HY: GBP2,091,208) represented legal and professional fees
associated with the merger with Miton Group plc of GBP25,496 and
merger integration costs of GBP641,530.
Employment restructuring costs arising as a result of the merger
totalled GBP546,057 (2020 HY: GBP891,103).
6. Taxation
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
-------------------------------------------------- ------------ ------------ -------------
Corporation tax charge 1,130 1,760 4,244
Deferred tax (credit)/charge (89) 380 (530)
-------------------------------------------------- ------------ ------------ -------------
Tax charge reported in the Consolidated Statement
of Comprehensive Income 1,041 2,140 3,714
-------------------------------------------------- ------------ ------------ -------------
An increase in the UK corporation tax rate from 19% to 25% was
announced in the Budget on 3 March 2021 and the Finance Bill on 11
March 2021 and expected to be effective from 1 April 2023. Deferred
tax has been calculated on the current rate, had the new rates been
applied the impact would be to increase the deferred tax asset by
GBP523,317 and increase in the deferred tax liability by
GBP771,300.
7. Earnings per share
Basic earnings per share is calculated by dividing the profit
for the period attributable to ordinary equity shareholders of the
Parent Company by the weighted average number of ordinary shares
outstanding during the period.
The weighted average of issued ordinary share capital of the
Company is reduced by the weighted average number of shares held by
the Group's Employee Benefit Trusts ('EBT'). Dividend waivers are
in place over shares held in the Group's EBTs.
In calculating diluted earnings per share, IAS 33 'Earnings Per
Share' requires that the profit is divided by the weighted
average
number of ordinary shares outstanding during the period plus the
weighted average number of ordinary shares that would be
issued on conversion of all the dilutive potential ordinary
shares into ordinary shares during the period.
(a) Reported earnings per share
Reported basic and diluted earnings per share has been
calculated as follows:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
---------------------------------------------------- ------------ ------------ -------------
Profit attributable to ordinary equity shareholders
of the Parent Company for basic earnings 5,155 3,205 5,890
No.000 No.000 No.000
Issued ordinary shares at 1 October 157,913 105,801 105,801
-Effect of own shares held by an EBT (9,928) (8,517) (9,220)
-Effect of shares issued - 39,297 45,705
Weighted average shares in issue 147,985 136,581 142,286
---------------------------------------------------- ------------ ------------ -------------
-Effect of movement in share options 8,067 4,610 5,056
---------------------------------------------------- ------------ ------------ -------------
Weighted average shares in issue - diluted 156,052 141,191 147,342
---------------------------------------------------- ------------ ------------ -------------
Basic earnings per share (pence) 3.48 2.35 4.14
Diluted earnings per share (pence) 3.30 2.27 4.00
---------------------------------------------------- ------------ ------------ -------------
(b) Adjusted earnings per share
Adjusted earnings per share is based on adjusted profit after
tax, where adjusted profit is stated after charging interest but
before share-based payments, amortisation, merger-related costs and
exceptional items.
Adjusted profit for calculating adjusted earnings per share:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
----------------------------------------------------- ------------ ------------ -------------
Profit before taxation 6,196 5,345 9,604
Add back:
-Share-based payment expense 2,067 1,636 3,581
-Amortisation of intangible assets 2,379 2,055 4,517
-Merger-related costs 1,213 2,982 4,467
-Exceptional items 64 145 216
----------------------------------------------------- ------------ ------------ -------------
Adjusted profit before tax 11,919 12,163 22,385
----------------------------------------------------- ------------ ------------ -------------
Taxation:
-Tax in the Consolidated Statement of Comprehensive
Income (1,041) (2,140) (3,714)
-Tax effect of adjustments (1,118) (71) (936)
----------------------------------------------------- ------------ ------------ -------------
Adjusted Profit after tax for the calculation
of adjusted earnings per share 9,760 9,952 17,735
----------------------------------------------------- ------------ ------------ -------------
Adjusted earnings per share was as follows using the number of
shares calculated at note 7(a):
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
pence Pence pence
---------------------------- ------------ ------------ -------------
Adjusted earnings per share 6.60 7.29 12.46
Diluted adjusted earnings
per share 6.25 7.05 12.04
---------------------------- ------------ ------------ -------------
8. Goodwill and other intangible assets
Cost amortisation and net book value of intangible assets are as
follows:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
Goodwill GBP000 GBP000 GBP000
----------------------------- ------------ ------------ -------------
Cost:
At 1 October 77,927 22,576 22,576
Additions - 55,881 55,351
----------------------------- ------------ ------------ -------------
At 31 March/30 September 77,927 78,457 77,927
----------------------------- ------------ ------------ -------------
Amortisation and impairment:
At 1 October 6,979 6,979 6,979
Amortisation during the - - -
period
----------------------------- ------------ ------------ -------------
At 31 March/30 September 6,979 6,979 6,979
----------------------------- ------------ ------------ -------------
Carrying amount:
----------------------------- ------------ ------------ -------------
At 31 March/30 September 70,948 71,478 70,948
----------------------------- ------------ ------------ -------------
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
Other intangible assets GBP000 GBP000 GBP000
------------------------- ------------ ------------ -------------
Cost:
At 1 October 81,025 56,231 56,231
Additions - 24,155 24,794
------------------------- ------------ ------------ -------------
At 31 March/30 September 81,025 80,386 81,025
------------------------- ------------ ------------ -------------
Accumulated amortisation
and impairment:
At 1 October 48,791 44,274 44,274
Amortisation during the
period 2,379 2,055 4,517
------------------------- ------------ ------------ -------------
At 31 March/30 September 51,170 46,329 48,791
------------------------- ------------ ------------ -------------
Carrying amount:
------------------------- ------------ ------------ -------------
At 31 March/30 September 29,855 34,057 32,234
------------------------- ------------ ------------ -------------
The additions to goodwill and intangible assets in the
comparative period relate solely to the acquisition of Miton Group
plc.
Intangible assets acquired in the business combination related
to the investment management agreements between Miton Group plc and
the funds to which it was the investment manager and the value
arising from the underlying client relationships.
The Group has determined that it has a single cash-generating
unit ('CGU') for the purpose of assessing the carrying value of
goodwill. Impairment testing is performed at least annually whereby
the recoverable amount of the goodwill is analysed via the
value-in-use method and compared to the respective carrying value.
During the period no impairment was identified.
9. Cash and cash equivalents
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP000 GBP000 GBP000
------------------------- ------------ ------------ -------------
Cash at bank and in hand 34,402 29,259 35,992
------------------------- ------------ ------------ -------------
10. Provisions
GBP000
----------------------------- ------
At 1 October 2020 389
Additions -
----------------------------- ------
At 31 March 2021 (Unaudited) 389
----------------------------- ------
Current -
Non-current 389
----------------------------- ------
389
----------------------------- ------
At 1 October 2019 -
Arising on merger 389
------------------------------------------------------------- ---
At 31 March 2020 (Unaudited) and 30 September 2020 (Audited) 389
------------------------------------------------------------- ---
Provisions primarily relate to dilapidations for the offices at
6th Floor, Paternoster House, London, and the Group's disaster
recovery office in Reading. The lease on Paternoster House runs to
28 November 2023 and the provision for dilapidations on this office
has been disclosed as non-current.
11. Share capital
Ordinary
shares 0.02 Deferred
Allotted, called up and fully paid: pence each shares
Number of shares Number Number
------------------------------------------------------------- ------------ --------
At 1 October 2020 157,913,035 1
Issued - -
------------------------------------------------------------- ------------ --------
At 31 March 2021 (Unaudited) 157,913,035 1
------------------------------------------------------------- ------------ --------
At 1 October 2019 105,801,310 1
Issued on merger 52,111,725 -
------------------------------------------------------------- ------------ --------
At 31 March 2020 (Unaudited) and 30 September 2020 (Audited) 157,913,035 1
------------------------------------------------------------- ------------ --------
Ordinary shares Deferred
Allotted, called up and fully paid: 0.02 pence each shares Total
Value of shares GBP000 GBP000 GBP000
---------------------------------------------- ---------------- -------- -------
At 1 October 2020 31 29 60
Issued - - -
---------------------------------------------- ---------------- -------- -------
At 31 March 2021 (Unaudited) 31 29 60
---------------------------------------------- ---------------- -------- -------
At 1 October 2019 21 29 50
Issued on merger 10 - 10
---------------------------------------------- ---------------- -------- -------
At 31 March 2020 (Unaudited) and 30 September
2020 (Audited) 31 29 60
---------------------------------------------- ---------------- -------- -------
On 14 November 2019 the Company completed an all-share merger
with Miton Group plc. The Company issued 52,111,725 new ordinary
shares on 15 November 2019 ranked pari passu in all respects with
the Company's existing ordinary shares in issue.
12. Share-based payment
The total expense recognised for share-based payments in respect
of employee services received during the period to 31 March 2021
was GBP2,067,110 (2020 HY: GBP1,636,455).
During the period 3,980,000 (2020 HY: 2,075,000) nil cost
contingent share rights over ordinary shares of 0.02p in the
Company
were granted to 36 employees (2020 HY: nine). Of the total
award, 550,000 (2020 HY: 150,000) nil cost contingent share rights
were awarded to Executive Directors. The awards will be satisfied
from the Group's EBTs.
The share-based payment expense is calculated in accordance with
the fair value of the contingent share rights on the date of grant.
The price per right at the date of grant was GBP1.44 on 10 March
2021 for 3,680,000 and GBP1.42 on 17 March 2021 for 300,000,
resulting in a fair value of GBP5,725,200 to be expensed over the
vesting periods of three to five years.
The key features of the awards include: a three to five-year
vesting term, automatic vesting at the relevant anniversary date
with the delivery of the shares to the participant within 30 days
of the relevant vesting date.
After the period end on 12 April 2021, 664,795 nil cost
contingent share rights over ordinary shares of 0.02p in the
Company were exercised by 30 employees; of the total nil were
exercised by an Executive Director.
(a) Employee Benefit Trusts
Premier Miton Group plc established an EBT on 25 July 2016 to
purchase ordinary shares in the Company to satisfy share awards to
certain employees.
During the period 500,000 (2020 HY: 1,894,043) shares were
acquired and held by the Group's EBTs at a cost of GBP723,670
(2020 HY: GBP2,668,525).
At 31 March 2021 10,421,565 (2020 HY: 9,921,565) shares are held
by the Group's EBTs, all shares (2020 HY: 7,324,487) relate to
outstanding awards.
At 31 March 2021, the cost of the shares held by the EBTs of
GBP15,372,639 (2020 HY: GBP14,648,840) has been disclosed as own
shares held by an EBT in the Consolidated Statement of Changes in
Equity and the Consolidated Statement of Financial Position.
13. Subsequent events post balance sheet
(a) COVID-19
As at 27 May 2021 the ongoing coronavirus ('COVID-19') pandemic
is being kept under review by the Group. Premier Miton Group plc
continues to carefully manage its cost base and communicate
regularly with employees, shareholders, clients, IFAs and
intermediaries and other suppliers. COVID-19 is monitored in the
context of the Group's risk and control framework.
(b) Employee Benefit Trust
After the period end and as at 25 May 2021, the last practicable
date prior to publication of this Interim Report, 1,981,572 shares
were acquired and held by the Group's EBTs at a cost of
GBP3,073,367.
On 10 May 2021 226,395 Management Equity Incentive ('MEI')
awards over ordinary shares of 0.02p in the Company held
by an Executive Director lapsed.
Management currently assesses these events to represent
non-adjusting subsequent events as at the interim reporting
date
of 31 March 2021.
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END
IR PPUBUAUPGGRM
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