TIDMPMI
RNS Number : 0888B
Premier Miton Group PLC
31 May 2023
PREMIER MITON GROUP PLC
HALF YEAR RESULTS FOR THE SIX MONTHSED 31 MARCH 2023
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 2023 (the 'Period').
Highlights
-- GBP11.0 billion closing Assets under Management (2) ('AuM') (2022 HY: GBP12.8 billion)
-- Net outflows of GBP32 million in the Period (2022 HY: GBP401 million outflows)
-- Continued inflows into fixed income strategies of GBP399
million in the Period (2022 HY: GBP138 million inflows)
-- 76% of funds above median investment performance since launch or tenure (3) (2022 HY: 80%)
-- Adjusted profit before tax (1,2) of GBP7.9 million (2022 HY: GBP14.6 million)
-- Profit before tax of GBP2.4 million (2022 HY: GBP9.9 million)
-- Proposed interim dividend of 3.0 pence per share (2022 interim: 3.7 pence per share)
-- Successful launch of Premier Miton Emerging Markets Sustainable Fund on 21 April 2023
-- Continued focus on distribution capabilities to service our
existing and new client base, and positioning for inflows when
market and sentiment conditions turn positive again, by showcasing
the depth and breadth of our investment talent across asset
classes
-- GBP11.0 billion closing AuM at 30 April 2023
Notes
(1) Adjusted profit before tax is calculated before the
deduction of taxation, amortisation, share-based payments, merger
related costs and exceptional items.
(2) These are Alternative Performance Measures ('APMs').
(3) At 31 March 2023. Based on Investment Association sector
classifications where applicable, with data sourced from FE
Analytics FinXL using the main representative post-RDR share class,
based on a total return, UK Sterling basis. All data is as at 31
March 2023 and the performance period relates to when the fund
launched or the assumed tenure of the fund manager(s). 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:
"Although this has been a tougher period for investors, we
remain convinced that the work we have done in building a
diversified active manager that can offer products across equities,
fixed income and multi-asset will bear fruit in the long term.
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 focussed
portfolios by taking an agile and positive role in the capital
allocation process.
Our long term investment performance record is good, we have a
strong distribution and marketing capability, a strong balance
sheet and an operational platform that can handle many times the
current level of assets we manage. As confidence returns to markets
and to investors, we are well placed to return to growth."
S
For further information, please contact:
Premier Miton Group plc
Mike O'Shea, Chief Executive Officer 01483 306 090
Investec Bank plc (Nominated Adviser and
Broker)
Bruce Garrow / Ben Griffiths / Virginia Bull
/ Harry Hargreaves 020 7260 1000
--------------
Edelman Smithfield Consultants (Financial
PR) 07785 275665/
John Kiely / Latika Shah 07950 671948
--------------
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
The political and financial turmoil in the UK in late 2022 has
revealed with brutal clarity some deep problems affecting the
structure of the UK savings market, especially for longer term
savings and access to capital and investment support in public
markets. A healthy, successful and efficiently functioning capital
market is vital for the UK's strategic and business interests. I am
pleased to see there are many initiatives now under way to identify
what can be done to create better conditions for the future. Well
thought through changes will also, if implemented soon, provide us
with a much more attractive environment for our business and, more
importantly, for our clients. We will continue to do what we can to
encourage positive and well implemented changes and to successfully
navigate these testing times.
I met several of our shareholders following the announcement of
our results for 2022 to discuss their thoughts and views on our
business, and to listen to the issues that they raise. I value
these exchanges and am always impressed by the care and attention
they give to their investment. Their focus and issues are varied
and I appreciate the support of our shareholders for the business
we are building, and the recognition that we are seeking to do our
very best for all stakeholders in these challenging times for our
industry.
During the period we again held a Board strategy day to review
our markets, our industry, our ambitions, plans and resources,
taking a clear look at what we can do to improve our business.
While I am sure that we are working as hard as we can, with
discipline and focus, and that there are always things that can be
improved or adjusted, we are to a great extent dependent on the
overall market environment improving.
We are continuing with our ambitious organic growth plans, and I
am pleased that good progress is being made here especially in our
overall client, distribution and marketing initiatives.
We have also been active in reviewing several strategic ideas
which have the potential to materially advance our
business, contributing to shareholder value. We have an
experienced team and focussed approach as to how we assess these
strategic ideas and we will need to continue to apply this focus as
the industry is going through a period of potentially deep
change.
I continue to be impressed by the hard work and dedication of
our people. We all feel that the responsibility of looking after
other people's savings is something to be proud of and we seek to
do to the best of our abilities. Businesses like ours which have a
strong and healthy culture should be able to prosper relative to
others and I believe this is happening. Of course, it isn't easy
and the leadership group has a clear focus on managing Premier
Miton to achieve our purpose, while remembering that, essentially,
the business of business is business! From this, other positive
things can flow.
Our financial performance has been broadly flat over the period,
with AuM standing at GBP11 billion at period end and adjusted
profit before tax of GBP7.9 million.
These are challenging and, we believe, unusual times for the
whole UK asset management market, affecting savings flows and
investment market levels and performance. The Board is confident
that we have a well-considered and coherent strategy supported by a
business model and resources that promote long term shareholder
value creation and growth. We recognise that we need to navigate
these times with great care and that our management team must
actively and confidently manage the business to position us for
success. This means we closely examine and make decisions on the
mix, focus and financial management of all our activities.
The business is fundamentally cash generative and has
operational gearing which should allow for improved profit and cash
creation as markets and savings flows improve and our financial
results recover. We know it is important to manage our capital
resources prudently, not just to cover our regulatory capital
requirements but also to maintain a strong balance sheet which
allows us to navigate more difficult times, to be agile, invest for
future growth, and, critically, to focus leadership energies on
creating a valuable business.
We have a clearly stated dividend policy of paying a total
annual dividend in a range of 50-65% of adjusted profit after tax,
in line with our peer group. Our dividend payments are a key part
of our overall approach to generate shareholder value and we intend
to keep to this policy over time. However, reflecting the inherent
strengths of our business and our overall approach to capital
management, we are willing to exceed this policy if appropriate to
do so and within the bounds of prudence. Indeed, we did so for the
dividend for the last financial year. I should say that we are
highly reluctant to pay an uncovered dividend except in exceptional
circumstances, specifically these would include where both the
market and business outlook are obviously both clearer and
brighter. And shareholders will understand that paying an uncovered
dividend for an extended period of time is neither prudent nor a
sustainable policy.
We will consider the position more closely at year end,
reflecting business results and outlook, and overall trading and
market conditions, conscious that there is plenty of potential for
a range of developments to affect our business. We are always
mindful of the reasonable near-term income expectations of
shareholders and a need to balance these with longer term interests
of the business as a whole. We are also confident that we have a
high quality, attractively positioned and well managed business and
that in due course markets, investment flows and business
performance will recover. However, it is not clear when this will
be. Accordingly we have decided to pay an interim dividend of 3.0p
equal to approximately 68% of interim adjusted EPS of 4.4p and we
believe that this reflects all these matters in the round. In the
current market conditions, our shareholders ought not to infer that
the split between interim and final dividend will be consistent
with prior years.
The political, economic and social outlook is still clouded with
challenges, yet there is a huge need for good management of long
term savings and we believe there is a valuable and significant
role for genuinely active investment management, in both retail and
institutional markets. With our breadth of product, our strong
performance and experienced teams, we are well placed to continue
building a successful business in the interests of all our
stakeholders.
Robert Colthorpe
Chairman
30 May 2023
Chief Executive Officer's Statement
The current financial year has seen a recovery in equity and
fixed income markets after the difficult period experienced in the
last financial year. Despite this, we have seen a continuation of
the more challenging environment for the UK's long term savings
industry.
Investors appear to have been shaken by the events of 2022 and
are reluctant to commit to new investments. This has been reflected
in industry data which continues to show large outflows from
actively managed funds - particularly in areas like UK equities and
European equities - during the six months. There has, however, been
an uptick in demand for fixed income strategies where we are well
placed to serve our clients.
It is some comfort that our own performance is slightly better
than the wider industry with net outflows from our funds of GBP32
million in total over the six months. Whilst it is disappointing
that our strong investment performance record has not allowed us
able to make more positive headway, this must be set against the
overall industry backdrop.
Business performance
At the end of March 2023 Assets under Management ('AuM') stood
at GBP11.0 billion representing an increase of 4% on the beginning
of the year. Average AuM stood at GBP11.2 billion for the period,
which is 17% lower than in the previous period. The drop in AuM has
been driven by falling markets during 2022 and a reluctance on the
part of investors to invest during market turbulence and the
continuation of uncertain macro-conditions.
The net management fee margin (the retained revenue margin of
the firm after deducting the costs of OCF caps, direct research
costs and any enhanced fee arrangements) was 62.5bps compared with
65.1bps last year.
The adjusted operating margin decreased from 33% to 23%
reflecting the lower level of AuM and our continuing strategic
investment in the fixed cost base of the business via new fund
management teams and the launch of new funds, which in turn will
enhance the Group's long term growth profile.
Over the six months, the group generated GBP7.9 million of
adjusted profit before tax for the year and had a closing cash
position of GBP31.5 million.
Investment flows
For the first half of the current financial year, we saw inflows
into our largest US equity strategy although these were more than
offset by outflows from our European and UK equity strategies.
In total, our equity strategies had GBP360 million of outflow
during the period. Our fixed income strategies saw net inflows of
GBP380 million during the six months mainly driven by flows into
our Strategic and Corporate bond funds. We also saw small inflows
into our segregated fixed income mandates. In multi-asset, we
continued to see good levels of interest in our Diversified funds,
although continued outflow from our multi-manager and
macro-thematic funds meant that in total we saw GBP69 million of
outflow across our multi-asset strategies.
Investment performance
Across our equity strategies we invest across the market
capitalisation with a number of our strategies often favouring mid
and smaller capitalisation stocks. This is because we believe that
these companies will deliver strong long term returns for our
investors. There are periods, however, when these sectors of the
market perform less well relative to the very largest companies. We
have been through just such a period in the last six months or so
and this has impacted our very short-term performance. We expect
this to reverse in our favour in due course.
It is pleasing to note that our longer-term numbers remain
attractive across our equity, fixed income and multi-asset
strategies with 83% of our assets under management (where a sector
comparison is appropriate) performing ahead of median since manager
inception.
Fund range
We have made no significant changes to our portfolio of funds
during the last six months. We have been preparing, however, for
the launch of a new Global Emerging Markets Sustainable fund that
will be managed by Fiona Manning and William Scholes who joined us
from abdrn in the second half of last year.
We believe that a product investing in the fast-growing emerging
markets will be attractive to investors, particularly with Fiona
and Will's strong investment process that focuses on identifying
companies offering exposure to sustainable growth themes and a
positive influence on society and the environment, as identified
through a material alignment to the UN Sustainable Development
Goals. In the longer term it will also help to further diversify
the asset mix within Premier Miton, increasing our exposure to
global equites alongside our existing global sustainable, global
smaller companies and global infrastructure funds.
Distribution
During the last six months we were delighted to welcome Jonathan
Willcocks to the team as Head of Global Distribution. Jonathan
brings a wealth of experience to Premier Miton gained during his
time in a similar role at M&G and before that with MFS, abrdn,
Prolific and Hambros.
Since joining he has created a unified distribution and
marketing team that can bring our full product range of equity,
fixed income and multi-asset funds into our key markets of wealth
manager, independent adviser and institutional fund buyers.
Strategy
Looking forwards we have a well-diversified product offering
that is managed by experienced and talented investment managers. We
cover around 82% of the key demand pools in terms of assets under
management within the UK market according to Investment Association
data. This means that there is a sizeable market for us take our
products to and to capture increased market share within. We know
that investors will continue to seek out strategies where they
believe managers can add long term value over and above investing
in a simple index strategy. And we know that our managers have
demonstrated an ability to deliver this for investors over the long
term.
Our distribution team has been restructured and reinvigorated
and can cover the key fund buyer markets in the UK. As and when
market sentiment improves and fund buyers return, we are confident
of growing our business organically once more. We are also mindful
of the opportunities that exist outside our home market and
continue to investigate ways in which our funds and our services
can be brought to a wider audience in Europe and beyond.
And of course, having successfully completed the merger of
Premier and Miton, we are open minded about the prospects to grow
our business through further merger and acquisition activity should
the opportunity present itself.
Closing
Although this has been a tougher period for our investors, as
indeed it has for our shareholders, we remain convinced that the
work we have done in building a diversified active manager that can
offer products across equities, fixed income and multi-asset will
bear fruit in the long term.
Our investment performance record is good, we have a strong
distribution and marketing capability, a strong balance sheet and
an operational platform that can handle many times the current
level of assets we manage. As confidence returns to markets and to
investors, we are well placed to return to growth.
Mike O'Shea
Chief Executive Officer
30 May 2023
Financial Review
Financial performance
Profit before tax for the period was GBP2.4 million (2022 HY:
GBP9.9 million). The decrease in profitability is due to the lower
average level of assets being managed by the Group when compared to
the comparative period, detailed below.
Adjusted profit before tax *, which is stated before
amortisation, share-based payments, merger related costs and
exceptional costs decreased to GBP7.9 million (2022 HY: GBP14.6
million).
Adjusted profit and profit before tax
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2023 2022 2022
GBPm GBPm GBPm
---------------------------- ------------ ------------ -------------
Net revenue 35.0 43.7 81.2
Administrative expenses (27.1) (29.1) (56.8)
Adjusted profit before tax* 7.9 14.6 24.3
---------------------------- ------------ ------------ -------------
Amortisation (2.4) (2.4) (4.8)
Share-based payments (2.6) (2.2) (4.5)
Merger related costs - - (0.1)
Exceptional costs (0.5) - -
---------------------------- ------------ ------------ -------------
Profit before tax 2.4 9.9 14.9
---------------------------- ------------ ------------ -------------
* Indicates Alternative Performance Measures ('APMs').
Assets under Management * ('AuM')
AuM at 31 March 2023 was GBP10,995 million (2022 HY: GBP12,847
million) representing a 4% increase from the opening position for
the period of GBP10,565 million.
Despite this, the Group's average AuM decreased by 17% over the
comparative period to GBP11,194 million (2022 HY: GBP13,453
million) reflecting the lower opening AuM position.
Whilst there were early signs of returning confidence amongst
fund buyers in the latter stages of 2022 this did not follow
through into 2023 and the banking shocks that unfolded towards the
end of the period appear to have dented risk appetite.
The Group saw continued inflows into the fixed income, US equity
and Diversified multi-asset funds and outflows from the European
equity and UK equity funds which broadly reflects what the wider
industry data is showing. The net outflows for the period were
GBP32 million (2022 HY: GBP(401) million).
Movement in AuM by asset class
Opening Closing
AuM AuM
1 October Half year Market/ investment 31 March
2022 net flows performance 2023
GBPm GBPm GBPm GBPm
-------------------- ---------- ---------- ------------------ ---------
Equity funds 5,631 (360) 366 5,637
Multi-asset funds 3,263 (69) 80 3,274
Fixed income funds 750 380 (2) 1,128
Investment trusts 519 (2) (4) 513
Segregated mandates 402 19 22 443
-------------------- ---------- ---------- ------------------ ---------
Total 10,565 (32) 462 10,995
-------------------- ---------- ---------- ------------------ ---------
Net revenue
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2023 2022 2022
GBPm GBPm GBPm
-------------------------------------- ------------ ------------ -------------
Management fees 38.8 48.5 90.6
Fees and commission expenses (3.9) (4.8) (9.1)
-------------------------------------- ------------ ------------ -------------
Net management fees (1 *) 34.9 43.7 81.5
-------------------------------------- ------------ ------------ -------------
Other income/(loss) 0.1 - (0.3)
-------------------------------------- ------------ ------------ -------------
Net revenue 35.0 43.7 81.2
-------------------------------------- ------------ ------------ -------------
Average AuM (2) (*) 11,194 13,453 12,615
-------------------------------------- ------------ ------------ -------------
Net management fee margin (bps) (3 *) 62.5 65.1 64.6
-------------------------------------- ------------ ------------ -------------
1 Being management fee income less trail/rebate expenses
2 Calculated using the daily AuM adjusted for the monthly
closing AuM invested in other funds managed by the Group
3 Net management fee margin represents annualised net management
fees divided by the average AuM
The Group's revenue represents management fees generated on the
assets being managed by the Group. The net management fee margin
for the period was 62.5 basis points. The decrease from the
comparative period primarily reflects the change in the Group's
product mix.
Net management fees decreased by 20% to GBP34.9 million (2022
HY: GBP43.7 million) reflecting the lower level of average AuM
compared to the comparative period.
Administration expenses
Administration expenses for the period (excluding share-based
payments) totalled GBP27.1 million (2022 HY: GBP29.1 million), a
decrease of 7%.
Staff costs continue to be the largest component of
administration expenses, consisting of both fixed and variable
elements. The fixed staff costs, which includes salaries and
associated National Insurance, employers' pension contributions and
other indirect costs of employment increased to GBP10.9 million
(2022 HY: GBP9.8 million). At the period end the Group had 167 full
time staff including non-executive directors (2022 HY: 163).
Variable staff costs totalled GBP6.6 million (2022 HY: GBP9.5
million). Included within this are general discretionary bonuses,
sales bonuses and bonuses in respect of the fund management teams,
plus associated employers' national insurance. These costs move
with the net revenues of the Group and the adjusted profit before
tax.
Overheads and other costs were broadly flat at GBP9.1 million
(2022 HY: GBP9.2 million).
Administration expenses
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2023 2022 2022
GBPm GBPm GBPm
---------------------------- ------------ ------------ -------------
Fixed staff costs 10.9 9.8 20.4
Variable staff costs 6.6 9.5 17.3
Overheads and other costs 9.1 9.2 17.9
Depreciation - fixed assets 0.2 0.3 0.6
Depreciation - leases 0.3 0.3 0.6
---------------------------- ------------ ------------ -------------
Administration expenses 27.1 29.1 56.8
---------------------------- ------------ ------------ -------------
Exceptional costs
During the period the Group incurred exceptional costs totalling
GBP0.5 million. These comprise of GBP0.25 million relating to
restructuring of the Group's distribution activities and GBP0.25
million following the strategic review to cease development of the
Group's online portal 'Connect'.
Share-based payments
The share-based payment charge for the period was GBP2.6 million
(2022 HY: GBP2.2 million). Of this charge, GBP2.2 million related
to nil cost contingent share rights ('NCCSR').
During the period 1,577,500 NCCSR awards were issued (2022 HY:
1,902,500).
On 13 January 2023, the Group granted 2,651,034 long-term
incentive plan ('LTIP') awards (2022 HY: nil). The cost of the
awards is the estimated fair value at the date of grant of the
estimated entitlement to ordinary shares. At each reporting date
the estimated number of ordinary shares that may be ultimately
issued is assessed.
At 31 March 2023 the Group's Employee Benefit Trusts ('EBTs')
held 11,469,161 ordinary shares representing 7.3% of the issued
ordinary share capital (2022 HY: 12,692,553 shares). See note 12
for further detail.
Balance sheet, capital management and dividends
Total shareholders' equity as at 31 March 2023 was GBP121.4
million (2022 HY: GBP127.7 million). At the period end the cash
balances of the Group totalled GBP31.5 million (2022 HY: GBP36.0
million). The Group has no external bank debt.
Dividends totalling GBP9.1 million were paid in the period (2022
HY: GBP9.3 million). The Board is recommending an interim dividend
payment of 3.0p per share (2022 HY: 3.7p). The interim dividend
will be paid on 4 August 2023 to shareholders on the register at
the close of business on 7 July 2023.
The Group's dividend policy is to target an annual ordinary
dividend pay-out of approximately 50 to 65% of profit after tax,
adjusted for exceptional costs, merger related costs, share-based
payments and amortisation.
Piers Harrison
Chief Financial Officer
30 May 2023
Alternative Performance Measures ('APMs')
APM Unit Definition Purpose
Adjusted GBP Profit before interest, Except for the noted costs, this
profit before taxation, amortisation, encompasses all operating expenses
tax share-based payments, in the business, including fixed
merger related costs and variable staff cash costs. Provides
and exceptional 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 management fee Provides a consistent measure of
fee revenue of the Group. the profitability of the Group and
Calculated as gross its ability to grow and retain clients,
management fee income, after removing amounts paid to third
less the cost of OCF parties.
caps, direct research
costs and any enhanced
fee arrangements.
---- -------------------------- ----------------------------------------
Net management bps Net management fees A measure used to demonstrate the
fee margin divided by average AuM. blended fee rate earned from the
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. The
(basic) costs and exceptional 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 in basis for comparability of results
the period. period on period.
---- -------------------------- ----------------------------------------
Unaudited Condensed Consolidated Statement of Comprehensive
Income
for the six months ended 31 March 2023
Unaudited Unaudited
six months six months Audited
to to year to
31 March 31 March 30 September
2023 2022 2022
Notes GBP000 GBP000 GBP000
---------------------------------- ----- ----------- ----------- --------------
Revenue 4 38,838 48,503 90,233
Fees and commission expenses (3,868) (4,789) (9,062)
---------------------------------- ----- ----------- ----------- --------------
Net revenue 34,970 43,714 81,171
Administration expenses (27,067) (29,140) (56,818)
Share-based payment expense 12 (2,581) (2,240) (4,505)
Amortisation of intangible assets 8 (2,424) (2,424) (4,861)
Merger related costs 5 (25) (25) (51)
Exceptional items 5 (462) - -
---------------------------------- ----- ----------- ----------- --------------
Operating profit 2,411 9,885 14,936
Finance income/(expense) 5 (7) (23)
---------------------------------- ----- ----------- ----------- --------------
Profit for the period before
taxation 2,416 9,878 14,913
Taxation 6 (776) (4,062) (5,346)
---------------------------------- ----- ----------- ----------- --------------
Profit for the period after
taxation attributable to equity
holders of the parent 1,640 5,816 9,567
---------------------------------- ----- ----------- ----------- --------------
Pence pence pence
--------------------------------- ---- ----- ----- -----
Basic earnings per share 7(a) 1.12 3.97 6.54
--------------------------------- ---- ----- ----- -----
Diluted basic earnings per share 7(a) 1.05 3.71 6.12
--------------------------------- ---- ----- ----- -----
No other comprehensive income was recognised during 2023 or
2022. Therefore, the profit for the period is also the total
comprehensive income.
All of the amounts relate to continuing operations.
Unaudited Condensed Consolidated Statement of Changes in
Equity
for the six months ended 31 March 2023
Employee Capital
Share Merger Benefit redemption Retained
capital reserve Trust reserve earnings Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2022 60 94,312 (16,744) 4,532 44,604 126,764
------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the period - - - - 1,640 1,640
Purchase of own shares held
by an EBT 12(c) - - (381) - - (381)
Exercise of options - - 1,617 - (1,617) -
Share-based payment expense 12 - - - - 2,581 2,581
Other amounts direct to equity - - - - (17) (17)
Deferred tax direct to equity - - - - (9) (9)
Equity dividends paid 3 - - - - (9,147) (9,147)
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 31 March 2023 (Unaudited
half year) 60 94,312 (15,508) 4,532 38,035 121,431
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2021 60 94,312 (15,790) 4,532 49,110 132,224
------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the period - - - - 5,816 5,816
Purchase of own shares held
by an EBT 12(c) - - (3,222) - - (3,222)
Exercise of options - - 393 - (393) -
Share-based payment expense 12 - - - - 2,240 2,240
Deferred tax direct to equity - - - - (103) (103)
Equity dividends paid 3 - - - - (9,269) (9,269)
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 31 March 2022 (Unaudited
half year) 60 94,312 (18,619) 4,532 47,401 127,686
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 1 October 2021 60 94,312 (15,790) 4,532 49,110 132,224
------------------------------- ----- -------- -------- -------- ----------- --------- --------
Profit for the year - - - - 9,567 9,567
Purchase of own shares held
by an EBT - - (4,492) - - (4,492)
Exercise of options - - 3,538 - (3,538) -
Share-based payment expense - - - - 4,505 4,505
Deferred tax direct to equity - - - - (344) (344)
Equity dividends paid - - - - (14,696) (14,696)
------------------------------- ----- -------- -------- -------- ----------- --------- --------
At 30 September 2022 (Audited) 60 94,312 (16,744) 4,532 44,604 126,764
------------------------------- ----- -------- -------- -------- ----------- --------- --------
Unaudited Condensed Consolidated Statement of Financial
Position
as at 31 March 2023
Unaudited Unaudited Audited
31 March 31 March 30 September
2023 2022 2022
Notes GBP000 GBP000 GBP000
--------------------------------------- ----- --------- --------- -------------
Non-current assets
Goodwill 8 70,688 70,688 70,688
Intangible assets 8 20,092 24,953 22,516
Other investments 100 100 100
Property and equipment 488 1,561 1,192
Right-of-use assets 646 1,411 908
Deferred tax asset 1,757 2,431 1,928
Finance lease receivables 1 - 77
Trade and other receivables 563 803 1,081
--------------------------------------- ----- --------- --------- -------------
94,335 101,947 98,490
--------------------------------------- ----- --------- --------- -------------
Current assets
Financial assets at fair value through
profit and loss 1,171 3,458 2,089
Finance lease receivables 176 - 197
Trade and other receivables 167,513 114,395 136,052
Cash and cash equivalents 9 31,520 36,038 45,764
--------------------------------------- ----- --------- --------- -------------
200,380 153,891 184,102
--------------------------------------- ----- --------- --------- -------------
Total assets 294,715 255,838 282,592
--------------------------------------- ----- --------- --------- -------------
Current liabilities
Trade and other payables (167,250) (120,241) (148,820)
Lease liabilities (651) (868) (887)
--------------------------------------- ----- --------- --------- -------------
(167,901) (121,109) (149,707)
--------------------------------------- ----- --------- --------- -------------
Non-current liabilities
Provisions 10 (374) (374) (374)
Deferred tax liability (4,950) (5,958) (5,485)
Lease liabilities (59) (711) (262)
--------------------------------------- ----- --------- --------- -------------
Total liabilities (173,284) (128,152) (155,828)
--------------------------------------- ----- --------- --------- -------------
Net assets 121,431 127,686 126,764
--------------------------------------- ----- --------- --------- -------------
Equity
Share capital 11 60 60 60
Merger reserve 94,312 94,312 94,312
Own shares held by an Employee Benefit
Trust 12(c) (15,508) (18,619) (16,744)
Capital redemption reserve 4,532 4,532 4,532
Retained earnings 38,035 47,401 44,604
--------------------------------------- ----- --------- --------- -------------
Total equity shareholders' funds 121,431 127,686 126,764
--------------------------------------- ----- --------- --------- -------------
Unaudited Condensed Consolidated Statement of Cash Flows
for the six months ended 31 March 2023
Unaudited Unaudited
six months six months Audited
to to year to
31 March 31 March 30 September
2023 2022 2022
Notes GBP000 GBP000 GBP000
Cash flows from operating activities:
---------------------------------------------------- ----- ----------- ----------- --------------
Profit after taxation 1,640 5,816 9,567
Adjustments to reconcile profit to net cash
flow from operating activities:
- Tax on continuing operations 6 776 4,062 5,346
- Finance (income)/expense (5) 7 23
- Interest payable on leases 18 34 60
- Depreciation - fixed assets 220 282 580
- Depreciation - leases 263 337 621
- Gain on derecognition of right-of-use asset - - (115)
- Receivable for the net investment in sub-lease - - 334
- (Gain)/loss on revaluation of financial assets
at fair value through profit and loss (98) 18 345
- Loss on disposal of property and equipment 500 - 171
- Amortisation of intangible assets 8 2,424 2,424 4,861
- Share-based payment expense 12 2,581 2,240 4,505
-(Increase)/decrease in trade and other receivables (30,650) 32,157 10,800
- Increase/(decrease) in trade and other payables 18,430 (42,980) (14,403)
Cash generated from operations (3,901) 4,397 22,695
Income tax paid (1,363) (3,008) (5,352)
---------------------------------------------------- ----- ----------- ----------- --------------
Net cash flow from operating activities (5,264) 1,389 17,343
---------------------------------------------------- ----- ----------- ----------- --------------
Cash flows from investing activities:
Interest received/(paid) 5 (7) (23)
Acquisition of assets at fair value through
profit and loss - (55) (85)
Proceeds from disposal of assets at fair value
through profit and loss 1,016 107 1,180
Purchase of property and equipment (16) (106) (207)
Net cash flow from investing activities 1,005 (61) 865
---------------------------------------------------- ----- ----------- ----------- --------------
Cash flows from financing activities:
Lease payments (457) (474) (931)
Purchase of own shares held by an EBT 12(c) (381) (3,222) (4,492)
Equity dividends paid 3 (9,147) (9,269) (14,696)
Net cash flow from financing activities (9,985) (12,965) (20,119)
---------------------------------------------------- ----- ----------- ----------- --------------
Decrease in cash and cash equivalents (14,244) (11,637) (1,911)
Opening cash and cash equivalents 45,764 47,675 47,675
---------------------------------------------------- ----- ----------- ----------- --------------
Closing cash and cash equivalents 9 31,520 36,038 45,764
---------------------------------------------------- ----- ----------- ----------- --------------
Notes to the Unaudited Condensed Consolidated Financial
Statements
for the six months ended 31 March 2023
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 2022.
The interim unaudited Condensed Consolidated Financial
Statements to 31 March 2023 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 2022 Annual Report is prepared in accordance with
International Financial Reporting Standards ('IFRS') as adopted by
the United Kingdom, 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 12
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
and Risk Assessment ('ICARA').
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 30 May 2023.
The full-year accounts to 30 September 2022 were approved by the
Board of Directors on 1 December 2022 and have been delivered to
the Registrar of Companies. The report of the auditor 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 2023 and the six months ended 31 March 2022 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.
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 2022 of 6.3p
per share was paid on 10 February 2023 resulting in a distribution
of GBP9,147,109. This is reflected in the unaudited Condensed
Consolidated Statement of Changes in Equity (2022 HY:
GBP9,268,748).
4. Revenue
Revenue recognised in the unaudited Condensed 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
2023 2022 2022
GBP000 GBP000 GBP000
-------------------- ------------ ------------ --------------
Management fees 38,737 48,516 90,570
Commissions 2 2 4
Other income/(loss) 99 (15) (341)
-------------------- ------------ ------------ --------------
Total revenue 38,838 48,503 90,233
-------------------- ------------ ------------ --------------
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 six months Audited
six months to 31 year to
to 31 March March 30 September
2023 2022 2022
GBP000 GBP000 GBP000
------------------------ ------------ ----------- -------------
Restructuring 212 - -
Closure of connect 250 - -
------------------------ ------------ ----------- -------------
Total exceptional costs 462 - -
------------------------ ------------ ----------- -------------
Merger related costs 25 25 51
Total merger related costs 25 25 51
---------------------------
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.
GBP211,185 of employment related redundancy costs were incurred
arising from the restructuring of the Group's distribution
activities undertaken in the period (2022 HY: GBPnil).
Exceptional items, net of associated income were incurred in
relation to the cessation of the development of the Group's online
portal 'Connect'. This resulted in net expenditure of
GBP250,000.
There were GBP25,496 of merger related legal and professional
costs in the period (2022 HY: GBP25,496).
6. Taxation
Unaudited
Unaudited six months Audited
six months to 31 year to
to 31 March March 30 September
2023 2022 2022
GBP000 GBP000 GBP000
---------------------------------------------------- ------------ ----------- -------------
Corporation tax charge 1,150 2,708 4,203
Deferred tax liability arising on historic business
combination - 2,066 2,066
Deferred tax credit (374) (712) (923)
---------------------------------------------------- ------------ ----------- -------------
Tax charge reported in the unaudited Condensed
Consolidated Statement of Comprehensive Income 776 4,062 5,346
---------------------------------------------------- ------------ ----------- -------------
In the Spring Budget 2021, the Government announced that from 1
April 2023 the corporation tax rate will increase to 25% from
19%. This was subsequently enacted on 24 May 2021. The deferred
tax balances included within the Consolidated Financial Statements
have been calculated with reference to the rate of 25% to the
relevant balances from 1 April 2023.
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 ('EBTs'). 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 six months Audited
six months to 31 year to
to 31 March March 30 September
2023 2022 2022
GBP000 GBP000 GBP000
---------------------------------------------------- ------------ ----------- -------------
Profit attributable to ordinary equity shareholders
of the Parent Company for basic earnings 1,640 5,816 9,567
No.000 No.000 No.000
Issued ordinary shares at 1 October 157,913 157,913 157,913
-Effect of own shares held by an EBT (12,111) (11,571) (11,677)
Weighted average shares in issue 145,802 146,342 146,236
---------------------------------------------------- ------------ ----------- -------------
-Effect of movement in share options 10,936 10,259 10,184
---------------------------------------------------- ------------ ----------- -------------
Weighted average shares in issue - diluted 156,738 156,601 156,420
---------------------------------------------------- ------------ ----------- -------------
Basic earnings per share (pence) 1.12 3.97 6.54
Diluted earnings per share (pence) 1.05 3.71 6.12
---------------------------------------------------- ------------ ----------- -------------
(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 six months Audited
six months to 31 year to
to 31 March March 30 September
2023 2022 2022
GBP000 GBP000 GBP000
---------------------------------------------- ------------ ----------- -------------
Profit before taxation 2,416 9,878 14,913
Add back:
-Share-based payment expense 2,581 2,240 4,505
-Amortisation of intangible assets 2,424 2,424 4,861
-Merger related costs 25 25 51
-Exceptional items 462 - -
---------------------------------------------- ------------ ----------- -------------
Adjusted profit before tax 7,908 14,567 24,330
---------------------------------------------- ------------ ----------- -------------
Taxation:
-Tax in the unaudited Consolidated Statement
of Comprehensive Income (776) (4,062) (5,346)
-Tax effect of adjustments (697) 1,344 1,176
---------------------------------------------- ------------ ----------- -------------
Adjusted Profit after tax for the calculation
of adjusted earnings per share 6,435 11,849 20,160
---------------------------------------------- ------------ ----------- -------------
Adjusted earnings per share was as follows using the number of
shares calculated at note 7(a):
Unaudited
Unaudited six months Audited
six months to to year to
31 March 31 March 30 September
2023 2022 2022
pence pence pence
---------------------------- -------------- ----------- -------------
Adjusted earnings per share 4.41 8.10 13.79
Diluted adjusted earnings
per share 4.11 7.57 12.89
---------------------------- -------------- ----------- -------------
8. Goodwill and other intangible assets
Cost amortisation and net book value of intangible assets are as
follows:
Unaudited
Unaudited six months Audited
six months to to year to
31 March 31 March 30 September
2023 2022 2022
Goodwill GBP000 GBP000 GBP000
----------------------------- -------------- ----------- --------------
Cost:
At 1 October 77,927 77,927 77,927
Additions - - -
----------------------------- -------------- ----------- --------------
At 31 March/30 September 77,927 77,927 77,927
----------------------------- -------------- ----------- --------------
Amortisation and impairment:
At 1 October 7,239 7,239 7,239
Amortisation during the - -
period -
----------------------------- -------------- ----------- --------------
At 31 March/30 September 7,239 7,239 7,239
----------------------------- -------------- ----------- --------------
Carrying amount:
----------------------------- -------------- ----------- --------------
At 31 March/30 September 70,688 70,688 70,688
----------------------------- -------------- ----------- --------------
Unaudited
Unaudited six months Audited
six months to to year to
31 March 31 March 30 September
2023 2022 2022
Other intangible assets GBP000 GBP000 GBP000
------------------------- -------------- ----------- --------------
Cost:
At 1 October 81,025 81,025 81,025
Additions - - -
------------------------- -------------- ----------- --------------
At 31 March/30 September 81,025 81,025 81,025
------------------------- -------------- ----------- --------------
Accumulated amortisation
and impairment:
At 1 October 58,509 53,648 53,648
Amortisation during the
period 2,424 2,424 4,861
------------------------- -------------- ----------- --------------
At 31 March/30 September 60,933 56,072 58,509
------------------------- -------------- ----------- --------------
Carrying amount:
------------------------- -------------- ----------- --------------
At 31 March/30 September 20,092 24,953 22,516
------------------------- -------------- ----------- --------------
Other intangible assets relate to the investment management
agreements acquired in business combinations between the funds to
which they were 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
six months six months Audited
to to year to
31 March 31 March 30 September
2023 2022 2022
GBP000 GBP000 GBP000
------------------------- ----------- ----------- --------------
Cash at bank and in hand 31,520 36,038 45,764
------------------------- ----------- ----------- --------------
10. Provisions
GBP000
----------------------------- ------
At 1 October 2022 374
Disposals -
----------------------------- ------
At 31 March 2023 (Unaudited) 374
----------------------------- ------
Current -
Non-current 374
----------------------------- ------
374
----------------------------- ------
At 1 October 2021 389
Additions (15)
------------------------------------------------------------- ----
At 31 March 2022 (Unaudited) and 30 September 2022 (Audited) 374
------------------------------------------------------------- ----
Provisions relate to dilapidations for the offices at 6th Floor,
Paternoster House, London, the lease on this property runs to 28
November 2028 and the provision for dilapidations has been
disclosed as non-current.
11. Share capital
Ordinary
shares Deferred
Allotted, called up and fully paid: 0.02 pence shares
Number of shares each Number Number
------------------------------------------------------------- ------------ --------
At 1 October 2022 157,913,035 1
Issued - -
------------------------------------------------------------- ------------ --------
At 31 March 2023 (Unaudited) 157,913,035 1
------------------------------------------------------------- ------------ --------
At 1 October 2021 157,913,035 1
Issued - -
------------------------------------------------------------- ------------ --------
At 31 March 2022 (Unaudited) and 30 September 2022 (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 2022 31 29 60
Issued - - -
---------------------------------------------- ---------------- -------- -------
At 31 March 2023 (Unaudited) 31 29 60
---------------------------------------------- ---------------- -------- -------
At 1 October 2021 31 29 60
Issued - - -
---------------------------------------------- ---------------- -------- -------
At 31 March 2022 (Unaudited) and 30 September
2022 (Audited) 31 29 60
---------------------------------------------- ---------------- -------- -------
12. Share-based payment
The total expense recognised for share-based payments in respect
of employee services received during the period to 31 March 2023
was GBP2,580,666 (2022 HY: GBP2,240,420), of which GBP2,208,196
related to nil cost contingent share rights (2022 HY:
GBP2,176,867).
(a) Nil cost contingent share rights ('NCCSRs')
During the period, 1,577,500 (2022 HY: 1,902,500) NCCSRs over
ordinary shares of 0.02p in the Company were granted to 19
employees (2022 HY: 32 employees). Of the total award, nil (2022
HY: 375,000) NCCSRs 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 NCCSRs on the date of grant. The price per
right at the date of grant was GBP1.045 on 14 December 2022,
resulting in a fair value of GBP1,648,488 to be expensed over the
relevant vesting period of between two to five years.
The key features of the awards include: automatic vesting at the
relevant anniversary date with the delivery of the shares to
the
participant within 30 days of the relevant vesting date.
During the period, 1,251,668 NCCSRs over ordinary shares of
0.02p in the Company were exercised by 14 employees. Of the total,
150,000 were exercised by an Executive Director.
After the period end 2,016,661 NCCSRs over ordinary shares of
0.02p in the Company that vested on 14 April 2023, were exercised
by 37 employees. Of the total, 400,000 were exercised by an
Executive Director.
(b) Long-Term Incentive Plan ('LTIP')
On 13 January 2023 the Group granted 2,651,034 LTIP awards (2022
HY: nil). Of the total award, 811,541 were awarded to Executive
Directors.
Vesting of awards is subject to continued employment and
performance conditions based on Total Shareholder Return ('TSR'),
Earnings Per Share ('EPS'), fund performance and other operational
conditions, all measured over a three-year performance period.
The cost of the awards is the estimated fair value at the date
of grant of the estimated entitlement to ordinary shares of 0.02p
in the Company. At 13 January 2023 the cost was estimated at
GBP797,961 and is to be expensed over the vesting period of three
year. At each reporting date the estimated number of ordinary
shares that may be ultimately issues is assessed.
The fair value of the LTIP awards was estimated using a Monte
Carlo Simulation ('MCS') and the prepaid forward share price,
adjusting the loss of dividends over the vesting period. The
following table lists the inputs to the model used for the period
ended 31 March 2023.
13 January
2023
Dividend yield (%) 2.24
Nominal risk-free rate (%) 3.27
Expected share price volatility (%) 40.00
Discount for lack of marketability ('DLOM') (%) 12.00
Share price (GBP) 1.19
Performance period (months) 36
Holding period post vesting (months) 24
(c) Employee Benefit Trusts ('EBTs')
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, 364,525 (2022 HY: 1,902,500) shares were
acquired and held by the Group's EBTs at a cost of GBP380,804 (2022
HY: GBP3,222,043).
At 31 March 2023, 11,469,161 (2022 HY: 12,692,553) shares are
held by the Group's EBTs.
At 31 March 2023, the cost of the shares held by the EBTs of
GBP15,508,385 (2022 HY: GBP18,619,283) has been disclosed as own
shares held by an EBT in the unaudited Condensed Consolidated
Statement of Changes in Equity and the unaudited Condensed
Consolidated Statement of Financial Position.
13. Subsequent events post balance sheet
At 30 May 2023, there were no subsequent events to report.
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END
IR MZGFKLGNGFZM
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