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(Alliance News) Liontrust Asset Management PLC on Wednesday reported a successful financial year as its profit more than doubled, prompting a sizeable dividend hike.
For the financial year that ended on March 31, the London-based asset manager's pretax profit more than doubled to £79.3 million from £34.9 million, as revenue climbed by 40% to £245.6 million from £175.1 million.
As of March 31, assets under management and advice were £33.5 billion, compared to £30.9 billion a year ago, an increase of 8.5%. Net inflows fell to £2.5 billion in the recent financial year from £3.5 billion a year before. In the final quarter, Liontrust said it suffered a £400 million net outflow, amid negative investor sentiment.
Liontrust noted its acquisition of Majedie Asset Management Ltd completed on April 1, adding £5.2 billion to AuMA, taking Liontrust's pro forma AuMA to £38.7 billion. As of Friday last week, however, AuMA had declined to £34.23 billion.
Liontrust declared a second interim dividend of 50.00 pence, up from 36.00p a year before, bringing its total annual payout 72.0 pence per share, up 53% from 47.0p from a year ago.
Looking ahead, Liontrust said ‘it has been a more challenging economic background so far this year across the industry for fund flows’, but its ability to resume face-to-face meetings with clients following the pandemic will help.
Liontrust shares were down 1.6% at 915.00 pence each on Wednesday morning in London.
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