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Liontrust Asset Management PLC on Wednesday said profit tumbled in financial 2023 but that it remains focused on growth. The London-based asset manager said pretax profit for the year ended March 31 fell 38% to £49.3 million, from £79.3 million the year prior. The firm said revenue was £243.3 million, down 0.9% from £245.6 million in 2022. The firm declared a second interim dividend of 50.0 pence per share, unchanged from a year ago, bringing its total dividend for financial 2023 to 72.0p per share, also unchanged. Liontrust also reported that assets under management and advice fell by 6.3% to £31.4 billion, from £33.5 billion a year ago. Looking ahead, the firm said it is financially strong, adding that its proposed acquisition of GAM Holding AG will give it the opportunity to expand its product range and its physical footprint. In May, Liontrust said it conditionally has agreed to buy Zurich-listed GAM Holding AG in an all-share deal valuing the Swiss peer at fr.107 million, or £96 million. Chief Executive John Ions said: ‘We are focused on ensuring the future growth of Liontrust. The business is in strong health despite the challenges of the past year and we are seeking to build on this through the proposed acquisition of GAM Holding AG to accelerate the strategic aims of Liontrust becoming a specialist global investment manager. ‘Growing a business is never a smooth line upwards as we have seen recently. The opportunities for Liontrust are clear, however, and we are confident that we have the investment capability, distribution, brand, business processes and commitment to take advantage of them.’ Liontrust Asset Management shares fell 2.5% to 749.30 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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