Liontrust Asset Mgmt - Annual Financial Report
25/06/2025 07:00
RNS Number : 2333O
Liontrust Asset Management PLC
25 June 2025
LEI: 549300XVXU6S7PLCL855
Embargoed until 0700 hours, Wednesday 25 June 2025
LIONTRUST ASSET MANAGEMENT PLC
FULL YEAR REPORT FOR THE YEAR ENDED 31 MARCH 2025
Liontrust Asset Management Plc ("Liontrust", the "Company", or the "Group"), the independent fund management group, today announces its Full Year Report for the financial year ended 31 March 2025.
· Gross Profit of £157.7 million (2024: £186.1 million), includes £3.6 million of performance fee revenues (2024: £10.4 million), with a Revenue margin of 0.60% (2024: 0.62%)
· Adjusted profit before tax of £48.3 million (2024: £67.4 million)
· Adjusted diluted EPS of 56.8 pence per share (2024: 79.2 pence per share)
· Statutory profit before tax of £22.3 million (2024: loss £0.6 million). See note 6 below for further details and a reconciliation to Adjusted profit before tax
· Full year dividend for the financial year ended 31 March 2025 maintained at 72p
· Achieved annualised cost efficiencies of around £6.0 million
· Introduction of a new Capital Allocation Policy, which includes a new dividend policy of a payout ratio of a minimum of 50% of Adjusted diluted EPS, and returning excess capital to shareholders via share buybacks
· On 31 March 2025, AuMA were £22.6 billion (2024: £27.8 billion)
· AuMA as at 17 June 2025 were £22.7 billion
Commenting, John Ions, Chief Executive Officer, said:
"Client outcomes, experience and engagement are at the heart of everything we do at Liontrust. We have overhauled our operating model, enhanced distribution and expanded our fund range to strengthen our proposition as an active asset manager.
We believe it will be more challenging for markets to generate the same level of returns in the next few years as over the past decade. This will lead to investors searching for alpha by moving away from passive vehicles to active asset managers, deeper within markets and on a more geographically diverse basis. These investment opportunities include generational low valuations among UK quality companies.
Liontrust is well placed to take advantage of this new environment with our highly rated and independently recognised investment teams, high-profile brand, market leading client service, communications and marketing, and strong operations.
Kristian Cook has been named Head of Global Distribution, overseeing both UK and international sales. This ensures a consistency of client service across markets, strengthens campaign co-ordination, and enables the growth of the institutional client base worldwide. Our international distribution has been further strengthened by key hires in Switzerland, the Middle East and Asia.
Liontrust has broadened the alternatives capability with the GF Global Alpha Long Short Fund managed by Mark Hawtin and his Global Equities team. We have also launched the GF Pan-European Dynamic Fund, which is now over €400 million in size, and international versions of the Global Dividend, Global Innovation and Global Technology funds.
Operationally, Liontrust has modernised its infrastructure by implementing BlackRock's Aladdin platform and outsourcing trading and data services to BNY. These changes have enhanced investment decision-making, risk management and global trading capabilities, while also delivering significant cost efficiencies.
Having fulfilled our commitment to paying a dividend of 72 pence per share for the financial year ended 31 March 2025 and to support long-term growth and shareholder value, Liontrust has introduced a new Capital Allocation Policy. This includes a commitment to pay at least 50% of Adjusted diluted EPS as dividends and to return excess capital to shareholders via share buybacks. This will support investment to drive both organic and selective inorganic growth, aligning with Liontrust's four strategic objectives.
With a strong brand, award-winning investment strategies and a client-centric approach, Liontrust is well positioned to take advantage of opportunities for active asset managers and our investors in a rapidly evolving environment."
* Includes Alternative Performance Measures, see note 2.
For further information please contact:
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)
Stephen Corbett: Head of Investor Relations
Simon Hildrey: Chief Marketing Officer
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Charles Leigh-Pemberton
Corporate Finance: James Moat
Panmure Liberum (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ("UK MAR")).
Chair's Statement
These are my first Annual Results as Chair of Liontrust. I have taken on the role at a testing time for Liontrust and at what could well be a pivotal moment for the active asset management sector as a whole.
The share price performance of Liontrust over the past year has not been what any of us would have wanted. But Liontrust has not been alone in facing a difficult environment; we have seen this across active asset managers more generally. Liontrust's success going forward, however, will be driven by our own investment processes and performance, client relationships and engagement, brand and operating model.
Having been Chair now for nearly nine months, I have come to really understand the business and its strengths. I believe the Group has done everything it can to manage its way through the current environment in the best way possible. There is much for us to be optimistic about while being cognisant of the challenges that are still facing active asset managers including Liontrust.
People
I want to start with the most important part of Liontrust: its people. They, ultimately, determine the success of the Group.
Since becoming Chair, I have been impressed by the quality of the people, right across the business. This includes not just the senior leadership and the fund managers, but also the unsung heroes behind the scenes who collectively ensure the smooth running of the business and its strong governance. From the Executive Directors down through every department, the staff at Liontrust have remained resolutely focused on what needs to be achieved; sticking to what the Group does best.
This includes the investment teams who have been consistent in applying their rigorous investment processes to the funds they manage. Over the 30 years since being established, Liontrust has had an unshakeable belief in the power of active asset management through the application of robust investment processes for the benefit of clients.
We remain committed to and steadfast in our confidence in the investment teams and their processes, including those strategies that have found the last three years challenging, negatively impacting net flows and therefore having a leveraged impact on the fall in the share price.
Strategy and execution
Management is not simply standing still and waiting for a turn in performance; far from it. Liontrust has been proactive in developing its capabilities to drive future growth while actively managing the current cost base of the business. This has been done with the full support of the Board, which remains fully committed to Liontrust's strategy and its execution. The foundations have been laid for growth and we will see these bearing fruit as we go forward.
These include diversification of the fund range, with further product development over the past year and more in the pipeline. On distribution, we have been communicating to and engaging with existing clients to an even greater extent than before while seeking to expand the client base across different channels, including among institutional investors, and internationally.
All of this will play a key role in the Group returning to positive flows and generating growth. The strategy and its execution is explained in detail in John Ions' Chief Executive Officer's Report that follows.
Business transformation
The Group has also been engaged in a business transformation programme designed to overhaul Liontrust's operating model. This includes implementing BlackRock's Aladdin platform; a Middle-Office operating model with BNY; BNY Front Office Services; and a new enterprise data platform - BNY Data Vault. The Group also outsourced factsheet and regulatory reporting in 2024 and has been finalising the outsourcing of trading for investment funds and institutional accounts to BNY's Buyside Trading Solutions service. These changes are strengthening data management, delivery and analysis across the business while also providing operational and cost efficiencies.
Liontrust has also achieved cost efficiencies through a reduction in roles across the business. Annualised savings of employee-related, member and non-staff related expenses are expected to be around £6.0 million with one-off implementation costs for the role reductions and non-staff related expenses anticipated to be around £4.5 million.
Capital Allocation Policy
Having fulfilled our commitment to paying a dividend of 72 pence per share for the financial year ended 31 March 2025, Liontrust is now announcing a new Capital Allocation Policy ("CAP") that will support the Group to continue to be a profitable business by applying surplus capital to organic investment in growth opportunities and selective M&A as consolidation continues in the sector. The CAP is aligned with our strategic objectives and includes a new dividend policy of paying out a minimum of 50% of Adjusted diluted EPS1 and returning excess capital to shareholders via share buybacks to ensure the business is well positioned for the future. The CAP and dividend policy are explained in detail immediately after the Chief Executive Officer's Report.
Leadership
The experience which the leadership team at Liontrust has of managing the business through different economic and market cycles gives the Board great confidence. The team has worked together for a long time and, in some cases, has been at the Group for over two decades. They have been through tough environments before, including the bursting of the TMT boom, the Global Financial Crisis, Brexit and Covid.
This experience has, as in the previous situations, enabled management to hold their nerve during the recent challenges and make the right decisions now to ensure growth in the future. I am confident the business will emerge in a much better shape and a stronger position as a result.
Dividend
The Board has declared a second interim dividend of 50.0 pence per share (2024: 50.0 pence per share) bringing the total dividend for the financial year ending 31 March 2025 to 72.0 pence per share (2024: 72.0 pence per share).
The second interim dividend will be payable on 8 August 2025 to shareholders who are on the register as at 4 July 2025, the shares going ex-dividend on 3 July 2025. Last day for Dividend Reinvestment Plan elections is 18 July 2025.
Results
Gross Profit of £157.7 million (2024: £186.1 million), includes £3.6 million of Performance fee revenues (2024: £10.4 million), with a Revenue Margin of 0.60% (2024: 0.62%) on Average AuMA of £25,671 million (2024: £28,330 million).
Adjusted profit before tax is £48.266 million (2024: £67.430 million), a decrease of 28.2% compared to last year, with an Adjusted Operating Margin of 29.4% (2024: 35.5%).
Statutory Profit before tax of £22.292 million (2024: loss of £0.579 million), This includes charges of £26.0 million (2024: £68.0 million) relating to non-recurring costs (£16.4 million); the non-cash amortisation of the acquisition-related intangible assets (£9.6 million).
Adjusted profit before tax is disclosed to give shareholders an indication of the profitability of the Group excluding non-cash (intangible asset amortisation) expenses and non-recurring (professional fees relating to acquisition, cost reduction, restructuring and severance compensation related) expenses. See note 6 below for a reconciliation of Adjusted profit before tax.
Looking forward
I am happy that Liontrust has been doing the right things over the past year to ensure that the business is well positioned for the future, thanks to the hard work of everyone in the Group. This includes strong client relationships and experiences, seeking to broaden the client base in the UK and internationally, expanding the fund range, strengthening the operating model, implementing efficiencies, and developing our technological, data and digital capability.
* Includes Alternative Performance Measures, see note 2
Luke Savage
Non-executive Chair
24 June 2025
Chief Executive Officer's Report
At the core of Liontrust is our conviction in active asset management underpinned by disciplined investment processes. While even the most successful strategies may experience periods of underperformance, particularly when market trends favour specific styles, sectors or capitalisations, we remain confident in our approach. The recent domination of a few mega-cap stocks globally has posed challenges to active managers, but we believe the environment is shifting back in their favour.
Market recovery and active management
The proportion of the US equity representation within the MSCI World index has increased consistently over the last 15 years from 45% to 68%, providing strong alpha generation despite the US GDP share globally being static. If the US dollar remains weak, however, it will be hard for the concentrated, passive-driven trend of the last 10 years to continue to provide the best risk-adjusted returns. There are estimates that returns from US equities over the next 10 years will be lower than they have been over the past decade, making it harder for investors to generate the returns to meet their liability requirements. In the first five months of 2025, the negative alpha contribution from the US market has been bigger than in any of the last 15 years.
This will present an opportunity for active managers because investors will need to seek alpha by moving away from passive vehicles, deeper within markets and on a more geographically diverse basis. Through the execution of our four strategic objectives, Liontrust is in a strong position to take advantage of these trends, and we are already seeing growing client interest in diversifying exposure geographically, including to Europe and the UK.
Competitive advantage
We have maintained our strong reputation among clients and potential clients across the strategies, which will enable Liontrust to take advantage of the emerging market environment. Liontrust is widely recognised as a leader in sustainable investing among both professional intermediaries and retail investors. In June 2024, European Dynamic Fund was named the best Europe ex-UK fund at the Fund Manager of the Year awards for the third successive year, and, along with the European Strategic Equity Fund, was shortlisted again this year. Japan Equity was the other Liontrust fund to have been nominated.
Liontrust continues to elevate the client experience. Independent research ranks Liontrust as a market leader in client service and communications. This is based on the focus by the distribution and marketing teams on understanding clients and their digital behaviour, strategic targeting, deep product knowledge, relentless client activity, engaging communications and strong visibility. In the first quarter of 2025 alone, the distribution team conducted over 1,000 meetings with clients and prospects and hosted 47 group events and webinars. Notably, our November 2024 investment conference at the Science Museum attracted more than 300 professional intermediaries.
Continue to diversify our investment offering
We have broadened our alternatives capability with the launch of the Irish-domiciled GF Global Alpha Long Short Fund managed by Mark Hawtin and his Global Equities team. In January 2025, the Economic Advantage team's Alex Wedge and Bobby Powar took on management of the Global Smaller Companies Fund, using the same investment process that has been applied to the UK Smaller Companies Fund since 1998.
Over the past year, we have also launched the GF Pan-European Dynamic Fund, which is now over €400 million in size, and Irish-domiciled versions of the Global Dividend, Global Innovation and Global Technology funds.
Expanding distribution and the client base
We have been expanding our international distribution capability. Òscar Andreu was appointed Managing Director, Head of Distribution for Switzerland, in March 2025, with a focus on the wholesale and institutional markets. This was followed by Phil Rosenberg being appointed Distribution Head of Middle East and Asia. Phil is building on Liontrust's existing clients in these regions who are currently invested with the Cashflow Solution and the Global Equities teams.
With Liontrust now having clients across Europe and in South America, South Africa, the Middle East and Australia, we have brought international distribution together with the UK under Kristian Cook, who is now Head of Global Distribution. This will ensure consistency of client service in every market, collaboration on campaigns and fund manager time with clients across the whole Distribution team, and a focus on growing our institutional client base.
Strengthen our technological, data and digital capability
Liontrust has overhauled our operating model, which has led to centralising functions, realising cost synergies and efficiencies, and ensuring the management team is equipped with the expertise to make informed decisions during challenging market conditions.
We have strengthened data management, delivery and analysis across the business through the implementation of Aladdin's enterprise portfolio management system, which is integrated with a new data ecosystem. This single, integrated front-office solution is bringing significant benefits to our investment management and risk teams and clients.
Liontrust has also outsourced trading for investment funds and institutional accounts to The Bank of New York Mellon Corporation ("BNY") Buy-Side Trading Solutions Group. This provides Liontrust with access to a global network of brokers and venues, allowing us to respond to market developments in real-time and extend our capabilities beyond UK trading hours. Liontrust can leverage BNY's global trading solutions, which reaches 100 global markets across all major asset classes, including a wide range of fixed income and derivative products.
Outlook
Liontrust continues to build on the strong foundations of the business by executing our four strategic objectives. Achieving these objectives will be aided by a new Capital Allocation Policy which is set out after this Report.
Our investment strategies have maintained their strong reputation and independent recognition, and we are broadening our offering, including in alternatives for which we believe there will be strong demand.
Client outcomes, experience and engagement is at the heart of everything we do at Liontrust. With our relentless activity, events and digital marketing, we have a strong understanding and appreciation of clients, their behaviours and requirements. We have been expanding our distribution, especially institutionally and internationally. This has extended our client base from Australia, through Europe and the Middle East, to South America.
Technological innovation is another pillar of Liontrust's strategy. The implementation of Aladdin's portfolio management system and a new data ecosystem has enhanced investment decision-making, risk management and client reporting. Outsourcing trading to BNY has further improved execution capabilities and our global reach.
This impressive progress in the development of the business to achieve our four strategic objectives puts Liontrust in a very strong position to take advantage of the opportunities for active asset managers. Our brand, communications, distribution, operating model and strong capital position will enable Liontrust to deliver growth.
* Includes Alternative Performance Measures, see note 2
John Ions
Chief Executive Officer
24 June 2025
Capital Allocation Policy
Our new Capital Allocation Policy ("CAP"), which is effective for the financial year ending 31 March 2026 and thereafter, is aligned to the Group's strategic objectives and will support the Group's continued profitability with surplus capital applied to organic investment and inorganic opportunities.
As part of the new CAP, our dividend policy has been updated to reflect a disciplined approach to capital management, targeting a sustainable dividend funded by current earnings. As such, Liontrust's dividend policy will be to pay a minimum of a 50% of Adjusted diluted EPS in ordinary dividends, to be paid to shareholders following the publication of the Company's Half Year and Annual results. It is expected that the split between the first and second interim dividends will be around one third to two thirds respectively.
Liontrust will also implement a share buyback programme which will return incremental excess capital to shareholders; only buying back shares when it makes economic sense to do so and with the quantum of buybacks also dependent on the amount of surplus capital spent on organic investment and inorganic opportunities.
Note, in exceptional circumstances, when Performance Fee Profit is in excess of recent average Performance Fee Profit, then the dividend payout ratio may be adjusted to below the minimum to avoid undue volatility in dividends paid.
* Includes Alternative Performance Measures, see note 2
Asset under Management and Advice
On 31 March 2025 our AuMA stood at £22,590 million and were broken down by type and investment process as follows:
| Process | Total | Institutional Accounts & Funds | Investment Trusts | UK Retail Funds & MPS | Alternative Funds | International Funds & Accounts |
| (£m) | (£m) | (£m) | (£m) | (£m) | (£m) | |
| Sustainable Investment | 8,137 | 309 | - | 7,602 | - | 226 |
| Economic Advantage | 4,255 | 384 | - | 3,807 | - | 64 |
| Multi-Asset | 3,829 | - | - | 3,664 | 73 | 92 |
| Global Equities | 1,062 | - | - | 1,041 | 21 | - |
| Global Innovation | 770 | - | - | 767 | - | 3 |
| Cashflow Solution | 2,770 | 517 | - | 1,813 | 248 | 192 |
| Global Fundamental | 1,767 | 206 | 1,126 | 435 | - | - |
| Total | 22,590 | 1,416 | 1,126 | 19,129 | 342 | 577 |
| Total | Institutional Accounts & Funds | Investment Trusts | UK Retail Funds & MPS | Alternative Funds | International Funds & Accounts | |
| (£m) | (£m) | (£m) | (£m) | (£m) | (£m) | |
| Opening AuMA - 1 April 2024 | 27,822 | 1,741 | 1,135 | 23,815 | 236 | 895 |
| Net flows | (4,904) | (316) | (51) | (4,293) | 71 | (315) |
| Market & Investment performance | (328) | (9) | 42 | (393) | 35 | (3) |
| Closing AuMA - 31 March 2025 | 22,590 | 1,416 | 1,126 | 19,129 | 342 | 577 |
| Year ended | Year ended | |||||||
| 31-Mar-25 | 31-Mar-24 | |||||||
| (audited) | (audited) | |||||||
| Notes | £'000 | £'000 | ||||||
| Revenue | 4 | 169,790 | 197,889 | |||||
| Cost of sales | 4 | (12,088) | (11,828) | |||||
| Gross profit | 157,702 | 186,061 | ||||||
| Realised profit on sale of financial assets | 85 | 184 | ||||||
| Unrealised gain on financial assets | 58 | 838 | ||||||
| Administration expenses | 5 | (137,633) | (188,932) | |||||
| Operating profit/(loss) | 20,212 | (1,849) | ||||||
| Interest receivable | 2,162 | 1,337 | ||||||
| Interest payable | (82) | (67) | ||||||
| Profit/(Loss) before tax | 22,292 | (579) | ||||||
| Taxation | 7 | (5,596) | (2,911) | |||||
| Profit/(Loss) for the period | 16,696 | (3,490) | ||||||
| Other comprehensive income | - | - | ||||||
| Total comprehensive income | 16,696 | (3,490) | ||||||
| Pence | Pence | |||||||
| Basic earnings per share | 8 | 26.20 | (5.46) | |||||
| Diluted earnings per share | 8 | 26.20 | (5.46) | |||||
| 31-Mar-25 | 31-Mar-24 | |||
| (audited) | (audited) | |||
| Notes | £'000 | £'000 | ||
| Assets | ||||
| Non current assets | ||||
| Intangible assets | 9 | 39,367 | 48,472 | |
| Goodwill | 10 | 32,110 | 32,110 | |
| Property, plant and equipment | 2,241 | 3,719 | ||
| 73,718 | 84,301 | |||
| Current assets | ||||
| Trade and other receivables | 11 | 200,993 | 229,586 | |
| Financial assets | 12 | 3,866 | 8,157 | |
| Cash and cash equivalents | 75,901 | 104,318 | ||
| Total current assets | 280,760 | 342,061 | ||
| Liabilities | ||||
| Non current liabilities | ||||
| Deferred tax liability | (8,946) | (11,227) | ||
| Lease liability | (1,514) | (2,538) | ||
| Total non current liabilities | (10,460) | (13,765) | ||
| Current liabilities | ||||
| Trade and other payables | (205,856) | (241,363) | ||
| Total current liabilities | (205,856) | (241,363) | ||
| Net current assets | 74,904 | 100,698 | ||
| Net assets | 138,162 | 171,234 | ||
| Shareholders' equity | ||||
| Ordinary shares | 637 | 648 | ||
| Capital redemption reserve | 19 | 19 | ||
| Retained Earnings | 150,445 | 183,461 | ||
| Own shares held | (12,939) | (12,894) | ||
| Total equity | 138,162 | 171,234 |
| Year ended | Year ended | ||
| 31-Mar-25 | 31-Mar-24 | ||
| (audited) | (audited) | ||
| £'000 | £'000 | ||
| Cash flows from operating activities | |||
| Profit/(Loss) after taxation | 16,696 | (3,490) | |
| Adjustments for income statement non-cash charges/income: | |||
| Depreciation of PPE | 1,648 | 1,975 | |
| Write-off of PPE | - | 30 | |
| Amortisation of intangible assets | 9,555 | 11,480 | |
| Impairment of intangible assets | - | 37,153 | |
| Interest receivable | (2,162) | (1,337) | |
| Interest income | 2,162 | 1,337 | |
| Share based payment charges | 1,871 | 665 | |
| Disposal of mLTIP shares | (606) | (385) | |
| Tax paid | (8,400) | (18,695) | |
| Tax expense/(credit) | 5,596 | 2,911 | |
| Foreign exchange (gains)/ losses | - | 109 | |
| Fair value gains on investments | (58) | (1,134) | |
| Adjustment for statement of financial position movements: | |||
| (Increase)/ decrease in trade and other receivables | 29,534 | 12,096 | |
| (Decrease)/ increase in trade and other payables | (35,209) | (14,509) | |
| Net cash generated from operating activities | 20,627 | 28,206 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (592) | (142) | |
| Loan to GAM | - | (8,900) | |
| Loan repaid by GAM | - | 8,900 | |
| Purchase of financial assets | (599) | (1,493) | |
| Sale of financial assets | 3,121 | 4,348 | |
| Purchase of seeding investments | (783) | (328) | |
| Sale of seeding investments | 2,174 | 371 | |
| Net cash from investing activities | 3,321 | 2,756 | |
| Cash flows from financing activities | |||
| Payment of lease liability | (1,293) | (1,525) | |
| Purchase of own shares | (5,055) | - | |
| Dividends paid | (46,017) | (46,156) | |
| Net cash used in financing activities | (52,365) | (47,681) | |
| Net decrease in cash and cash equivalents | (28,417) | (16,719) | |
| Opening cash and cash equivalents | 104,318 | 121,037 | |
| Closing cash and cash equivalents | 75,901 | 104,318 | |
| Share | Capital | Retained | Own shares | Total | ||
| capital | redemption | earnings | held | Equity | ||
| £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | ||
| Balance at 1 April 2024 brought forward | 648 | 19 | 183,461 | (12,894) | 171,234 | |
| Profit for the period | - | - | 16,696 | - | 16,696 | |
| Total comprehensive income for the period | - | - | 16,696 | - | 16,696 | |
| Dividends paid | - | - | (46,017) | - | (46,017) | |
| Share buyback | (11) | - | (4,999) | - | (5,010) | |
| Purchase of own shares | - | - | - | (279) | (279) | |
| Equity share options issued | - | - | 1,910 | - | 1,910 | |
| LTIP dividends settled through equity | - | - | (43) | - | (43) | |
| Sale of own shares | - | - | (563) | 234 | (329) | |
| Balance at 31 March 2025 | 637 | 19 | 150,445 | (12,939) | 138,162 | |
| Share | Share | Capital | Retained | Own shares | Total | ||
| capital | premium | redemption | earnings | held | Equity | ||
| £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | ||
| Balance at 1 April 2023 brought forward | 648 | 112,510 | 19 | 121,341 | (13,537) | 220,981 | |
| Loss for the period | - | - | - | (3,490) | - | (3,490) | |
| Total comprehensive income for the Period | - | - | - | (3,490) | - | (3,490) | |
| Dividends paid | - | - | - | (46,156) | - | (46,156) | |
| Cancellation of share premium account | - | (112,510) | - | 112,510 | - | - | |
| Purchase of own shares | - | - | - | - | (381) | (381) | |
| Sale of own shares | - | - | - | (1,024) | 1,024 | - | |
| Members' share incentive award exercises | - | - | - | (385) | - | (385) | |
| Equity share options issued | - | - | - | 665 | - | 665 | |
| Balance at 31 March 2024 | 648 | - | 19 | 183,461 | (12,894) | 171,234 | |
| 31-Mar-25 | 31-Mar-24 | |
| £m | £m | |
| Capital after regulatory deductions1 | 75.6 | 101.9 |
| Regulatory capital requirement2,3 | 18.1 | 22.9 |
| Surplus capital | 57.5 | 79.0 |
| Foreseeable dividends4 | (31.4) | (31.9) |
| Surplus capital after foreseeable dividends | 26.1 | 47.1 |
| Year ended | Year ended | ||||||
| 31-Mar-25 | 31-Mar-24 | ||||||
| (audited) | (audited) | ||||||
| £'000 | £'000 | ||||||
| Revenue | |||||||
| - Revenue | 166,148 | 187,480 | |||||
| - Performance fee revenue | 3,642 | 10,409 | |||||
| Total Revenue | 169,790 | 197,889 | |||||
| Cost of sales | (12,088) | (11,828) | |||||
| Gross Profit | 157,702 | 186,061 | |||||
| Gross Profit excluding Performance Fees | 154,060 | 175,652 | |||||
| Average AuMA (£m) | 25,671 | 28,330 | |||||
| Revenue Margin (%) | 0.60% | 0.62% | |||||
| Revenue from earnings includes: · Investment management fees on unit trusts, open-ended investment companies' sub-funds, portfolios and segregated accounts. · Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. · Fixed administration fees on unit trusts and open-ended investment companies sub-funds. · Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts). · Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-funds. · Box profits on unit trusts - the "at risk" trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts held to help manage client sales into, and redemptions from, the trust. · Foreign currency gains and losses. · Less contractual rebates paid to customers. | |||||||
| Cost of sales includes: | |||||||
| · Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and auditors. · Sales commission paid or payable to third parties. · External investment advisory fees paid or payable. | |||||||
| Year ended | Year ended | |
| 31-Mar-25 | 31-Mar-24 | |
| (audited) | (audited) | |
| £'000 | £'000 | |
| Employee related expenses | ||
| Wages and salaries | 26,178 | 32,324 |
| Social security costs | 3,616 | 2,613 |
| Pension costs | 2,191 | 2,502 |
| Share incentivisation expense | 1,860 | 1,271 |
| DBVAP expense | 1,855 | 2,953 |
| Severance compensation | 2,615 | 3,198 |
| 38,315 | 44,861 | |
| Member related expenses | ||
| Members' drawings charged as an expense | 33,157 | 36,445 |
| Members' share incentivisation expense | 229 | 1,040 |
| Members' severance | 141 | - |
| 33,527 | 37,485 | |
| Total Employee and Member related expenses | 71,842 | 82,346 |
| Non-staff related expenses | ||
| Professional and other services | 13,663 | 15,652 |
| Intangible asset amortisation | 9,555 | 12,094 |
| Intangible asset and Goodwill impairment | - | 37,065 |
| Depreciation | 1,648 | 1,975 |
| Other administration expenses | 40,925 | 39,800 |
| 65,791 | 106,586 | |
| Total Administration expenses | 137,633 | 188,932 |
| Year ended | Year ended | ||
| 31-Mar-25 | 31-Mar-24 | ||
| (audited) | (audited) | ||
| £'000 | £'000 | ||
| Direct Employment & Member related Wages, Salaries, Social Security & Pensions | |||
| Fund Managers | 40,397 | 43,360 | |
| Other Employees and Members | 24,745 | 30,524 | |
| 65,142 | 73,884 | ||
| Incentivisation (Share & DBVAP) - Other Employees & Members | 3,944 | 5,264 | |
| Employee and Member severance compensation | 2,756 | 3,198 | |
| 71,842 | 82,346 | ||
| Year ended | Year ended | |
| 31-Mar-25 | 31-Mar-24 | |
| (audited) | (audited) | |
| £'000 | £'000 | |
| Professional and other services | ||
| GAM acquisition related costs1 | - | 9,508 |
| Neptune/Architas/Majedie acquisition related costs2 | 578 | 559 |
| Business Transformation Programme3 | 12,174 | 5,585 |
| International Distribution and Product expansion4 | 911 | - |
| 13,663 | 15,652 |
| Year ended | Year ended | |
| 31-Mar-24 | 31-Mar-24 | |
| (audited) | (audited) | |
| £'000 | £'000 | |
| Profit/(Loss) before tax for the period | 22,292 | (579) |
| Severance compensation and staff reorganisation costs | 2,756 | 3,198 |
| Professional and other services1 | 13,663 | 15,652 |
| Intangible asset amortisation | 9,555 | 12,094 |
| Intangible asset and Goodwill impairment | - | 37,065 |
| Adjustments | 25,974 | 68,009 |
| Adjusted profit before tax | 48,266 | 67,430 |
| Interest receivable | (2,162) | (1,337) |
| Interest payable | - | - |
| Adjusted operating profit | 46,104 | 66,093 |
| Adjusted operating margin | 29.23% | 35.5% |
| Adjusted diluted earnings per share (excluding performance fees) | 55.56 | 74.82 |
| Adjusted diluted earnings per share | 56.81 | 79.16 |
| 31-Mar-25 | 31-Mar-24 | |
| Weighted average number of Ordinary Shares | 63,717,195 | 63,875,440 |
| Weighted average number of dilutive Ordinary shares under option: | ||
| - to Liontrust Long Term Incentive Plan | - | 22,911 |
| - to Liontrust SAYE | 1,384 | - |
| Adjusted weighted average number of Ordinary Shares | 63,718,579 | 63,898,351 |
| 31-Mar-25 | 31-Mar-24 | |
| £'000 | £'000 | |
| Investment management contracts acquired from ATI | 2,400 | 3,600 |
| Investment management contracts acquired from Neptune | 14,060 | 17,185 |
| Investment management contracts acquired from Architas | 18,382 | 21,674 |
| Investment management contracts acquired from Majedie | 2,167 | 2,476 |
| Segregated client contracts acquired from Majedie | 2,358 | 3,537 |
| 39,367 | 48,472 |
| Goodwill 31 Mar 2025 £'000 | Goodwill 31 Mar 2024 £'000 | |
| ATI | 11,873 | 11,873 |
| Neptune | 7,668 | 7,668 |
| Architas | 7,951 | 7,951 |
| Majedie | 4,618 | 4,618 |
| Total | 32,110 | 32,110 |
| Discount Rate 31 Mar 2025 | Discount Rate 31 Mar 2024 | Terminal Growth Rate 31 Mar 2025 | Terminal Growth Rate 31 Mar 2024 | Net AuMA Growth Rate 31 Mar 2025 | Net AuMA Growth Rate 31 Mar 2024 | |
| ATI | 12.50% | 13.00% | 2% | 2% | 4.0% | 4.5% |
| Neptune | 12.50% | 13.00% | 2% | 2% | 6.7% | 7.3% |
| Architas | 12.50% | 13.00% | 2% | 2% | 2.7% | 0.3% |
| Majedie | 12.50% | 13.00% | 2% | 2% | 7.1% | 2.2% |
| 31-Mar-25 | 31-Mar-24 | |
| £'000 | £'000 | |
| Trade receivables | ||
| - Fees receivable | 13,451 | 19,465 |
| - Unit Trust sales and cancellations | 177,965 | 201,748 |
| Prepayments and accrued income | 8,359 | 8,365 |
| Corporation tax receivable | 1,218 | 8 |
| 200,993 | 229,586 |
| John S. Ions | Vinay K. Abrol | |||||
| Chief Executive Officer | Chief Financial Officer | |||||
| 24 June 2025 | ||||||