REG - Premier Miton Group - FULL YEAR RESULTS
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RNS Number : 1749K Premier Miton Group PLC 04 December 2025
Embargoed until 7.00am 4 December 2025
PREMIER MITON GROUP PLC
FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Positioned for future growth, both organic and inorganic.
Premier Miton Group plc ('Premier Miton', 'Company' or 'Group'), the AIM
quoted fund management group, today announces its final results for the year
ended 30 September 2025.
Highlights
Resilient performance
· £10.3 billion closing Assets under Management (3) ('AuM') (2024:
£10.7 billion), a decrease of 3% for the year
· £9.7 billion closing AuM at 30 November 2025 (4)
· Net outflows of £618 million for the year (2024: £318 million
outflow)
· Total £5 million annual run-rate savings identified during the
year, with £3 million already delivered at 30 September 2025, the remaining
due in 2026
· Adjusted profit before tax (1,3) of £11.5 million (2024: £12.2
million)
· Adjusted earnings per share (2,3) of 5.5 pence (2024: 6.3 pence)
· Profit before tax of £2.4 million (2024: £3.2 million)
· Cash balances were £31.3 million at 30 September 2025 (2024:
£35.9 million)
· Final proposed dividend of 3.0 pence per share (2024: 3.0 pence
per share)
· Total proposed dividend for the year of 6.0 pence per share
(2024: 6.0 pence per share)
Strongly positioned
· Continued net inflows into Fixed Income, Absolute Return,
Multi-Asset Thematic funds
· Strategic focus on building out long-short investment
capabilities
· Offshore fund platform AuM now above £100m with momentum
building via new distribution channels including South Africa, Ireland and the
Channel Islands. Fourth fund now due to be added in early 2026
· Sustained emphasis on inorganic initiatives that progress our
strategic priorities
· Christopher Williams now appointed to the Board as Non-Executive
Director and Chair Designate to succeed Robert Colthorpe, following his
nine-year term as Non-Executive Director. Christopher has a wealth of
experience in the financial sector as well as extensive corporate finance
expertise
Notes
(1) Adjusted profit before tax is calculated before the deduction of taxation,
amortisation, share-based payments and non-recurring items. Reconciliation
included within the Financial Review section.
(2) Adjusted earnings per share is calculated before the deduction of
amortisation, share-based payments and non-recurring items.
(3) These are Alternative Performance Measures ('APMs').
(4) Unaudited estimate.
Mike O'Shea, Chief Executive Officer of Premier Miton Group, commented:
"We ended the year with £10.3 billion of Assets under Management with good
investment performance across several of our strategies. We report an adjusted
profit before tax of £11.5 million, a final dividend of 3.0p, bringing the
total for the year to 6.0p, and year end cash of £31.3 million on the balance
sheet.
During the year, Fixed Income and Absolute Return funds saw continued inflows,
with a strong new business pipeline emerging. However, US and European equity
strategies faced combined outflows of £689 million. These outflows have
continued into the new financial year negating much of the strong positive
flows in other areas of the business. Whilst this presents a near-term
challenge to the business, we remain confident in the long-term prospects of
these funds.
We manage strategies that are genuinely active, meaning many can take
contrarian positions relative to the status quo. This conviction-driven
approach combined with original thinking is what we believe will return the
overall business to net inflows and strongly positions us for when market
leadership broadens.
We continue to carefully manage our costs to enhance future returns for our
shareholders. In April 2025, we announced annual cost savings of £3 million
which were delivered by the year end. In October 2025 we noted a further £2
million in annualised savings to be delivered by 30 September 2026. These
efficiencies will help offset the impact of a weaker flow environment, should
it persist in the near term.
We also continue to explore strategic transaction opportunities to enhance
shareholder value. Attractive inorganic growth opportunities are those that
could expand our scale, introduce new investment capabilities, or provide
access to new client segments. We recognise that astute execution of M&A
activity will remain critical in an industry that will continue to present
opportunities for inorganic growth. Our disciplined approach and proven track
record position us well to identify and pursue these opportunities.
In closing, I am pleased to welcome Christopher Williams to the Board. Chris
has a wealth of M&A experience in the financial sector and we look forward
to welcoming him as Chair in February following our AGM."
ENDS
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)
David Anderson / Ben Griffiths / St John Hunter 020 7597 4000
Camarco
Geoffrey Pelham-Lane / Ben Woodford 07733 124 226 /
07990 653 341
KK Advisory Ltd
Steve Keeling / Kam Bansil 020 7039 1901
Notes to editors:
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
Chair's Statement
Results
Our financial results for 2025 reflect our continuing resilience in what are
fast changing and difficult markets for many businesses focused on the UK's
long-term investment industry. At the year end, our Assets under Management
('AuM') were £10.3 billion, with a Group cash position of £31.3 million and
an adjusted profit before tax of £11.5 million. Further details and
commentary on our business and financial performance are set out in the
reports from our Executive team.
We have a well-diversified range of active funds and investment solutions
focused on public markets, with a strong long-term performance track record
and an efficient operating platform. We continue to develop our business model
and are confident in our fundamental strengths and abilities. We remain well
positioned to secure positive net inflows, including from the newer markets
and capital pools we target, as investor sentiment improves in more of the
strategies where we run funds and as we demonstrate performance across our
fund range.
Sector background
Our shareholders will be keenly aware of the geopolitical and domestic issues
affecting the markets in which we largely operate. Premier Miton's business is
still materially reliant on accessing UK long-term savings and investment
capital and we have a significant presence in UK equities as a proportion of
our AuM.
I have commented before on the vital economic and social importance of the
deep and extensive reforms needed in our domestic risk capital and investment
markets. We are encouraged that further positive changes are being considered,
particularly to the pensions and risk asset investment markets, although these
have yet to secure full political traction and implementation.
We welcome the Government's Financial Services and Competitiveness Strategy
which was published in the summer as part of its overall Industrial Strategy,
and which confirmed the sector's central role in the future of our country and
in creating economic growth and prosperity.
The Government's laudable aim is to make the UK the world's most innovative
full service financial centre, geared towards investment. We look forward to
contributing to the policy choices needed to secure this position and to
securing the opportunities this is likely to bring for Premier Miton's
business.
Alongside these challenges, the investment industry in the UK is also being
reshaped by extensive ongoing developments in client demands, regulation,
technology, distribution and related competition and business model creation.
The industry is likely to stay highly dynamic in all its aspects for some
years which we believe Premier Miton can benefit from given our highly
experienced leadership team, wide ranging fund diversification and track
record for completing and integrating value accretive acquisitions
successfully.
Strategy
At our annual Board strategy day in March 2025, we reviewed our responses to
the evolving sector context and against the backdrop of this challenging
operating environment for UK centred active asset management firms. We
reconfirmed our overall strategic ambitions and plans which we have previously
set out to deliver long-term value for our clients and shareholders. We
believe that running a well‐diversified portfolio of highly active
strategies and investment solutions which are sold into a range of domestic
and international capital and savings pools is the right long-term approach
for the business.
We remain focused on managing our portfolio of products, our operating model
and our cost base to optimise the prospects of success for our stakeholders.
During the year we took decisions to reduce our product range and our cost
base to align with market conditions and the potential we see for Premier
Miton. We continue to explore a range of new business initiatives and manage
our course on these as needed.
We are considering value additive M&A activity in our sector as the
industry reshapes. Given our strong acquisition track record, we are pursuing
several strategic and tactical opportunities which have the scope to add
significant value to the business. At the same time, we continue to seek and
build valuable commercial arrangements and partnerships.
People and Culture
Our people are our most valuable asset and I thank them for their hard work
and efforts last year and for the way they continue to drive our business for
the benefit of our clients and shareholders. We expect a lot from everyone
involved at Premier Miton and seek to build their skills and capabilities as
well as maintain reward and retention schemes that fit our evolving business
needs. To succeed we must be resourceful and maintain a positive and effective
culture especially in these challenging markets.
Advances in AI are already reshaping our industry and we will continue to
engage with how we bring these into our business in ways that make a good
contribution to future success. The Board and leadership team are mindful of
how we manage all of this and I am grateful to each of the members for their
commitment and support in the year.
This is my final report as Chair having served on the Board since 2016 and as
Chair since 2021. We are appointing Christopher Williams to succeed me with
effect from the AGM in February 2026. He brings a strong track record of
senior leadership in the financial services sector.
It has been a privilege to serve on Premier Miton's Board and to engage with
the complex and evolving challenges for the business within the UK's long-term
savings and investment sector. I thank all who have supported me in my role
and wish my successor and all at Premier Miton well for the future.
Dividend
Our shareholders rightly expect Premier Miton to deliver value through
disciplined management of the business and through the generation of cash
profits that support sustainable dividend payments. In recent years, our
approach to dividends has been pragmatic, reflecting the unprecedented
challenges and volatility across our markets. We have consistently sought to
pay the maximum dividend compatible with prudence and the capital needs of the
business, with the intention of returning to our stated policy when conditions
permit.
Market confidence in all aspects of our business remains central to the
achievement of our commercial and strategic objectives and so to the delivery
of long-term shareholder value. This confidence must extend not only to our
product performance, business model and leadership team, but also to our
equity, which we would expect to deploy across a range of transaction sizes to
secure value-enhancing opportunities.
The UK's long-term savings and investment landscape continues to undergo deep
structural change. In response, as well as maintaining our focus on our
products and performance, we have placed greater emphasis on creating
shareholder value through inorganic growth and strategic M&A. We are
confident in our ability to execute these, supported by disciplined processes
and decision-making. That said, the nature of this part of our growth strategy
means there can be no certainty around timing or outcome.
We also note the changing dynamics of AIM on which Premier Miton's shares
trade. There are still valuable inheritance tax benefits of holding AIM listed
shares and we welcome the London Stock Exchange's initiative launched in April
to address the future of the AIM market and reinforce its vital role in the
UK's economy and capital markets, especially for growing and entrepreneurial
businesses.
We are maintaining our pragmatic approach to dividend payment, one that aligns
with our strategic direction and reflects our confidence in the medium-term
outlook. We remain focused on managing our operating model to secure
profitability, generate cash, and to always maintain a prudent capital
position.
We therefore propose an unchanged full-year dividend of 6.0p, representing a
payout of 109% of adjusted EPS. We recognise that this is marginally uncovered
by our earnings for the year although our balance sheet strength and capital
resources provide comfort on this decision.
We will continue to keep our dividend policy under review, ensuring it
supports the market confidence essential to navigating Premier Miton
successfully through these evolving conditions.
Outlook
We are in a fast changing market with high levels of volatility and
uncertainty, bringing deep structural consequences for many parts of the UK's
investment industry. Resilience and adaptability are essential for business
success. We continue to see attractive opportunities for many of our fund
strategies and we are seeking growth and ways to create value in industry
consolidation and reshaping. Market developments over the past few years have
been particularly challenging for us yet we have shaped a business that is
well placed to secure its purpose and objectives. There are sound reasons for
us to remain ambitious and optimistic while careful about how we navigate
these near-term market conditions. We look forward to 2026 with energy and
confidence.
Robert Colthorpe
Chair
03 December 2025
Chief Executive Officer's Statement
Business Performance
The active funds industry has continued to face significant challenges, with
further outflows recorded during the current period. Nevertheless, there has
been encouraging momentum in our fixed income and absolute return strategies,
which together attracted net inflows of £765 million, reflecting growing
investor confidence in our differentiated approach to capital preservation and
risk-adjusted returns. However, this progress was offset by ongoing outflows
from our equity strategies - particularly in Europe and the US - where our
conviction-led approach, prioritising high active share and tracking error,
diverged from highly concentrated market indices, resulting in short-term
underperformance and net outflows of £618 million across our product range
for the year.
The rise of passive investing has forced active managers to demonstrate clear
value, as index-tracking strategies have dominated returns in recent years and
penalised diversification. Funds with high active share and allocations to mid
and small cap stocks have underperformed relative to index-hugging strategies,
yet history suggests such market regimes are rarely permanent. Long periods of
flat returns from major indices are possible. Indeed, we have seen this happen
over decade long periods in both Japan and the US within the last 35 years.
These periods create conditions where active managers can outperform through
stock selection, even when index returns are muted.
We maintain our conviction that the environment for active management will
ultimately improve as market leadership broadens. This was briefly seen
between April and June this year, when increased market breadth led most of
our funds to move into the top quartile for the quarter, before mega cap
stocks once again lifted indices. We continue to advocate for diversification
and caution against the risks of concentrated, index-heavy portfolios,
believing our strategies are well-positioned to deliver superior long-term
risk-adjusted returns as the market evolves.
Investment
As announced earlier in the year, we have made several changes to the
management of the investment team with the aim of enhancing investment
outcomes. These changes reinforce our commitment to delivering strong investor
outcomes across our equity fund range and are designed to sharpen performance
focus, strengthen accountability, and enhance communication with our
investors.
Paul Marriage has assumed the role of Head of the UK Equity Team. Paul brings
deep sector expertise and a long-standing track record, including since
joining Premier Miton through the Tellworth acquisition in early 2024.
Neil Birrell has taken on the role of Head of the Global Equity Team, in
addition to his responsibilities as Chief Investment Officer, ensuring
strategic alignment across our global investment capabilities.
Gervais Williams has become Chair of our Equities Business, providing
experienced oversight and continuity across our equity platform.
These appointments reflect our ongoing commitment to investment excellence and
operational clarity and thereby achieving the best possible outcomes for our
clients. By aligning leadership with areas of core strength, we aim to drive
performance through focused portfolio management and enhanced team
coordination, strengthen accountability through clearer leadership roles and
decision making, and deepen investor engagement via more consistent and
transparent communication.
While certain equity funds, particularly those focused on European and US
markets, have faced headwinds, our bias toward quality growth remains intact.
Both teams have strong long-term track records but what has hurt us more
recently is the market's narrow focus on a handful of big tech names, which
has been tough for strategies built around mid and small caps. Many clients
still believe in what we do, but some have found the relative underperformance
hard to live with. The recent leadership changes highlighted above, are
designed to support our managers through this cycle and position us for
recovery as market breadth improves.
Business efficiency
In April 2025, we announced that we had identified annual cost savings of some
£3 million, the majority of which have now been implemented. More recently,
we identified a further £2 million in annualised savings through additional
business efficiencies and a deeper integration with our main outsourced
partners. These efficiencies will help offset the impact of a weaker flow
environment, should it persist in the near term. Naturally, we remain focused
on actively managing our cost base to support future shareholder returns.
Distribution
A key initiative this year has been the launch of our new visual identity and
advertising campaign in March, shaped by extensive consultations with clients
and colleagues to better reflect who we are and what we stand for. We give our
fund managers a blank sheet of paper. That is the freedom to deploy their own
investment edge within a risk-controlled framework, without imposing a
top-down view across investment desks. We do this because we believe the real
risk lies not in thinking differently, but in thinking the same.
While equity fund flows have been more challenging this year, our fixed income
range continues to perform strongly, with investors recognising the
differentiated approach and consistent performance of our fixed income team.
The Tellworth acquisition has contributed meaningfully, driving steady inflows
into our long-short market and factor-neutral equity strategies. These
strategies are resonating with investors seeking low-volatility solutions, not
only in our mutual fund range, but also through a growing number of segregated
mandates from international institutional clients.
We are also seeing increasing traction in our retirement income-focused
Cautious Monthly Income Fund. Demographic shifts and regulatory changes are
creating demand for strategies that generate natural income in retirement,
further supporting flows into our multi-asset income funds.
Internationally, we now have seven funds registered for retail distribution in
South Africa, with early flows into our fixed income strategies from South
African investors. Our Dublin-based ICAV umbrella now comprises three funds,
with a fourth expected to launch in the coming financial year. The next step
will be to begin marketing to Swiss-based investors in the second half of the
year, where our fund range is already registered, continuing our strategy to
diversify our investor base. These initiatives are at an early stage, and
while initial feedback is positive, we recognise that sustained progress will
depend on broader market dynamics.
We pride ourselves on transparency, accessibility to fund managers, and the
strength of our distribution and marketing teams. We continue to receive
outstanding feedback from industry surveys, which endorse our approach and
highlight the quality of our client service. Our annual investment conference,
attended by 200 clients again this year, is consistently cited as one of the
leading events in the industry, underscoring the relevance of our investment
proposition and the clarity with which we communicate it.
Strategy
Premier Miton is evolving with a clear focus on resilience, diversification,
and strategic growth.
We have built a broad and balanced product range - spanning UK and
international equities, multi-asset strategies, fixed income, and absolute
return. And of course, our focus on income generating strategies. This
diversification is about building resilience into our business because
different asset classes perform differently across market cycles, and having
multiple strategies allows us to raise assets in one area when another is
under pressure. It also creates multiple revenue streams, which is
increasingly important in a margin-sensitive environment.
We are also focused on performance delivery and actively working with our
managers to ensure they are on track to deliver for our clients. This is
particularly important when market leadership is so concentrated, and highly
active funds appear to be doing less well. We need to make sure that we stick
to our core principles so that when market leadership changes, our clients
benefit from staying with us.
We have a strong track record in M&A and will continue to assess
opportunities carefully, whether they bring scale to an existing capability,
introduce new investment capabilities or open access to new client segments.
We are always mindful that any action will be selective and aligned with our
strategic priorities.
We understand that asset management is a people business, and successful
integration depends on cultural alignment and client focus. Our approach is
thoughtful, strategic, and always centred on delivering value to clients and
shareholders. While timing inevitably remains uncertain, our disciplined
approach and proven track record position us well to identify and pursue
opportunities that enhance client outcomes and shareholder value.
Outlook
As we enter our new financial year, we do so with a strong balance sheet, a
focused investment leadership team, enhanced operational efficiency and a plan
to position the business for future growth, both organic and inorganic. While
challenges remain, we believe the steps taken to strengthen leadership,
improve efficiency, and diversify our product range position us to navigate
the coming year with greater resilience. We are cautiously optimistic that
conditions will improve over time.
And finally, I would like to thank all the team at Premier Miton who put so
much hard work, care and attention into ensuring we do the very best we
possibly can for our clients. We are a people business, and it is the
dedication of the people who work here that make it a success.
Mike O'Shea
Chief Executive Officer
03 December 2025
Financial Review
Financial performance
Profit before tax was £2.4 million (2024: £3.2 million).
The profit for the year is after charging £1.9 million of restructuring and
non-recurring costs (see note 4).
Adjusted profit before tax*, which is after adjusting for amortisation,
share-based payments and non-recurring items, decreased to £11.5 million
(2024: £12.2 million).
The decline reflects the lower level of net management fee margin and the
resulting management fees generated arising from the change in the Group's
product mix.
Adjusted profit* and profit before tax
2025 2024 %
£m £m Change
Gross profit 61.7 62.0
Administration expenses (52.7) (51.2)
Finance income 0.6 0.8
Non-recurring items (see note 4) 1.9 0.5
Adjusted profit before tax * 11.5 12.2 (6)
Adjusted operating margin * 18.6% 19.7% (6)
Amortisation (5.2) (5.1)
Share-based payments (2.0) (3.4)
7) 7)
Non-recurring items (see note 4) (1.9) (0.5)
Profit before tax 2.4 3.2 (25)
* These are Alternative Performance Measures ('APMs').
Assets under Management * ('AuM')
AuM ended the year three percent lower at £10,326 million (2024: £10,683
million). Continued demand for our fixed income and absolute return products
saw the AuM in these asset classes increase by 19% and 87% over the year to
end at £2.5 billion and £1.1 billion respectively.
Net outflows for the year were £618 million (2024: £318 million outflows,
this included net inflows from acquisitions and disposals of £440 million).
The average AuM for the year increased by 1% to £10,448 million (2024:
£10,336 million).
Gross profit, net management fees and net management fee margin *
The Group's revenue continues to be that of management and performance fees
generated on the AuM being managed by the Group, which is presented net of any
rebates paid to customers.
As noted last year, the Group's underlying business mix continues to develop.
This along with the impact of client flows and markets on our existing
business, has driven a four percent fall in the net management fee margin to
56.7bps for the year.
2025 2024 %
£m £m Change
Management fees 60.9 62.5
Other income 0.1 0.4
Cost of sales (1.6) (2.0)
Net management fees (*) 59.4 60.9 (2)
Performance fees 2.3 1.1
Gross profit (see note 3) 61.7 62.0 (0.5)
Average AuM * 10,448 10,336 1
Net management fee margin * (bps) 56.7 58.9 (4)
* These are Alternative Performance Measures ('APMs').
Administration expenses
Administration expenses totalled £52.7 million (2024: £51.2 million), this
is after the inclusion of £1.9 million of non-recurring costs predominantly
associated with the announced operational efficiency initiatives. Adjusting
for these, administration expenses were flat on the comparative period at
£50.8 million.
Staff costs continue to represent the largest component of administration
expenses. The fixed staff costs were flat at £21.9 million (2024: £22.0
million). The average headcount for the period increased from 153 to 157. The
fixed staff costs and headcount reflects a full year of post Tellworth
acquisition which has been offset by headcount reductions completed in the
second half of the year.
Variable staff costs totalled £8.0 million (2024: £8.6 million). The
reduction reflects the lower levels of net revenues and underlying
profitability of the Group when compared against 2024.
Overheads and other costs increased by four percent to £20.2 million. As
noted at the half year, this increase predominantly related to increased
marketing activities and the launch of the Group's new visual identity in
February (and the associated advertising costs) along with a full period of
Tellworth related costs.
In April 2025, we announced annual cost savings of £3 million arising from a
comprehensive review of our operations. The majority of the savings were
delivered in the year with associated one off costs of £1.4 million. See note
4 for further detail.
A further £2 million in annualised savings are to be delivered over the next
12 months. These include additional business efficiencies and a deeper
integration with our main outsourced partners. One off implementation costs
are expected to be approximately £0.7 million.
2025 2024 %
£m £m Change
Fixed staff costs 21.9 22.0
Variable staff costs 8.0 8.6
Overheads and other costs 20.2 19.4
Non-recurring items 1.9 0.5
Depreciation - fixed assets 0.2 0.2
Depreciation - leases 0.5 0.5
Administration expenses 52.7 51.2 3
Share-based payments
The share-based payment charge for the period was £2.0 million (2024: £3.4
million). Of this charge, £1.4 million related to nil cost contingent share
rights ('NCCSRs') (2024: £2.6 million). The lower charge reflects the
reduction in the number of NCCSR awards in recent years along with a lower
fair value on grant.
At 30 September 2025 the Group's Employee Benefit Trusts ('EBTs') held
5,704,204 ordinary shares representing 3.5% of the issued ordinary share
capital (2024: 7,429,544 shares).
Balance sheet and cash
Total shareholders' equity as at 30 September 2025 was £112.5 million (2024:
£119.0 million). At the year end the cash balances of the Group totalled
£31.3 million (2024: £35.9 million). The Group continues to have no external
bank debt (2024: £nil).
Capital management
Dividends totalling £9.4 million were paid in the year (2024: £9.1 million).
See note 17 for further detail.
The Board is recommending a final dividend of 3.0p per share, bringing the
total dividend payment for 2025 to 6.0p per share (2024: 6.0p).
The dividend will be paid on 13 February 2026 to shareholders on the register
at the close of business on 16 January 2026.
Regulatory Capital
The Group continues to maintain a strong capital base to support the future
development of the business whilst ensuring compliance with regulatory capital
and liquidity requirements.
2025 2024
£m £m
Equity 112.5 119.0
Non-qualifying assets (1) (82.6) (85.5)
Qualifying capital 29.9 33.5
Regulatory capital requirement (13.8) (13.3)
Foreseeable dividends (2) (4.7) (4.7)
Regulatory capital surplus 11.4 15.5
1 Goodwill, intangible assets and associated deferred tax liabilities.
2 Proposed final dividend to be paid in February following the financial year
end.
Piers Harrison
Chief Financial Officer
03 December 2025
Going concern
The Directors assessed the prospects of the Group considering all the factors
affecting the business when deciding to adopt a going concern basis for the
preparation of the accounts.
The Directors confirm that they have a reasonable expectation that the Group
will continue to operate and meet its liabilities, as they fall due, up to 3
December 2026.
The Directors' assessment has been made with reference to the Group's current
position and strategy, the Board's appetite for risk, the Group's financial
forecasts, and the Group's principal risks and how these are managed, as
detailed in the Strategic Report.
The Directors have also reviewed and examined the financial stress testing
inherent in the Internal Capital Adequacy and Risk Assessment ('ICARA'). The
forecast considers the Group's profitability, cash flows, dividend payments
and other key variables. Sensitivity analysis is also performed on certain key
assumptions used in preparing the forecast, both individually and combined, in
addition to scenario analysis that is performed as part of the ICARA process,
which is formally approved by the Board.
Alternative Performance Measures ('APMs')
The Directors use the following APMs in evaluating the performance of the
Group and for planning, reporting and incentive-setting purposes.
Unit Used in management appraisals Aligned with shareholder Strategic KPI
returns
Adjusted profit before tax £ • • •
Definition: Profit before taxation, amortisation, share-based payments and
non-recurring items.
Purpose: Except for the noted costs, this encompasses all operating expenses
in the business, including fixed and variable staff cash costs, except those
incurred on a non-cash, non-business as usual basis. Provides a proxy for cash
generated and is the key measure of profitability for management decision
making.
Adjusted operating margin % • •
Definition: Adjusted profit before tax (as above) divided by net revenue.
Purpose: Used to determine the efficiency of operations and the ratio of
operating expenses to revenues generated in the year.
Cash generated from operations £ •
Definition: Profit before taxation adjusted for the effects of transactions of
a non-cash nature, any deferrals or accruals and items of income or expense
associated with investing or financing cash flows.
Purpose: Provides a measure in demonstrating the amount of cash generated from
the Group's ongoing regular business operations.
AuM £ • • •
Definition: The value of external assets that are managed by the Group.
Purpose: Management fee income is calculated based on the level of AuM
managed. The AuM managed by the Group is used to measure the Group's size
relative to the industry peer group.
Average AuM £ • •
Definition: The average value of external assets that are managed by the
Group.
Purpose: Average AuM removes volatility of short term net flows.
Reconciliation: Average AuM for the year is calculated using the daily AuM
adjusted for the monthly closing AuM invested in other funds managed by the
Group.
Net management fee £ •
Definition: The net management fee revenues of the Group. Calculated as gross
management fee income, excluding performance fees, less rebates paid to
customers and after the deduction of cost of sales.
Purpose: Provides a consistent measure of the profitability of the Group.
Net management fee margin bps • •
Definition: Net management fees divided by the average AuM.
Purpose: A measure used to demonstrate the 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.
New flows £ • • •
Definition: Total aggregate external sales/inflows into funds and mandates
managed by the Group less the total external redemptions/outflows from the
same funds and mandates. Where positive, these are 'Net inflows' and where
negative as 'Net outflows'.
Purpose: Net flows is a key performance indicator for management and is used
both internally and externally to assess the organic growth of the business.
Adjusted earnings per share (basic) p • • •
Definition: Adjusted profit after tax divided by the weighted average number
of shares in issue in the year.
Purpose: Provides a clear measure to shareholders of the operating
profitability and cash generation of the Group from its underlying operations
at a value per share. The exclusion of amortisation, share-based payments and
non-recurring costs provides a consistent basis for comparability of results
year on year.
Financial Statements
Consolidated Statement of Comprehensive Income
For the year ended 30 September 2025
Notes
2025 2024
£000 £000
Revenue 3 63,319 64,041
Cost of sales 3 (1,645) (2,045)
Gross profit 61,674 61,996
Administration expenses 4 (52,714) (51,174)
Share-based payments 16 (2,033) (3,361)
Amortisation of intangible assets 10 (5,221) (5,098)
Operating profit 5 1,706 2,363
Finance income 7 650 804
Profit for the year before taxation 2,356 3,167
Taxation 8 (1,135) (1,283)
Profit for the year after taxation attributable to equity holders of the 1,221 1,884
Parent
pence pence
Basic earnings per share 9 0.78 1.24
Diluted basic earnings per share 9 0.76 1.19
No other comprehensive income was recognised during 2025 or 2024. Therefore,
the profit for the year is also the total comprehensive income. All of the
amounts relate to continuing operations.
Consolidated Statement of Changes in Equity
For the year ended 30 September 2025
Notes Share Merger reserve Own shares held by an EBT Capital redemption reserve Retained Total
capital £000 £000 £000 earnings equity
£000 Share premium £000 £000
£000
At 1 October 2023 60 - 94,312 (12,668) 4,532 34,827 121,063
Profit for the year - - - - - 1,884 1,884
Issue of share capital 1 2,639 - - - - 2,640
Own shares purchased - - - (760) - - (760)
Exercise of options 16 - - - 4,697 - (4,697) -
Share-based payments - - - - - 3,361 3,361
Other amounts direct to equity - - - - - (121) (121)
Dividends 17 - - - - - (9,053) (9,053)
At 30 September 2024 61 2,639 94,312 (8,731) 4,532 26,201 119,014
Profit for the year - - - - - 1,221 1,221
Issue of share capital 15 - 681 - - - - 681
Own shares purchased - - - (954) - - (954)
Exercise of options - - - 5,152 - (5,152) -
Share-based payments 16 - - - - - 2,033 2,033
Other amounts direct to equity - - - - - (137) (137)
Dividends 17 - - - - - (9,375) (9,375)
At 30 September 2025 61 3,320 94,312 (4,533) 4,532 14,791 112,483
( )
Consolidated Statement of Financial Position
As at 30 September 2025
Notes
2025 2024
£000 £000
Non-current assets
Goodwill 10 75,124 74,086
Intangible assets 10 9,858 15,079
Other investments 50 100
Property and equipment 443 576
Right-of-use assets 1,640 2,108
Deferred tax asset 8 532 756
Trade and other receivables 11 383 204
88,030 92,909
Current assets
Financial assets at fair value through profit and loss 160 22
Trade and other receivables 11 102,906 95,491
Cash and cash equivalents 12 31,279 35,912
134,345 131,425
Total assets 222,375 224,334
Current liabilities
Trade and other payables 13 (105,256) (98,930)
Lease liabilities (540) (461)
(105,796) (99,391)
Non-current liabilities
Provisions 14 (374) (374)
Deferred tax liability 8 (2,407) (3,701)
Lease liabilities (1,315) (1,854)
Total liabilities (109,892) (105,320)
Net assets 112,483 119,014
Equity
Share capital 15 61 61
Share premium 3,320 2,639
Merger reserve 94,312 94,312
Own shares held by Employee Benefit Trusts (4,533) (8,731)
Capital redemption reserve 4,532 4,532
Retained earnings 14,791 26,201
Total equity shareholders' funds 112,483 119,014
Consolidated Statement of Cash Flows
For the year ended 30 September 2025
Notes
2025 2024
£000 £000
Net cash flow from operating activities 18 6,941 7,945
Cash flows from investing activities:
Interest received 670 837
Purchase of Tellworth Investments LLP 10 (1,112) (1,666)
Acquisition of financial assets (174) (150)
Disposal of financial assets 67 1,373
Purchase of property and equipment (105) (282)
Net cash flow from investing activities (654) 112
Cash flows from financing activities:
Lease payments (591) (274)
Purchase of own shares (954) (760)
Dividends paid 17 (9,375) (9,053)
Net cash flow from financing activities (10,920) (10,087)
Decrease in cash and cash equivalents (4,633) (2,030)
Opening cash and cash equivalents 35,912 37,942
Closing cash and cash equivalents 12 31,279 35,912
Selected notes to the Consolidated Financial Statements
For the year ended 30 September 2025
1. Corporate information and authorisation of financial statements
The Company is a public limited company incorporated and domiciled in England
and Wales. The Company's ordinary shares are traded on the Alternative
Investment Market ('AIM').
The Consolidated Financial Statements of Premier Miton Group plc (the
'Company') and its subsidiaries (the 'Group') for the year ended 30 September
2025 were authorised for issue by the Board of Directors on 3 December 2025
and the
Consolidated Statement of Financial Position was signed on the Board's behalf
by Mike O'Shea and Piers Harrison.
2. Accounting policies
Basis of preparation
The Consolidated Group Financial Statements have been prepared on a going
concern basis in accordance with UK-adopted International Accounting standards
and according to the requirements of the Companies Act 2006. The principal
accounting policies adopted by the Group are set out in note 2 to the
Consolidated Group Financial Statements.
The Consolidated Financial Statements are presented in Sterling with numbers
rounded to the nearest thousand (£'000), except when otherwise stated.
Going concern
The Directors have assessed the prospects of the Group and its Parent Company
considering all the factors affecting the business when deciding to adopt a
going concern basis for the preparation of the accounts. This assessment has
been made
with reference to the Group's current position and strategy, the Board's
appetite for risk, the Group's financial forecasts, and the Group's principal
risks and how these risks are managed, as detailed in the Strategic Report.
The forecasts consider the Group's profitability, cash flows, dividend
payments and other key variables. The Directors have also reviewed and
examined the financial stress testing in the Internal Capital Adequacy and
Risk Assessment ('ICARA').
Sensitivity analysis is also performed on certain key assumptions used in
preparing the forecast, both individually and combined, in addition to
scenario analysis that is performed as part of the ICARA process, which is
formally approved by the Board. This analysis demonstrates that even after
modelling materially lower levels of assets under management ('AuM')
associated with a reasonably plausible downside scenario, the business remains
cash generative. The Directors note that the Group has no external borrowings
and maintains significant levels of cash reserves.
The Directors confirm that they have a reasonable expectation that the Group
and its Parent Company will continue to operate and meet liabilities, as they
fall due, up to 3 December 2026. The Directors therefore continue to adopt the
going concern basis
of accounting in preparing the Consolidated Financial Statements.
3. Revenue and cost of sales
All revenue is derived from the UK and Ireland.
The Group operates a single business segment of asset management for reporting
and control purposes. There are no additional operating segments to disclose.
As Group operations are solely in the UK and Ireland there are no additional
geographical segments to disclose.
Cost of sales includes the costs of external Authorised Corporate Directors,
Ongoing Charges Figure ('OCF') capping costs, direct research costs and
corporate access charges.
Revenue and gross profit recognised in the Consolidated Statement of
Comprehensive Income is presented as follows:
2024
2025 £000
£000
Management fees 63,366 67,015
Rebates paid to customers (2,461) (4,476)
Performance fees 2,314 1,129
Commissions - 3
Other income 100 370
Revenue 63,319 64,041
Cost of sales (1,645) (2,045)
Gross profit 61,674 61,996
4. Administration expenses
Administration expenses for the year totalled £52,714,000 (2024:
£51,174,000), these include the following non-recurring items recognised in
arriving at operating profit from continuing operations:
2025 2024
£000 £000
Employment restructuring costs 1,377 -
Acquisition and restructuring costs - 482
Tellworth acquisition 462 -
Merger related professional fees 51 51
Total adjusting items 1,890 533
Adjusted profit is an APM, the above items are removed from the statutory
measures when calculating adjusted profit.
A reconciliation of the adjusted amounts to the IFRS reported amounts is shown
in note 9.
Employment restructuring costs relate to the implementation of operational
efficiency initiatives announced in the year.
The Tellworth acquisition expense represents a final payment which falls
outside the scope of the contingent consideration detailed in note 10 and is
subsequently reflected within staff costs in the year.
Acquisition and restructuring costs in the comparative period related
primarily corporate finance, due diligence and legal fees associated with
acquisitions completed in that year.
5. Operating profit
(a) Operating profit is stated after charging:
Notes 2025 2024
£000 £000
Auditor's remuneration 5(b) 749 752
Staff costs 6 30,694 32,551
Interest - leases 131 86
Amortisation of intangible assets 10 5,221 5,098
Depreciation - fixed assets 232 233
Depreciation - leases 468 514
(b) Auditor's remuneration
The remuneration of the auditor is analysed as follows:
2025 2024
£000 £000
Audit of Company 146 150
Audit of subsidiaries 342 301
Total audit 488 451
Audit-related assurance services 206 247
Total audit-related assurance services 206 247
Taxation services 55 54
Total fees 749 752
6. Staff costs and Directors' remuneration
Staff costs during the year were as follows:
2025 2024
£000 £000
Salaries and bonus 23,885 24,748
Social security costs 3,564 3,272
Share-based payments 2,033 3,361
Other pension costs 1,212 1,170
Total staff costs 30,694 32,551
The average monthly number of employees of the Group during the year was made
up as follows:
2025 2024
Number Number
Directors 7 7
Investment management 58 56
Sales and marketing 32 31
Finance and systems 11 11
Legal and compliance 10 10
Administration 39 38
Total employees 157 153
7. Finance income/(expense)
2025 2024
£000 £000
Interest receivable 650 815
Interest payable - (11)
Net finance income 650 804
8. Taxation
(a) Tax recognised in the Consolidated Statement of Comprehensive Income
2025 2024
£000 £000
Current income tax:
UK corporation tax 2,002 2,184
Current income tax charge 2,002 2,184
Adjustments in respect of prior periods 198 (23)
Total current income tax 2,200 2,161
Deferred tax:
Origination and reversal of temporary differences (1,056) (855)
Adjustments in respect of prior periods (9) (23)
Total deferred tax (income) (1,065) (878)
Income tax charge reported in the Consolidated Statement of Comprehensive 1,135 1,283
Income
(b) Reconciliation of the total income tax charge
The tax expense in the Consolidated Statement of Comprehensive Income for the
year is higher than the standard rate of corporation tax in the UK of 25%
(2024: 25%).
The differences are reconciled below:
2025 2024
£000 £000
Profit before taxation 2,356 3,167
Tax calculated at UK standard rate of 25% 589 792
- Other differences 5 2
- Share-based payments 508 840
- Expenses not deductible for tax purposes 30 40
- Tax relief on vested options (186) (351)
- Fixed asset differences - 6
- Adjustments in respect of prior periods 189 (46)
Income tax charge in the Consolidated Statement of Comprehensive Income 1,135 1,283
(c) Deferred Tax
The deferred tax included in the Group's Consolidated Statement of Financial
Position is as follows:
2025 2024
£000 £000
Deferred tax asset:
- Fixed asset temporary differences 102 55
- Accrued bonuses 25 25
- Share-based payments 405 676
Deferred tax disclosed on the Consolidated Statement of Financial Position 532 756
2025 2023
£000 £000
Deferred tax liability:
- Arising on acquired intangible assets 1,550 2,434
- Arising on historic business combination 857 1,267
Deferred tax disclosed on the Consolidated Statement of Financial Position 2,407 3,701
2025 2024
£000 £000
Deferred tax in the Consolidated Statement of Comprehensive Income:
- Origination and reversal of temporary differences (1,056) (855)
- Adjustments in respect of prior periods (9) (23)
Deferred tax (income) (1,065) (878)
All movements in deferred tax balances relate to profit and loss.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the deferred tax assets
can be utilised.
Deferred tax assets have not been recognised in respect of the following items
listed below because they relate to historic losses with it being unlikely
that future taxable profits will arise to offset against.
2025 2024
£000 £000
Unprovided deferred tax asset:
- Non-trade loan relationship losses 2,594 2,563
- Excess management expenses 67 67
- Non-trade intangible fixed asset losses 467 525
Unprovided deferred tax asset 3,128 3,155
9. Earnings per share
Basic earnings per share is calculated by dividing the profit for the year
attributable to ordinary equity shareholders of the Parent Company by the
weighted average number of ordinary shares outstanding at the year end.
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 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 year 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 arising from
the Group's share option schemes.
(a) Reported earnings per share
Reported basic and diluted earnings per share has been calculated as follows:
2025 2024
£000 £000
Profit attributable to ordinary equity shareholders of the Parent Company for 1,221 1,884
basic earnings
2025 2024
Number Number
000 000
Issued ordinary shares at 1 October 162,081 157,913
- Effect of own shares held by an EBT (6,220) (8,865)
- Effect of shares issued 674 2,778
Weighted average shares in issue 156,535 151,826
- Effect of movement in share options 4,813 6,951
Weighted average shares in issue - diluted 161,348 158,777
Basic earnings per share (pence) 0.78 1.24
Diluted earnings per share (pence) 0.76 1.19
(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 amortisation,
share-based payments and non-recurring items.
Adjusted profit for calculating adjusted earnings per share:
2025 2024
£000 £000
Profit before taxation 2,356 3,167
Add back:
- Share-based payments 2,033 3,361
- Amortisation of intangible assets 5,221 5,098
- Non-recurring items 1,890 533
Adjusted profit before tax 11,500 12,159
Taxation:
- Tax in the Consolidated Statement of Comprehensive Income (1,135) (1,283)
- Tax effects of adjustments (1,732) (1,277)
Adjusted profit after tax for the calculation of adjusted earnings per share 8,633 9,599
Adjusted earnings per share was as follows using the number of shares
calculated at note 9(a):
2025 2024
Pence pence
Adjusted earnings per share 5.52 6.32
Diluted adjusted earnings per share 5.35 6.05
10. Goodwill and other intangible assets
Cost amortisation and net book value of intangible assets are as follows:
2025 Goodwill Other Total
£000 £000 £000
Cost:
At 1 October 2024 81,325 83,547 164,872
Additions 1,038 - 1,038
30 September 2025 82,363 83,547 165,910
Amortisation and impairment:
At 1 October 2024 7,239 68,468 75,707
Amortisation during the year - 5,221 5,221
At 30 September 2025 7,239 73,689 80,928
Carrying amount:
At 30 September 2025 75,124 9,858 84,982
At 30 September 2024 74,086 15,079 89,165
2024 Goodwill Other Total
£000 £000 £000
Cost:
At 1 October 2023 77,927 81,025 158,952
Additions 3,398 2,522 5,920
30 September 2024 81,325 83,547 164,872
Amortisation and impairment:
At 1 October 2023 7,239 63,370 70,609
Amortisation during the year - 5,098 5,098
At 30 September 2024 7,239 68,468 75,707
Carrying amount:
At 30 September 2024 74,086 15,079 89,165
At 30 September 2023 70,688 17,655 88,343
The addition to goodwill in the year relates to the contingent consideration
paid upon the anniversary of the acquisition of Tellworth Investments LLP
('Tellworth').
This additional consideration payable reflected AuM growth between completion
and the first anniversary of completion.
In the comparative year, the additions to goodwill and intangible assets
related primarily to the acquisition of Tellworth. On the acquisition date, 30
January 2024, the consideration and net assets acquired from Tellworth were as
follows:
Fair value of consideration for Tellworth in the comparative year £000
- Equity instruments (4,167,532 shares issued on completion) 2,640
- Cash on completion 3,079
- Contingent consideration 755
Fair value of total consideration 6,474
- Intangible assets 2,221
- Deferred tax liability on intangible assets acquired (555)
- Cash and cash equivalents 1,412
- Property, plant and equipment 10
- Trade and other receivables 1,715
- Trade and other payables (1,727)
Net assets acquired 3,076
Goodwill 3,398
The fair value of the equity consideration was calculated by reference to the
number of shares issued and the ten-day volume-weighted average price prior to
the acquisition date.
Intangible assets acquired relate to the investment management agreements
between Tellworth and the funds to which Tellworth was the investment manager
and the value arising from the underlying client relationships.
Goodwill arising on the acquisition was mainly attributable to the skills and
technical talent of Tellworth's workforce, the differentiation of their funds,
and the expected cash flows from new customers.
Impairment tests for goodwill
The Group operates a single CGU for the purposes of assessing the carrying
value of goodwill. This reflects one operating platform, into which acquired
businesses are fully integrated and from which acquisition-related synergies
are expected to be realised.
The value of the Group's net assets attributable to shareholders as at 30
September 2025 of £112.5 million were higher than the Group's market
capitalisation of £102.1 million. This was considered to be an indicator of
impairment of the Company's investments in subsidiaries.
A full impairment review was undertaken whereby the recoverable amount was
calculated using the value-in-use ('ViU') based on a five-year forecast
period from 2026-2030. AuM levels were determined by assuming net flows, per
fund, over this five-year period based on two key metrics - demand for the
fund (past and present) and its investment performance against its sector. The
Group believes these two factors are key when making assumptions about the
growth of AuM in the future, and hence expected future cash flows.
Net revenue margins per fund have been assumed at current levels, unless
sufficient reasons exist to deviate (for example share class consolidation).
Increases in operating costs have been considered and include assumed new
business volumes. No allowance has been made for performance fees or any
acquired levels of AuM.
Cash flows beyond the explicit forecast period are extrapolated using a
long-term terminal growth rate, see the following table.
To arrive at the net present value, cash flows were discounted using a
discount rate determined by the capital asset pricing model (post-tax). The
Group engaged valuation specialists in determining the inputs to the discount
rate, including current assessments of comparative betas, risk-free rates and
the equity market risk premium.
The increase in the discount rate shown below is due to the increase in the
long-term risk-free rate. Using a post-tax rate does not produce a materially
different outcome to a pre-tax rate.
The ViU calculated was greater than the carrying value and hence no impairment
was recognised. As noted above, the most material assumptions used in
determining this conclusion were the discount rate and AuM levels over the
forecast period.
As an additional consideration the Group compared its ViU amount and net
assets to market multiples within the UK asset management sector, to ensure
consistency with current market valuations and no obvious impairment
indicators existed.
2025 2024
Goodwill £75.1m £74.1m
Discount rate (post-tax) 14.5% 14.0%
Discount rate (pre-tax) 17.7% 16.8%
Market risk premium 5.0% 5.0%
Long-term risk-free rate 5.6% 4.4%
Compound Annual AuM growth rate (5-year) * 7.8% 9.4%
Terminal growth rate 1.9% 1.9%
* Represents a combination of market beta, alpha and fund inflows into the
Group's product suite.
Sensitivity analysis was performed to reduce the headroom to zero such that an
impairment of goodwill would be considered. In one scenario the discount rate
(post-tax) was increased and in another the Group's AuM levels were decreased,
shown in the table below. The Group's fixed cost base during this five-year
period remained unchanged.
Change required to reduce headroom to zero, without management actions %
Increase in discount rate to: 23
Reduction in the CAGR over the entire five year period to: 0
The base case annual growth rate for AuM is assumed at 7.8% over the forecast
period and would need to remain at or below 0% per annum over the entire
five-year period before any impairment might be considered (without changing
fixed costs).
Management have concluded no reasonable change in assumptions would trigger an
impairment to goodwill.
Other intangible assets
The Group's other intangible assets comprise of investment management
agreements ('IMAs') purchased by the Group.
The carrying amount relates primarily to two historic transactions, the
largest being the merger with Miton Group plc with a carrying value of
£3,975,478 and a remaining amortisation period of one year (2024:
£7,515,684). In addition to the Tellworth intangible asset noted above, the
remaining balance relates to a transaction completed in 2007 to acquire IMAs
which now have a carrying value of £3,958,320 and a remaining amortisation
period of three years (2024: £5,278,969).
The determination of useful lives, and hence amortisation period, used for
other intangible assets requires an assessment of the length of time the Group
expects to derive benefits from the asset.
This depends on a number of factors, the most significant being the duration
of customer investment timeframes and the type of underlying fund (for example
the asset classes specified by the fund's investment objectives will give
insight into its usual life).
An assessment is performed at each reporting period for each intangible asset
for indicators of impairment. There are two core metrics used in this
assessment - the first being the comparison of AuM levels at the period end
with those included in the original intangible asset valuation and the second
being the investment performance of each individual fund against its
comparable peers and benchmarks. In addition, both internal and external
factors affecting the funds are considered such as current net margin,
potential regulatory changes and future demand for its asset class.
For each intangible asset mentioned above, if required, further analysis is
performed on the estimated aggregate cash flows generated by each fund
management team. These estimated cash flows are modelled on the current level
of AuM for the funds managed by each team and are compared against the
original basis used to value the intangible at acquisition date, along with
the remaining amortisation period.
No indicators of impairment were noted when analysing at a fund management
team level.
Notably, the largest other intangible asset has only one year left of its
amortisation period, resulting in the carrying amount being 16% of its
original value on inception.
The long-term investment performance for all investment teams was also
assessed.
11. Trade and other receivables
Current 2025 2024
£000 £000
Due from trustees/investors for open end fund redemptions/sales 92,165 84,516
Other trade debtors 1,673 596
Fees receivable 4,536 6,145
Prepayments 2,790 2,796
Other receivables 1,742 1,438
Total trade and other receivables 102,906 95,491
Non-current
Other receivables 383 204
Trade and other receivables are all classified as current. They are
considered past due once they have passed their contracted due date.
Non-current other receivables represent deferred compensation awards with
maturities greater than 12 months after the Consolidated Statement of
Financial Position date. Deferred compensation awards are released in
accordance with the employment period to which they relate.
12. Cash and cash equivalents
2025 2024
£000 £000
Cash at bank and in hand 31,102 35,882
Cash held in EBTs 177 30
Total cash and cash equivalents 31,279 35,912
13. Trade and other payables
2025 2024
£000 £000
Due to trustees/investors for open end fund creations/redemptions 92,165 84,439
Other trade payables 2,538 921
Other tax and social security payable 1,603 1,761
Accruals 7,483 8,842
Pension contributions 138 127
Corporation tax 621 258
Other payables 708 2,582
Total trade and other payables 105,256 98,930
Trade creditors and accruals principally comprise amounts outstanding for
trade purchases and ongoing costs. The Group has financial risk management
policies in place to ensure that all payables are paid within the pre-agreed
credit terms.
Accruals include amounts for variable remuneration of £5.5 million (2024:
£6.6 million).
Other payables relate predominantly to amounts due to outsourced providers for
administrative services provided to the Group's funds, the comparative period
also included £755,208 of contingent consideration for the Tellworth
acquisition.
14. Provisions
2025 2024
£000 £000
At 1 October 374 374
Movement in the year - -
At 30 September 374 374
Current - -
Non-current 374 374
374 374
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 on this office has been disclosed as non-current.
This provision is based on prices quoted at the time of the lease being taken
on.
15. Share capital
2025 allotted, called up and fully paid: Ordinary shares 0.02 pence each Number Deferred shares Number
Number of shares
At 1 October 2024 162,080,567 1
Issued 1,205,392 -
At 30 September 2025 163,285,959 1
2024 allotted, called up and fully paid: Ordinary shares 0.02 pence each Number Deferred shares Number
Number of shares
At 1 October 2023 157,913,035 1
Movement in the year 4,167,532 -
At 30 September 2024 162,080,567 1
2025 allotted, called up and fully paid: Ordinary shares Deferred Total
shares
Value of shares 0.02 pence each
£000 shares
£000
£000
At 1 October 2024 32 29 61
Movement in the year - - -
At 30 September 2025 32 29 61
2024 allotted, called up and fully paid: Ordinary shares Deferred Total
shares
Value of shares 0.02 pence each
£000 shares
£000
£000
At 1 October 2023 31 29 60
Movement in the year 1 - 1
At 30 September 2024 32 29 61
Following the first anniversary of the completion of the acquisition of
Tellworth, the Company issued 1,205,392 new ordinary shares of 0.02 pence on
14 March 2025 each ranked pari passu in all respects with the Company's
existing shares in issue.
The fair value of the shares issued over their nominal value of 0.02 pence per
share has been reflected as share premium in the Consolidated Statement of
Changes in Equity and the Consolidated Statement of Financial Position.
The deferred share carries no voting rights and no right to receive a
dividend.
16. Share-based payments
The total charge to the Consolidated Statement of Comprehensive Income for
share-based payments in respect of employee services received during the year
to 30 September 2025 was £2,033,003 (2024: £3,360,560), of which £1,353,602
related to nil cost contingent share rights (2024: £2,644,244).
17. Dividends declared and paid
2025 2024
£000 £000
Equity dividends on ordinary shares:
- Interim dividend: 3.0 (2024: interim 3.0) pence per share 4,727 4,640
- Final dividend for 2024: 3.0 (2023 final 3.0) pence per share 4,648 4,413
Dividends paid 9,375 9,053
The Directors recommend a final dividend of 3.0p per share (2024: 3.0p)
payable on 13 February 2026 to shareholders on the register as at 16 January
2026.
18. Reconciliation of net cash from operating activities
This note should be read in conjunction with the cash flow statement. It
provides a reconciliation to show how profit before tax, which is based on
accounting rules, translates to cash flows.
Notes
2025 2024
£000 £000
Profit for the year 1,221 1,884
Adjustments to reconcile profit to net cash flow from operating activities:
- Tax on continuing operations 8 1,135 1,283
- Finance (income) 7 (650) (804)
- Interest payable on leases 131 86
- Depreciation - fixed assets 232 233
- Depreciation - leases 468 514
- Loss/(gain) on revaluation of financial assets at FVTPL 19 (37)
- Loss on disposal of property and equipment 6 -
- Amortisation of intangible assets 10 5,221 5,098
- Share-based payments 16 2,033 3,361
Working capital changes:
- (Increase)/decrease in trade and other receivables (8,797) 29,294
- Increase/(decrease) in trade and other payables 7,807 (32,363)
Cash generated from operations 8,826 8,549
Tax paid (1,885) (604)
Net cash flow from operating activities 6,941 7,945
19. Contingent liabilities
There were no contingent liabilities as at 30 September 2025 (2024: contingent
consideration for the acquisition of Tellworth).
20. Subsequent events
At 3 December 2025 there were no subsequent events impacting the Group or
Parent Company.
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