REG - Premier Miton Group - Half Year Results - Six Months Ended 31 March 2026
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260604:nRSD9175Ga&default-theme=true
RNS Number : 9175G Premier Miton Group PLC 04 June 2026
PREMIER MITON GROUP PLC
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2026
Performance and efficiency improvements, underpinned by strong distribution,
position Group well as market confidence returns
Premier Miton Group plc ('Premier Miton', 'Company' or 'Group'), the AIM
quoted fund management group, today announces its half year results for the
six months ended 31 March 2026 (the 'Period').
Highlights
· Assets under management of £9.0 billion at 31 March 2026, reflecting
continued net outflows primarily concentrated in international equity
strategies (1) ('AuM') (30 September 2025: £10.3 billion)
· £9.0 billion closing AuM at 29 May 2026 (3)
· Net outflows of £1.3 billion, primarily concentrated in a limited
number of underperforming international equity strategies rather than being
systemic across the business (2025 HY: £254 million outflows)
· Continued inflows into fixed income and resilient demand in selected
multi‑asset and income strategies, demonstrating diversification benefit
· Improving short‑term investment performance across several strategies,
including UK and European equities, alongside targeted actions to strengthen
investment performance and governance, including leadership changes within
global equities
· Disciplined cost management with further efficiencies identified,
contributing to a materially reduced cost base. Strong balance sheet with no
debt and robust cash position, providing resilience and flexibility
· Adjusted profit before tax (1,2) of £3.0 million (2025 HY: £5.4
million)
· Interim dividend of 1.5 pence per share (2025 interim: 3.0 pence per
share)
· Established distribution platform delivering consistent gross
inflows, with a growing pipeline in areas of strong client demand
· Early signs of stabilisation, as improving performance and decisive
management actions begin to take effect
Notes
(1) These are Alternative Performance Measures ('APMs').
(2) 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.
(3) Unaudited estimate.
Mike O'Shea, Chief Executive Officer of Premier Miton Group, commented:
"We have taken decisive action to address areas of weaker performance and
reposition the business to return to more stable outcomes. While market
conditions have remained challenging and net outflows have continued, this has
been concentrated in a small number of strategies, with other parts of the
business demonstrating resilience and ongoing client demand.
"Encouragingly, we are beginning to see improving short term investment
performance across several of our key strategies, alongside continued inflows
in fixed income and more resilient flows for our multi asset and retirement
income solutions. These trends, together with the actions taken to strengthen
investment oversight and simplify the operating model, are important steps
towards stabilising assets and rebuilding momentum.
"We have also maintained a disciplined focus on costs, identifying further
efficiency savings while preserving the core capabilities of the business. Our
distribution platform remains a significant strength, with consistent access
across client channels and a strong pipeline in areas where performance and
demand are aligned.
"While it is early, we are seeing initial signs of stabilisation as
performance improves and our actions take effect. We remain focused on
delivering more consistent investment outcomes, aligning distribution with
areas of strength, and positioning the Group to benefit as client confidence
returns."
ENDS
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014, which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
For further information, please contact:
Premier Miton Group plc 01483 306 090
Mike O'Shea, Chief Executive Officer
Investec Bank plc (Nominated Adviser and Broker) 020 7597 4000
Virginia Bull / Ben Griffiths / St John Hunter
Camarco 07733 124 226 /
Geoffrey Pelham-Lane / Ben Woodford 07990 653 341
KK Advisory Ltd 020 7039 1901
Steve Keeling / Kam Bansil
www.premiermiton.com (http://www.premiermiton.com)
About Premier Miton
Premier Miton Investors is focused on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include equity, fixed income, multi-asset and absolute return.
LEI Number: 213800LK2M4CLJ4H2V85
Chair's Statement
Results
Premier Miton's financial performance in the half year to 31 March 2026 was
disappointing, and actions are being taken to address this. A confluence of
negative factors combined in the first half of the year, including unsettled
market conditions and continued caution among UK retail investors, alongside
specific areas of weaker short-term investment performance.
While these pressures have been evident, it is important to recognise that the
Group's challenges in flows and performance are concentrated in specific areas
rather than being systemic across the business.
However, I am pleased to report that the business has responded proactively:
reorganising teams, recruiting selectively and strategically, managing costs
judiciously and focusing our distribution strength on those products where we
have strong performance, clear client demand and capacity to grow.
At the period end, our Assets under Management were £9 billion, with a Group
cash position of £24.6 million and adjusted profit before tax of £3.0
million. Further details and commentary on our business and financial
performance are set out in the reports from our Executive team.
This is my first financial reporting period as Chair, having taken on the role
following the AGM on 4 February 2026. I have been impressed by the proactivity
of the management team, their willingness to confront issues head-on and the
evident dedication of Premier Miton's employees across the business.
As a new Chair, I have focused on ensuring that the Board challenges
constructively and remains focused on the issues most material to client
outcomes and shareholder value.
The Board and management team are aligned on the need to address current
performance, sharpen strategic focus and ensure that the Group is well
positioned for growth when market conditions become more supportive.
Structural changes have both streamlined the business and increased the
connectivity of investment teams, enabling greater cooperation and shared
input into investment decisions. Near-term investment performance has shown
improvement, with an increasing proportion of funds outperforming over shorter
periods and some, notably Europe, outperforming particularly strongly.
Cost savings of £5 million previously announced have been increased by a
further £2.5 million announced in our last AuM update in April. These
measures are being implemented carefully, with a focus on protecting the
investment, client service and distribution capabilities that are central to
the long-term value of the business.
Sector background
Our shareholders will be keenly aware of the geopolitical and domestic issues
affecting the markets in which we operate. We are reliant both on the
performance of international securities markets, including, to a meaningful
extent, the UK, and on the confidence of UK individuals and their willingness
to invest.
During the period, markets continued to be shaped by uncertainty around
inflation, interest rates, fiscal policy, global trade, geopolitical conflict
and the relative attractiveness of cash returns. These factors have
contributed to subdued risk appetite among many UK retail investors and
continued pressure on flows across large parts of the active fund management
sector.
The UK savings and investment market remains in need of reform. Too much
personal wealth remains held in cash, too few individuals are taking
appropriate long-term investment risk and the domestic capital market
continues to face structural challenges. Premier Miton's former Chair, Robert
Colthorpe, commented in previous results announcements on the vital economic
and social importance of deep and extensive reforms in our domestic risk
capital and investment markets. I echo those thoughts. Positive changes are
being considered, but the pace remains slow and more tangible action is needed
to incentivise investment in the UK, both in our infrastructure and in our
vitally important small and mid-sized businesses.
The challenge is not solely one for the asset management industry. It is a
wider economic issue. A healthy investment culture supports individual
financial resilience, provides capital to businesses and helps deepen domestic
markets. The UK has many of the ingredients required: a sophisticated
financial services sector, strong regulation, deep pools of savings and
world-class investment expertise. What is needed is a more effective
connection between long-term savers and productive investment opportunities.
In that context, we were pleased to see the Retail Investment Campaign launch
in April 2026 to coincide with the new tax year. This is a landmark industry
initiative launched with the support of His Majesty's Treasury, the Financial
Conduct Authority and the Money and Pensions Service. The FCA's Financial
Lives work has highlighted that over half of non-advised adults with
significant cash savings and no investments had not considered investing,
despite the long-term risk that cash savings may fail to keep pace with
inflation. The campaign is designed to support and build the confidence of
these potential investors, who together hold very substantial sums in cash at
banks and building societies.
The industry also continues to face significant structural change. Scale,
distribution breadth, brand strength, operating efficiency and global reach
are all increasingly important. M&A remains high on the agenda as
participants seek to enhance distribution, diversify product ranges, broaden
client channels and reduce unit costs. The recommended offer by Nuveen for
Schroders, announced in February 2026, is a recent and significant example of
this trend, with scale and globalisation cited as important drivers of the
transaction.
We continue to monitor opportunities that may complement our business
strategically. Our approach will remain disciplined. We will consider
opportunities where they enhance our investment capabilities, broaden
distribution, improve operating efficiency or add scale in areas where we have
conviction. We will not pursue activity for its own sake.
Strategy
Our annual Board strategy day took place in March. Market conditions are
difficult, but we remain convinced that there is a valuable role for
specialist asset managers running well-diversified portfolios of highly active
strategies. Premier Miton has a strong investment heritage, recognised fund
managers, established distribution relationships and a platform capable of
supporting materially higher assets under management.
While Premier Miton is a specialist business, it is also eminently scalable.
Our distribution network can sell a broader range of products than it does
today; our operating platform can manage significantly more assets for limited
incremental cost; and our strongest-performing investment teams have the
capacity and capability to increase fund sizes. The strategic priority is
therefore clear: to focus the business around the areas where we have the
greatest opportunity to grow profitably.
The Board and management team have agreed several core strategic priorities.
First, we are sharpening the focus of the investment platform. We must ensure
that our product range is relevant to current and future client needs, that
resources are directed towards strategies with strong prospects and that
underperforming or sub-scale areas are addressed decisively. Investment
performance is the foundation of our business, and while short-term
performance will inevitably vary, the Board will continue to ensure that the
appropriate discipline, oversight and accountability are applied to support
improved outcomes over time.
Second, we are strengthening distribution. Premier Miton has long benefited
from strong relationships in the UK intermediary market. That remains a core
advantage, but we must continue to adapt as client buying behaviour, adviser
models and platform dynamics evolve. The business is increasingly focused on
matching distribution effort to areas of performance strength and market
demand. We will also continue to evaluate opportunities to broaden
distribution selectively outside the UK where we have products with clear
relevance and where the economics are attractive.
Third, we are improving efficiency. The cost actions announced during the
period are a necessary response to current trading conditions, but they are
also part of a wider effort to build a more efficient and scalable operating
model. Cost reduction is not an end in itself. Rather, it is the prerequisite
for efficient growth. We need to ensure that the Group has the right cost base
for the current environment while retaining the people, capabilities and
infrastructure required to grow when flows improve.
Fourth, we are encouraging greater collaboration across the business. Recent
structural changes are designed not only to streamline reporting lines but
also to increase connectivity between investment teams, distribution,
marketing, risk and operations. In a more competitive market, success depends
on the business operating as one firm, with clear priorities and disciplined
execution.
Finally, we will remain alert to inorganic opportunities. The active asset
management sector is changing rapidly and there may be opportunities to add
talent, products, assets or distribution capability in ways that accelerate
our strategy. Any such opportunities will be assessed through the lens of
strategic fit, financial discipline, cultural alignment and value creation for
shareholders.
People and culture
As the business moves forward and adapts to changing market conditions, a
strong and collaborative culture and resilient, adaptable teams are more
important than ever. Our people are our most valuable asset, and I thank them
for their hard work and commitment, particularly during a period of change.
Premier Miton benefits from experienced investment teams and well-established
processes, and the Board remains confident in the strength of these
foundations even as performance varies across cycles.
The actions we are taking require focus and resilience from colleagues across
the business. I have been struck by the professionalism with which teams have
responded and by their determination to improve outcomes for clients and
shareholders.
We expect a lot from everyone involved at Premier Miton. In return, we seek to
build their skills and capabilities, maintain appropriate reward and retention
arrangements and create an environment in which talented people can do their
best work. The Board remains focused on ensuring that culture, incentives and
accountability are aligned with the long-term interests of clients,
shareholders and employees.
Dividend
The Board remains committed to a disciplined and pragmatic approach to capital
allocation, balancing shareholder returns with the need to maintain financial
flexibility, a prudent capital position and to support the development of the
business over time.
Considering the continued challenging trading environment, the Board has
undertaken a careful review of its approach to capital allocation. For the
current financial year, the Board has determined that a total distribution of
3.0 pence per share represents an appropriate level of shareholder return as
the Group transitions to a revised policy for future years. This comprises an
interim dividend of 1.5 pence per share, with the Board currently expecting to
declare a further 1.5 pence per share as a final dividend, subject to trading
conditions in the second half of the year.
From the next financial year, the Board intends to adopt a new dividend policy
of distributing 75% of adjusted profit after tax. The Board believes this will
provide an appropriate balance between delivering a meaningful and sustainable
income stream to shareholders, while retaining sufficient earnings to support
the development of the business.
The Board intends the dividend under the revised policy to be sustainable and
funded by current earnings. After retaining sufficient earnings to maintain an
appropriate capital position and to support the development of the business,
the Board will consider returning surplus capital to shareholders from time to
time.
Since the Company's admission to AIM in October 2016, the Group has returned
approximately £102 million to shareholders by way of dividends. This compares
with a current market capitalisation of approximately £60 million and
underlines the Board's longstanding commitment to shareholder returns.
Outlook
The near-term outlook for the industry remains challenging. Investor
confidence is still fragile, competition for flows remains intense and the
relative attraction of cash continues to influence behaviour among UK savers.
However, we should not lose sight of the longer-term opportunity. The need for
individuals to invest for their future has not diminished. The UK savings
market remains substantial. Active management continues to have an important
role where managers can demonstrate genuine differentiation, disciplined
process and strong long-term performance. Premier Miton has the investment
capability, distribution relationships and operating platform to benefit when
sentiment improves.
Our immediate priorities are clear: improve investment performance where
required, focus distribution on areas of strength, maintain tight cost
discipline, simplify the business and ensure that our resources are directed
towards the best opportunities for profitable growth. We have taken decisive
action in the first half of the year and will continue to do so where
necessary.
Although the financial results for the period are disappointing, I am
encouraged by the response of the business and by the clarity of the plan now
being implemented. Premier Miton has strong foundations, a resilient culture
and a clear role in the market.
The Board remains confident in the strategy and in the actions being taken to
strengthen the Group and position it to deliver improved performance for
clients and shareholders over time.
Christopher Williams
Chair
3 June 2026
Chief Executive Officer's Statement
Performance
The first half of the financial year has been a difficult and disappointing
period for shareholders. Market conditions have remained challenging for
active managers and risk appetite was notably weaker in March. Against this
backdrop, Premier Miton has experienced continued net outflows and a reduction
in Assets under Management ('AuM'), with flow pressure concentrated in a small
number of strategies.
While the external environment has been demanding, we have been equally
focused on the areas within our control, particularly investment performance,
governance and cost discipline. Over the past three years, equity markets have
been increasingly driven by a relatively narrow group of large-cap stocks,
particularly in the US, linked to the rapid expansion of artificial
intelligence. This has created a difficult backdrop for many actively managed
strategies, including parts of our international equity range.
Our priority throughout the period has been to take pragmatic, targeted
action: to protect profitability through a simpler and appropriately sized
operating model; to strengthen governance and accountability in the areas that
are holding back client outcomes and asset stability; and to focus growth
effort on areas where we have genuine strength and where client demand remains
structurally supportive. We believe that we have a well‑run business with a
resilient operating platform and a clear strategy, but we fully understand
that investors remain cautious and are looking for evidence of stabilisation
and improved performance momentum.
In that context, our emphasis at these results is on the actions we are taking
and the progress we are making, rather than on attempting to predict the macro
environment. These actions are consistent with the strategic priorities agreed
with the Board: sharpening investment focus, strengthening distribution,
improving efficiency and increasing collaboration across the business.
AuM and flows
AuM closed at £9.0 billion at 31 March 2026. The reduction in AuM over the
period primarily reflects net outflows, with market performance a secondary
driver overall.
Outflows were concentrated in our international equity strategies, where
investment performance has been challenging. Absolute return also experienced
net outflows during the period, particularly in March when market volatility
increased and several clients reduced risk exposure. By contrast, our fixed
income franchise delivered positive net inflows, and this remains an area of
momentum and client demand. Selected multi‑asset strategies, particularly
those aligned to retirement income needs, have also been more resilient.
This concentration reinforces the point that the Group's current flow pressure
is not systemic across the product range; it is principally driven by a small
number of funds that are not delivering the outcomes clients expect.
A reconciliation of AuM and flows over the six-month period to 31 March 2026
is below:
Equity Equity International Multi-asset Multi Manager Multi-asset Direct and Diversified Fixed Absolute Return Total
UK £m £m £m income £m £m
£m £m
AuM at 1 October 2025 1,708 2,382 971 1,734 2,450 1,081 10,326
Net Flows (266) (879) (78) (173) 274 (191) (1,313)
Market / investment performance 39 (104) 10 57 10 (33) (21)
AuM at 31 March 2026 1,481 1,399 903 1,618 2,734 857 8,992
Investment performance
Investment performance across the Group remains mixed overall, although there
are increasingly encouraging signs in several areas.
This progress is becoming more consistent across a broader range of
strategies. Year to date, approximately 60% of AuM is performing above median,
with 40% in the first quartile, and shorter-term trends are strengthening.
Over one year, 55% of AuM is ahead of median with 39% in the first quartile.
While there is more to do, this trajectory represents an important step
towards restoring confidence and stabilising flows.
Fixed income has continued to perform well and remains well positioned for
client demand in both UK intermediary and wealth channels, as well as selected
offshore markets.
Selected multi‑asset strategies have also delivered strong outcomes,
particularly where the proposition is clearly aligned with client needs for
income and capital preservation.
UK equities have shown encouraging signs over shorter periods, which is
notable given the broader market backdrop.
International equities remain the most significant area of focus. Performance
challenges have been most evident in US and broader global equity strategies,
and these have continued to drive net outflows.
European equities have strengthened more recently, with improving performance
and a more competitive position across shorter and medium‑term periods.
We have also seen better near-term outcomes in several global strategies. If
sustained, these developments should provide a firmer foundation for asset
stability.
We remain focused on delivering greater consistency across our international
equity offering, which is critical both for client outcomes and for
stabilising assets under management. Historically, stronger performance has
led to a recovery in flows, albeit with a lag, and we would expect a similar
dynamic as performance stabilises.
Addressing performance and governance in global equities has therefore been a
priority. During and subsequent to the period, we have taken targeted steps to
strengthen leadership, oversight and accountability across the platform. This
includes the appointment of a new Head of Global Equities, clearer delineation
of responsibilities for portfolio construction, risk management and
decision‑making, and a strengthened governance framework around investment
outcomes.
These measures are intended to ensure we have the right structure, discipline
and accountability to deliver more consistent client outcomes. While there is
more to do, we believe the actions taken position us to deliver stronger
performance over time.
Cost discipline and simplification
A core objective through the period has been to ensure that the business is
appropriately sized for current assets and flows, while preserving the
capabilities required to benefit from improved market conditions when they
return.
We have continued to streamline the organisation, simplify processes and
remove duplication. These actions are intended to reduce downside risk and
improve resilience, while maintaining the quality of service for clients and
distribution partners. We recognise the importance investors attach to cost
discipline in the current environment, but we are equally mindful of the risk
of undermining long‑term capability. We have therefore been careful to focus
cost actions on efficiency, simplification and duplication, rather than
undermining core investment or distribution capability.
For the six months ended 31 March 2026, the Group reported revenues of £26.9
million.
Distribution and areas of growth focus
A consistent feature of the Group over time has been the strength of its distribution capability when supported by sustained investment performance. We have seen this most clearly in the past within European equities, where assets grew significantly during a sustained period of strong relative performance, and more recently in fixed income and following the Tellworth acquisition, where performance momentum and product clarity have translated into asset growth.
This experience reinforces our conviction that the primary constraint on growth today is not distribution capability, but investment performance in certain equity strategies.
Fixing performance in those areas is therefore essential.
While this work continues, we are maintaining momentum in areas where performance and client demand are already aligned, particularly in fixed income and retirement income solutions where we continue to see resilient demand.
Capital position and balance sheet
The Group continues to operate with no external bank debt and a strong
regulatory capital position. Cash and cash equivalents were £24.6 million at
31 March 2026. We remain focused on balance sheet prudence and preserving
flexibility in what remains a volatile environment.
Dividend policy and capital allocation are matters the Board keeps under close
review. As outlined by the Chair, we have taken a deliberate decision to reset
our approach to ensure that shareholder returns are sustainable and
appropriately aligned with the Group's earnings profile and prevailing market
conditions.
Our priority is to maintain a disciplined and transparent framework that
balances the delivery of a meaningful income stream to shareholders with the
need to retain sufficient capital to support the business and navigate ongoing
market uncertainty.
While the Group benefits from a robust balance sheet, market conditions and
investor sentiment continue to present near-term headwinds for AuM. Against
this backdrop, we believe the revised approach provides a more resilient and
sustainable basis for capital allocation, while maintaining flexibility to
respond as conditions evolve.
M&A and strategic options
Sector consolidation continues and is likely to remain a feature of the
environment if market sentiment and flows do not recover meaningfully.
We remain open‑minded to inorganic opportunities and strategic partnerships
where they clearly enhance investment capability, add scale or support
distribution ambitions, and where they meet our standards for capital
discipline and integration risk.
However, we are also conscious of the risk that M&A can be perceived as a
substitute for organic progress. Our primary focus remains on stabilising
assets through improved performance and governance in the areas under pressure
and building momentum in areas of strength.
Outlook
Market and geopolitical uncertainty remain elevated and investor risk appetite
has been fragile. More recently, there have been signs of a broadening in
market leadership following a period of narrow concentration, which has been
supportive of a number of our strategies.
We do not believe it is helpful to offer predictions about the near‑term
macro-outlook. Instead, our focus is on what we can control. That is
continuing to reset costs and simplify the organisation; strengthening
performance consistency and accountability, particularly in international
equities; and investing selectively behind areas of demonstrable strength and
client demand, including fixed income and retirement income.
We recognise that confidence in the shares is closely linked to evidence of
stabilising flows and more consistent performance improvement in the
strategies currently under pressure. Delivering that evidence is our clear
focus.
Premier Miton remains a genuinely active investment business with a
diversified platform, strong governance and a clear sense of purpose. We are
taking the right actions to navigate a difficult period, protect resilience
and position the Group to benefit when market conditions normalise, and we are
encouraged by the early signs of improvement in performance in a number of
areas.
Mike O'Shea
Chief Executive Officer
3 June 2026
Financial Review
Financial performance
The loss before tax was £0.5 million (2025 HY: Profit £1.1 million). The
loss for the period reflects the lower levels of AuM being managed by the
Group and is after charging £0.2 million of non-operating costs (see note 5).
Adjusted profit before tax*, which is after adjusting for amortisation,
share-based payments and non-recurring items, was £3.0 million (2025 HY:
£5.4 million).
Adjusted profit* and (loss)/profit before tax
Unaudited six months to 31 March 2026 Unaudited six months to 31 March 2025
£m £m
Gross Profit 25.9 32.4
Administrative expenses (23.3) (27.7)
Finance income 0.2 0.3
Non-recurring items (see note 5) 0.2 0.4
Adjusted profit before tax* 3.0 5.4
Adjusted operating margin* 11.6% 16.7%
Amortisation (2.6) (2.6)
Share-based payments (0.7) (1.3)
Non-recurring items (see above) (0.2) (0.4)
(Loss)/profit before tax (0.5) 1.1
Assets under Management * ('AuM')
AuM ended the period at £8,992 million (2025 HY: £10,201 million).
Net outflows for the six months were £1,313 million (2025 HY: £254 million
outflows). These were primarily concentrated within the equities strategies.
Gross profit, net management fees and net management fee margin*
The Group's revenue represents management and performance fees generated on
the assets being managed by the Group net of rebates paid to customers.
The Group's net management fee margin for the period was 53.6bps. The decrease
on the comparative period continues to be driven by the changing business mix.
Unaudited six months to 31 March 2026 Unaudited six months to 31 March 2025
£m £m
Management fees 26.9 30.9
Other Income - 0.1
Cost of sales (1.0) (0.8)
Net management fees (*) 25.9 30.2
Performance fees - 2.1
Gross profit (see note 4) 25.9 32.4
Average AuM * 9,720 10,601
Net management fee margin * (bps) 53.6 57.0
* Indicates Alternative Performance Measures ('APMs').
Administration expenses
Administration expenses totalled £23.3 million (2025 HY: £27.7 million).
Staff costs remain the largest component of administration expenses. Fixed
staff costs totalled £10.7 million (2025 HY: £11.2 million) reflecting
headcount reductions but partially offset by annual salary reviews. The
closing FTE headcount reduced from 150 at the start of the period to 147 as at
31 March 2026.
Variable staff costs totalled £2.3 million (2025 HY: £5.7 million). Half of
this decrease relates to performance fee shares in the comparative period with
the balance reflecting the lower levels of net revenue and underlying
profitability of the Group.
Overheads and other costs decreased by £0.5 million to £10.0 million
reflecting the cost control initiatives implemented.
We continue to maintain high levels of sales and marketing activities with a
spend totalling £1.7 million in the period (2025 HY: £2.0 million). The
comparative period included costs for the launch of the Group's new visual
identity in February 2025.
Unaudited six months to 31 March 2026 Unaudited six months to 31 March 2025
£m £m
Fixed staff costs 10.7 11.2
Variable staff costs 2.3 5.7
Overheads and other costs 10.0 10.5
Depreciation - fixed assets 0.1 0.1
Depreciation - leases 0.2 0.2
Administration expenses 23.3 27.7
Our efficiency programme continues as planned. In addition to the £5 million
of cost savings announced previously, a further review of our operating
platform has identified opportunities to simplify processes and remove
duplication, resulting in annualised administration cost savings of
approximately £2.5 million. These are expected to be implemented by September
2026, with estimated one‑off costs of £0.5 million.
During the period and subsequently, several of the operational efficiencies
and simplifications announced in December were completed. These included the
closure of the Guildford office at the end of March, the move to a third-party
platform for the Premier Portfolio Management Service in April and the
outsourcing of the equity trading in May.
Following the completion of these initiatives the FTE headcount at the end of
May was 136.
Share-based payments
The share-based payment charge for the period was £0.7 million (2025 HY:
£1.3 million).
Of this charge, £0.4 million related to nil cost contingent share rights
('NCCSRs') (2025 HY: £0.9 million).
At 31 March 2026 the Group's Employee Benefit Trusts ('EBTs') held 4,298,702
ordinary shares representing 2.6% of the issued ordinary share capital (2025
HY: 5,704,204 shares).
See note 12 for further detail.
Balance sheet and cash
Total shareholders' equity as at 31 March 2026 was £107.8 million (2025 HY:
£115.8 million).
At the period end the cash balances of the Group totalled £24.6 million (2025
HY: £31.2 million).
The Group has no external bank debt (2025 HY: £nil).
Capital management
Dividends totalling £4.8 million were paid in the period (2025 HY: £4.6
million). See note 3 for further detail.
The Board has approved an interim dividend payment of 1.5p per share (2025 HY:
3.0p).
The dividend will be paid on 7 August 2026 to shareholders on the register at
the close of business on 10 July 2026.
From the next financial year, the Board intends to adopt a new dividend policy
of distributing 75% of profit after tax, adjusted for non-recurring items,
share-based payments and amortisation.
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.
31 March 2026
£m
Equity 107.8
Non-qualifying assets (1) (80.6)
Qualifying capital 27.2
Regulatory capital requirement (13.4)
Foreseeable dividends (2) (2.4)
Regulatory capital surplus 11.4
1 Goodwill, intangible assets and associated deferred tax liabilities.
2 Approved interim dividend to be paid in August following the financial
period end.
Piers Harrison
Chief Financial Officer
3 June 2026
Forward looking statements
These interim unaudited Condensed Consolidated Financial Statements are made
by the Directors in good faith based on information available to them at the
time of their approval of the accounts. Forward looking statements should be
treated with caution due to the inherent uncertainties, including economic,
regulatory and business risk factors underlying any such statement. The
Directors undertake no obligation to update any forward looking statement
whether as a result of new information, future events or otherwise. The
interim unaudited Condensed Consolidated Financial Statements have been
prepared to provide information to the Group's shareholders and should not be
relied upon by any other party or for any other purpose.
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.
APM Unit Definition Purpose
Adjusted profit before tax £ Profit before taxation, amortisation, share-based payments and non-recurring Except for the noted costs, this encompasses all operating expenses in the
items. 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 % Adjusted profit before tax (as above) divided by net revenue. Used to determine the efficiency of operations and the ratio of operating
expenses to revenues generated in the year.
Cash generated from operations £ Profit before taxation adjusted for the effects of transactions of a non-cash Provides a measure in demonstrating the amount of cash generated from the
nature, any deferrals or accruals and items of income or expense associated Group's ongoing regular business operations.
with investing or financing cash flows.
AuM £ The value of external assets that are managed by the Group. 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 £ The average value of external assets that are managed by the Group. Average AuM removes volatility of short term net flows.
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 £ The net management fee revenues of the Group. Calculated as gross management Provides a consistent measure of the profitability of the Group.
fee income, excluding performance fees, less rebates paid to customers and
after the deduction of cost of sales.
Net management fee margin bps Net management fees divided by the average AuM. 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.
Net flows £ Total aggregate external sales/inflows into funds and mandates managed by the Net flows is a key performance indicator for management and is used both
Group less the total external redemptions/outflows from the same funds and internally and externally to assess the organic growth of the business.
mandates. Where positive, these are 'Net inflows' and where negative as 'Net
outflows'.
Adjusted earnings per share (basic) p Adjusted profit after tax divided by the weighted average number of shares in Provides a clear measure to shareholders of the operating profitability and
issue in the year. 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.
Unaudited Condensed Consolidated Statement of Comprehensive Income
for the six months ended 31 March 2026
Notes Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
£000
£000 £000
Revenue 4 26,920 33,136 63,319
Cost of sales 4 (976) (786) (1,645)
Gross profit 4 25,944 32,350 61,674
Administration expenses 5 (23,298) (27,718) (52,714)
Share-based payments 12 (751) (1,268) (2,033)
Amortisation of intangible assets 8 (2,603) (2,603) (5,221)
Operating (loss)/profit (708) 761 1,706
Finance income 193 333 650
(Loss)/profit for the period before taxation (515) 1,094 2,356
Taxation 6 (89) (573) (1,135)
(Loss)/profit for the period after taxation attributable to equity holders of (604) 521 1,221
the Parent
pence pence pence
Basic earnings per share 7(a) (0.38) 0.34 0.78
Diluted basic earnings per share 7(a) (0.37) 0.32 0.76
No other comprehensive income was recognised during 2026 or 2025. Therefore,
the (loss)/profit for the period is also the total comprehensive income.
All of the amounts relate to continuing operations.
Unaudited Condensed Consolidated Statement of Changes in Equity
for the six months ended 31 March 2026
Notes Share Share Merger reserve Own shares held by EBTs Capital redemption reserve Retained Total equity
capital premium £000 £000 £000 earnings £000
£000 £000 £000
At 1 October 2025 61 3,320 94,312 (4,533) 4,532 14,791 112,483
Loss for the period - - - - - (604) (604)
Exercise of options - - - 1,558 - (1,558) -
Share-based payments 12 - - - - - 751 751
Other amounts direct to equity - - - - - (75) (75)
Transfers(1) - - (26,100) - - 26,100 -
Dividends 3 - - - - - (4,757) (4,757)
At 31 March 2026 (Unaudited half year) 61 3,320 68,212 (2,975) 4,532 34,648 107,798
At 1 October 2024 61 2,639 94,312 (8,731) 4,532 26,201 119,014
Profit for the period - - - - - 521 521
Issue of share capital 11 - 681 - - - - 681
Own shares purchased 12(d) - - - (954) - - (954)
Exercise of options - - - 5,152 - (5,152) -
Share-based payments 12 - - - - - 1,268 1,268
Other amounts direct to equity - - - - - (71) (71)
Dividends 3 - - - - - (4,648) (4,648)
At 31 March 2025 (Unaudited half year) 61 3,320 94,312 (4,533) 4,532 18,119 115,811
At 1 October 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 11 - 681 - - - - 681
Own shares purchased 12(d) - - - (954) - - (954)
Exercise of options - - - 5,152 - (5,152) -
Share-based payments 12 - - - - - 2,033 2,033
Other amounts direct to equity - - - - - (137) (137)
Dividends - - - - - (9,375) (9,375)
At 30 September 2025 (Audited) 61 3,320 94,312 (4,533) 4,532 14,791 112,483
( )
( )
(1) Represents partial realisation of the merger reserve recognised in respect
of the impairment charge of the Parent Company's investment in its subsidiary
undertakings.
Unaudited Condensed Consolidated Statement of Financial Position
for the six months ended 31 March 2026
Notes Unaudited Unaudited Audited
31 March 31 March 30 September
2026 2025 2025
£000 £000 £000
Non-current assets
Goodwill 8 75,124 75,124 75,124
Intangible assets 8 7,255 12,476 9,858
Other investments 50 100 50
Property and equipment 333 580 443
Right-of-use assets 1,415 1,872 1,640
Deferred tax asset 344 341 532
Trade and other receivables 204 325 383
84,725 90,818 88,030
Current assets
Financial assets at fair value through profit and loss 13 164 165 160
Trade and other receivables 109,420 135,471 102,906
Cash and cash equivalents 9 24,594 31,150 31,279
134,178 166,786 134,345
Total assets 218,903 257,604 222,375
Current liabilities
Trade and other payables (107,383) (136,243) (105,256)
Lease liabilities (555) (531) (540)
(107,938) (136,774) (105,796)
Non-current liabilities
Provisions 10 (374) (374) (374)
Deferred tax liability (1,761) (3,056) (2,407)
Lease liabilities (1,032) (1,589) (1,315)
Total liabilities (111,105) (141,793) (109,892)
Net assets 107,798 115,811 112,483
Equity
Share capital 11 61 61 61
Share premium 11 3,320 3,320 3,320
Merger reserve 68,212 94,312 94,312
Own shares held by Employee Benefit Trusts 12(d) (2,975) (4,533) (4,533)
Capital redemption reserve 4,532 4,532 4,532
Retained earnings 34,648 18,119 14,791
Total equity shareholders' funds 107,798 115,811 112,483
Unaudited Condensed Consolidated Statement of Cash Flows
for the six months ended 31 March 2026
Notes Unaudited Unaudited Audited
six months to six months to year to
31 March 31 March 30 September
2026 2025 2025
£000 £000 £000
Net cash (outflow)/inflow from operating activities 14 (1,803) 2,165 6,941
Cash flows from investing activities:
Interest received 210 336 670
Purchase of Tellworth Investment LLP 8 - (1,112) (1,112)
Acquisition of financial assets (17) (158) (174)
Disposal of financial assets - - 67
Sale/(purchase) of property and equipment 1 (127) (105)
Net cash inflow/(outflow) from investing activities: 194 (1,061) (654)
Cash flows from financing activities:
Lease payments (319) (264) (591)
Purchase of own shares 12(d) - (954) (954)
Dividends paid 3 (4,757) (4,648) (9,375)
Net cash flow from financing activities (5,076) (5,866) (10,920)
Decrease in cash and cash equivalents (6,685) (4,762) (4,633)
Opening cash and cash equivalents 9 31,279 35,912 35,912
Closing cash and cash equivalents 9 24,594 31,150 31,279
Notes to the Unaudited Condensed Consolidated Financial Statements
for the six months ended 31 March 2026
1. Basis of accounting
These interim unaudited Condensed Consolidated Financial Statements do not
constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. They have been prepared on the basis of the accounting
policies as set out in the Group's Annual Report for the year ended 30
September 2025. They do not include all the information and disclosures
required in annual financial statements and therefore should be read in
accordance with the Group's Annual Report for the year ended 30 September
2025.
The interim unaudited Condensed Consolidated Financial Statements to 31 March
2026 have been prepared in accordance with UK-adopted International Accounting
Standard 34 'Interim Financial Reporting' and the Listing Rules of the
Financial Conduct Authority.
Premier Miton Group plc (the 'Group') is the Parent Company of a group of
companies which provide a range of investment management services in the
United Kingdom and Ireland.
The Group's 2025 Annual Report is prepared in accordance with UK-adopted
International Accounting Standards, and is available on the Premier Miton
Group plc website (www.premiermiton.com (http://www.premiermiton.com) ).
These interim unaudited Condensed Consolidated Financial Statements were
approved and authorised for issue by the Board acting through a duly
authorised committee of the Board of Directors on 3 June 2026.
The full-year accounts to 30 September 2025 were approved by the Board of
Directors on 3 December 2025 and have been delivered to the Registrar of
Companies. The report of the auditor on those accounts was unqualified, did
not contain an emphasis of matter paragraph and did not contain any statement
under section 498 of the Companies Act 2006. The figures for the six months
ended 31 March 2026 and the six months ended 31 March 2025 have not been
audited.
The interim unaudited Condensed Consolidated Financial Statements are
presented in Sterling and all values are rounded to the nearest thousand
pounds (£000) except where otherwise indicated.
Going concern
The Group has considerable financial resources and ongoing investment
management contracts. As a consequence, the Directors believe that the Group
demonstrates the financial resilience required to manage its business risks
successfully. The Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for a period of 12
months after the date the interim financial statements are signed. Thus, the
Directors continue to adopt the going concern basis of accounting in
preparing the interim unaudited Condensed Consolidated Financial Statements.
The Directors note that the Group has no external borrowings and maintains
significant levels of cash reserves. The Group has conducted financial
modelling at materially lower levels of AuM with the business maintaining cash
balances above its regulatory requirements. The Directors have also reviewed
and examined the financial stress testing inherent in the Internal Capital
Adequacy and Risk Assessment ('ICARA').
2. Segmental reporting
The Group has only one business operating segment, asset management for
reporting and control purposes.
IFRS 8 'Operating Segments' requires disclosures to reflect the information
which the Group's management uses for evaluating performance and the
allocation of resources. The Group is managed as a single asset management
business and as such, there are no additional operating segments to disclose.
Under IFRS 8, the Group is also required to make disclosures by geographical
segments. As Group operations are solely in the UK and Ireland, there are no
additional geographical segments to disclose.
3. Dividend
The final dividend for the year ended 30 September 2025 of 3.0p per share was
paid on 13 February 2026 resulting in a distribution of £4,756,827. This is
reflected in the unaudited Condensed Consolidated Statement of Changes in
Equity (2025 HY: £4,647,584).
4. Revenue and cost of sales
Revenue and gross profit recognised in the unaudited Condensed Consolidated
Statement of Comprehensive Income is analysed as follows:
Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
£000
£000
restated
£000
Management fees 27,893 32,423 63,366
Rebates paid to customers (973) (1,517) (2,461)
Performance fees - 2,125 2,314
Commissions - 1 -
Other income - 104 100
Revenue 26,920 33,136 63,319
Cost of sales (976) (786) (1,645)
Gross profit 25,944 32,350 61,674
All revenue is derived from the United Kingdom and Ireland. Cost of sales
includes the costs of external Authorised Corporate Directors, Ongoing Charges
Figure ('OCF') capping costs, direct research costs and corporate access
charges.
5. Administration expenses
Administration expenses for the period totalled £23,298,000 (2025 HY:
£27,718,000), these included the following non-recurring and/or non-operating
items recognised in arriving at operating profit from continuing operations:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2026 2025 2025
£000 £000 £000
Employment restructuring costs 88 381 1,377
Tellworth acquisition - - 462
Acquisition related professional fees 85 25 51
Total adjusting items 173 406 1,890
Adjusted profit is an APM. The above items are removed from the statutory
measures when calculating adjusted profit.
Employment restructuring costs relate to operational efficiency initiatives
completed in the period.
6. Taxation
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2026 2025 2025
£000 £000 £000
Corporation tax charge 552 803 2,200
Deferred tax credit (463) (230) (1,065)
Tax charge reported in the unaudited Condensed Consolidated Statement of 89 573 1,135
Comprehensive Income
7. Earnings per share
Basic earnings per share is calculated by dividing the profit for the period
attributable to ordinary equity shareholders of the Parent Company by the
weighted average number of ordinary shares outstanding during the period.
The weighted average of issued ordinary share capital of the Parent Company is
reduced by the weighted average number of shares held by the Group's Employee
Benefit Trusts ('EBTs'). Dividend waivers are in place over shares held in the
Group's EBTs.
In calculating diluted earnings per share, IAS 33 'Earnings Per Share'
requires that the profit is divided by the weighted average number of ordinary
shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares during the period 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:
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2026 2025 2025
£000 £000 £000
(Loss)/profit attributable to ordinary equity shareholders (604) 521 1,221
of the Parent Company for basic earnings
Number 000 Number 000 Number 000
Issued ordinary shares at 1 October 163,286 162,081 162,081
- Effect of own shares held by an EBT (4,919) (6,738) (6,220)
- Effect of shares issued - 139 674
Weighted average shares in issue 158,367 155,482 156,535
- Effect of movement in share options 3,875 5,930 4,813
Weighted average shares in issue - diluted 162,242 161,412 161,348
Basic earnings per share (pence) (0.38) 0.34 0.78
Diluted earnings per share (pence) (0.37) 0.32 0.76
(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:
Notes Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2026 2025 2025
£000 £000 £000
(Loss)/profit before taxation (515) 1,094 2,356
Add back:
- Share-based payments 12 751 1,268 2,033
- Amortisation of intangible assets 8 2,603 2,603 5,221
- Adjusting items 5 173 406 1,890
Adjusted profit before tax 3,012 5,371 11,500
Taxation:
- Tax in the unaudited Condensed Consolidated Statement of Comprehensive 6 (89) (573) (1,135)
Income
- Tax effect of adjustments (488) (678) (1,732)
Adjusted profit after tax for the calculation of adjusted earnings per share 2,435 4,120 8,633
Adjusted earnings per share was as follows using the number of shares
calculated at note 7(a):
Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
pence
pence
pence
Adjusted earnings per share 1.54 2.65 5.52
Diluted adjusted earnings per share 1.50 2.55 5.35
8. Goodwill and other intangible assets
Cost, amortisation and net book value of goodwill are as follows:
Goodwill Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
£000 £000 £000
Cost:
At 1 October 82,363 81,325 81,325
Additions - 1,038 1,038
At 31 March/30 September 82,363 82,363 82,363
Amortisation and impairment:
At 1 October 7,239 7,239 7,239
Impairment during the period - - -
At 31 March/30 September 7,239 7,239 7,239
Carrying amount:
At 31 March/30 September 75,124 75,124 75,124
Cost, amortisation and net book value of intangible assets are as follows:
Other intangible assets Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
£000 £000 £000
Cost:
At 1 October 83,547 83,547 83,547
Additions - - -
At 31 March / 30 September 83,547 83,547 83,547
Accumulated amortisation and impairment:
At 1 October 73,689 68,468 68,468
Amortisation during the period 2,603 2,603 5,221
At 31 March / 30 September 76,292 71,071 73,689
Carrying amount:
At 31 March / 30 September 7,255 12,476 9,858
The Group's other intangible assets comprise of investment management
agreements ('IMAs') purchased by the Group.
The addition to goodwill in the comparative period related to the final
consideration paid for the acquisition of Tellworth Investments LLP
('Tellworth').
The Group has determined that it has a single cash-generating unit ('CGU') for
the purpose of assessing the carrying value of goodwill.
Impairment testing is performed at least annually whereby the recoverable
amount is calculated as the higher of value-in-use versus fair value less
costs to sell.
During the period no impairment was identified.
9. Cash and cash equivalents
Unaudited Unaudited Audited
six months to
six months to
year to
31 March
31 March
30 September
2026
2025
2025
£000 £000 £000
Cash at bank and in hand 24,594 31,150 31,279
10. Provisions
£000
At 1 October 2025 374
Movement in the period -
At 31 March 2026 (Unaudited) 374
Current -
Non-current 374
374
At 1 October 2024 374
Movement in the period -
At 31 March 2025 (Unaudited) 374
Provisions relate to dilapidations for the offices at 6th Floor, Paternoster
House, London. The lease on this property runs to 28 November 2028.
This provision is based on prices quoted at the time of the lease being taken
on.
11. Share capital
Allotted, called up and fully paid: Ordinary shares 0.02 pence each Number Deferred shares
Number of shares Number
At 1 October 2025 163,285,959 1
Issued - -
At 31 March 2026 (Unaudited) 163,285,959 1
At 1 October 2024 162,080,567 1
Issued 1,205,392 -
At 31 March 2025 (Unaudited) 163,285,959 1
Allotted, called up and fully paid: Ordinary shares Deferred Total
Value of shares 0.02 pence each shares £000
£000 £000
At 1 October 2025 32 29 61
Issued - - -
At 31 March 2026 (Unaudited) 32 29 61
At 1 October 2024 32 29 61
Issued - - -
At 31 March 2025 (Unaudited) 32 29 61
In the comparative period, the Company issued 1,205,392 new ordinary shares of
0.02 pence in fulfilment of the additional consideration for the acquisition
of Tellworth.
12. Share-based payment
The total expense recognised for share-based payments in respect of employee
services received during the period to 31 March 2026 was £751,143 (2025 HY:
£1,267,569), of which £414,225 related to nil cost contingent share rights
(2025 HY: £945,914).
(a) Nil cost contingent share rights ('NCCSRs')
During the period 1,025,000 (2025 HY: 1,331,000) NCCSRs over ordinary shares
of 0.02p in the Company were granted to 29 employees (2025 HY: 26 employees).
Of the total award, nil (2025 HY: nil) NCCSRs were awarded to Executive
Directors. The awards will be satisfied from the Group's EBTs.
The share-based payment expense is calculated in accordance with the fair
value of the NCCSRs on the date of grant. The price per right at the date of
grant was £0.54 on 11 December 2025 resulting in a fair value of £553,500 to
be expensed over the relevant vesting period of three years.
The key features of the awards include: a three-year vesting term, automatic
vesting at the relevant anniversary date with the delivery of the shares to
the participant within 30 days of the relevant vesting date.
During the period 1,170,831 NCCSRs over ordinary shares of 0.02p in the
Company were exercised over 27 awards. Of the total, nil were exercised by
Executive Directors.
At 31 March 2026, there were 3,370,786 (2025 HY: 3,696,831) outstanding NCCSRs
awards all of which had not vested.
(b) Long-Term Incentive Plan ('LTIP')
On 29 December 2025 the Group granted 3,267,000 LTIP awards (2025 HY:
3,325,000). Of the total awards, 1,241,000 were awarded to Executive Directors
(2025 HY: 1,225,000).
Vesting of awards is subject to continued employment and performance
conditions based on Total Shareholder Return ('TSR'), Earnings Per Share
('EPS'), Assets under Management ('AuM'), Mergers and acquisitions ('M&A')
and other operational conditions, all measured over a three-year performance
period.
The cost of the awards is the estimated fair value at the date of grant of the
estimated entitlement to ordinary shares of 0.02p in the Company. At 29
December 2025 the cost was estimated at £352,199 and is to be expensed over
the vesting period of three years. At each reporting date the estimated number
of ordinary shares that may be ultimately issued is assessed.
The fair value of the LTIP awards was estimated using a Monte Carlo Simulation
('MCS') and the prepaid forward share price, adjusting the loss of dividends
over the vesting period.
The following table lists the inputs to the model used for the period ended 31
March 2026.
29 December 2025
Dividend yield (%) 8.2
Nominal risk-free rate (%) 3.7
Expected share price volatility (%) 35.6
Discount for lack of marketability ('DLOM') (%) 11.0
Share price (£) 0.52
Performance period (months) 36
Holding period post-vesting (months) 24
The 2023 LTIP award vested on 13 January 2026. The operational performance
conditions were met and subsequently 10% of the original award vested and
automatically exercised.
The exercised awards totalled 234,671 of which, 81,154 related to Executive
Directors. The shares were satisfied from the Group's EBTs.
At 31 March 2026, there were 9,790,119 (2025 HY: 8,869,825) outstanding LTIP
awards all of which had not vested.
(c) Legacy share incentive schemes
Management Equity Incentive ('MEI')
There were no movements in the period (2025 HY: nil). At 31 March 2026, there
were 241,488 (2025 HY: 241,488) outstanding MEI awards all of which had
vested.
(d) Employee Benefit Trusts ('EBTs')
Premier Miton Group plc established an EBT on 25 July 2016 to purchase
ordinary shares in the Company to satisfy share awards to certain employees.
During the period no (2025 HY: 1,745,381) shares were acquired and held by the
Group's EBTs at a cost of £nil (2025 HY: £954,439).
At 31 March 2026, 4,298,702 (2025 HY: 5,704,204) shares are held by the
Group's EBTs.
At the period-end the cost of the shares held by the EBTs of £2,974,831 (2025
HY: £4,533,050) has been disclosed as own shares held by EBTs in the
unaudited Condensed Consolidated Statement of Changes in Equity and the
unaudited Condensed Consolidated Statement of Financial Position.
13. Financial Instruments
Financial assets at fair value through profit and loss
The financial instruments carried at fair value are analysed by valuation
method.
Unaudited Unaudited Audited
six months to six months to year to
31 March 31 March 30 September
2026 2025 2025
£000 £000 £000
Other investments
Quoted - Level 1 164 165 160
Total 164 165 160
Quoted investments - Level 1
The Group holds shares and units in a number of funds for which quoted prices
in an active market are available.
The fair value measurement is based on Level 1 in the fair value hierarchy.
14. 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 Unaudited Unaudited Audited
six months to six months to year to
31 March 31 March 30 September
2026 2025 2025
£000 £000 £000
(Loss)/profit for the period (604) 521 1,221
Adjustments to reconcile (loss)/profit to net cash inflow/(outflow) from
operating activities:
- Tax on continuing operations 6 89 573 1,135
- Finance income (193) (333) (650)
- Interest payable on leases 53 71 131
- Depreciation - fixed assets 108 120 232
- Depreciation - leases 225 236 468
- Loss on disposal of fixed assets 2 4 6
- Loss on revaluation of financial assets at FVTPL 13 15 19
- Amortisation of intangible assets 8 2,603 2,603 5,221
- Share-based payments 12 751 1,268 2,033
Working capital changes:
- (Increase) in trade and other receivables (6,113) (40,509) (8,797)
- Increase in trade and other payables 2,745 39,420 7,807
Cash generated from operations (321) 3,989 8,826
Tax paid (1,482) (1,824) (1,885)
Net cash (outflow)/inflow from operating activities (1,803) 2,165 6,941
15. Subsequent events
At 3 June 2026 there were no other subsequent events to report.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR EAEKDELEKEAA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Premier Miton
See all newsREG - Premier Miton Group - Half Year Results - Six Months Ended 31 March 2026
AnnouncementREG - Mendell Helium PLC Premier Miton Group - Holding(s) in Company
AnnouncementREG - Firering Strategic Premier Miton Group - Holding(s) in Company
AnnouncementREG - Premier Miton Group - TR-1: Notification of major holdings
AnnouncementREG - Premier Miton Group - Investor Presentation via Investor Meet Company
Announcement