REG - Tatton Asset Mgt PLC - Final Results
10/06/2025 07:00
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RNS Number : 0897M Tatton Asset Management PLC 10 June 2025
10 June 2025
Tatton Asset Management Plc
("TAM plc", the "Group" or the "Company")
AIM: TAM
AUDITED FINAL RESULTS
For the year ended 31 March 2025
"Record net inflows of £3.7bn driving strong organic growth of revenue and
profits"
TAM plc, the investment management and IFA support services group, today
announces its audited final results for the year ended 31 March 2025 ("FY25"),
which show strong, double-digit organic growth across revenue and adjusted
operating profit(1), comfortably at the top end of market consensus, driven by
record levels of AUM and net inflows.
FINANCIAL HIGHLIGHTS
· Group revenue increased by 23.1% to £45.309m (2024: £36.807m)
· Adjusted operating profit(1) up 23.9% to £22.946m (2024: £18.514m)
· Adjusted operating profit(1) margin increased to 50.6% (2024: 50.3%)
· Profit before tax increased to £21.596m (2024: £16.751m)
· Adjusted fully diluted EPS(2) increased by 25.1% to 28.65p (2024: 22.91p)
· Final dividend of 9.5p (2024: 8.0p), giving a total dividend for the year of
19.0p (2024: 16.0p) - up 18.8%
· Strong financial liquidity position, with cash of £32.1m (2024: £24.8m)
· Strong balance sheet - net assets increased to £50.6m (2024: £43.3m)
OPERATIONAL HIGHLIGHTS
· AUM/I(3) increased by 24.0% to £21.825bn (2024: £17.604bn). Current latest
AUM/I(3) at June 2025 £22.941bn (AUM(3) £21.940bn)
· AUM(3) increased by £4.3bn, or 26.1%, to £20.872bn (2024: £16.551bn)
· Record organic net inflows of £3.687bn (2024: £2.303bn), an increase of
22.3% of opening AUM, with an average run rate of £307m per month (June to
date, 10 weeks: £611m, or equivalent to £265m per month)
· Tatton's IFA firms increased by 13.8% to 1,110 (2024: 975) and the number of
client accounts increased 22.0% to 153,915 (2024: 126,150)
· Paradigm Mortgages participated in mortgage completions totalling £14.2bn
(2024: £13.1bn), an 8.1% increase year on year
OUTLOOK
· Maintaining growth target of £30bn AUM/I(3) by the end of the financial year
2029
· The Board looks to the year ahead and beyond with confidence
1 Operating profit before exceptional items, share-based payment charges,
amortisation of acquired intangibles, changes in fair value of contingent
consideration and operating loss relating to non-controlling interest.
2 Adjusted fully diluted earnings per share is calculated by dividing the
adjusted operating profit plus net cash interest and less tax on adjusted
operating activities by the weighted average number of ordinary shares in
issue during the year plus potentially dilutive ordinary shares.
3 "AUM" is Assets under management. "AUM/I" is Assets under management and
influence.
Paul Hogarth, Chief Executive Officer, commented:
"I am delighted with the performance we have delivered in FY25, as we
continued to make strong progress against our long-term ambitions, achieving
sustained organic growth and advancing our strategic priorities. These
achievements not only reflect the strength and resilience of our business
model, but also stand as a testament to the adaptability, professionalism, and
unwavering commitment of our people across the Group. Their dedication has
been instrumental in navigating what has been a challenging year, marked by an
ever-changing and often unpredictable market environment.
"Despite these headwinds, we have remained focused on delivering value for all
our stakeholders. As we enter the new financial year, we are encouraged by a
strong start, with net new inflows of £0.6 billion in the first 10 weeks, or
equivalent to £265 million per month. However, while this early momentum is
pleasing, we continue to take a measured and disciplined approach and
anticipate a normalised run rate of between £200 million and £250 million
per month over the remainder of the year. As we look forward, we remain
committed to achieving our goal of reaching the milestone of £30 billion
AUM/I by FY29 and further strengthening our position within the UK market. Our
confidence in achieving this ambition is founded on the strength of our
business and our conviction that we will successfully navigate challenges,
while making the most of the opportunities that lie ahead.
"The year ahead will also bring change, most notably with the retirement of
our Chairman, Roger Cornick. Roger has been a friend and mentor to me since
the IPO and I would like to take this opportunity to once again thank him for
his outstanding commitment, wise counsel, and exceptional stewardship over the
years."
Commenting on Outlook, he added:
"We approach the new financial year with confidence, although we remain
mindful of the persistent macroeconomic and geopolitical challenges that may
create periods of market volatility. Despite these external headwinds, we
believe that our resilient and scalable business model, which is underpinned
by our IFA-focused approach, consistent long-term investment performance, and
range of high-value propositions, positions us well for continued success.
With a clear strategy, disciplined execution, and continued investment in our
people and service proposition, we are confident in our ability to deliver
sustainable growth and long-term value for all our stakeholders."
-ends-
For further information please contact:
+44 (0) 161 486 3441
Tatton Asset Management plc
Paul Hogarth (Chief Executive Officer)
Paul Edwards (Chief Financial Officer)
Lothar Mentel (Chief Investment Officer)
Zeus - Nomad and Broker +44 (0) 20 3829 5000
Martin Green/Dan Bate (Investment Banking)
Singer Capital Markets - Joint Broker +44 (0) 20 7496 3000
Charles Leigh-Pemberton / Peter Steel (Investment Banking)
Gracechurch Group - Financial PR and IR
Heather Armstrong / Henry Gamble / Rebecca Scott +44 (0) 20 4582 3500
tatton@gracechurchpr.com
Trade Media Enquiries
Roddi Vaughan-Thomas +44 (0) 20 7139 1452
For more information, please visit: www.tattonassetmanagement.com
(http://www.tattonassetmanagement.com)
Chairman's Report
Strength in collaboration, results in action
Introduction
Looking back on another very positive year, Tatton Asset Management plc
("TAM") has continued to develop the fundamental basis on which the Group was
established at its public listing in 2017. We set out to focus on consistent
long-term investment performance, while committing to both excellent client
service and clear, effective communication - all of which have enabled
independent financial advisers ("IFAs") to support their clients with
confidence by utilising our wide range of investment capabilities.
Over the twelve month period under review, sustaining this approach has
resulted in net inflows of £3.7bn, up from £2.3bn in the prior year,
keeping us aligned with our "Roadmap for Growth" goal of £30bn in assets by
March 2029. At the end of March 2025, our assets under management and
influence¹ ("AUM/I") stood at £21.8bn.
Since its 2017 IPO, TAM has stood for empowering the IFA community. It is at
the heart of what we do, and I'm confident that TAM will continue to
prioritise this approach in the years ahead, enabling the Group to continue
to deliver in line with shareholder expectations, external circumstances
permitting.
Paradigm, our mortgage and IFA consultancy business, has, under its strong
leadership, exhibited a robust performance throughout the year,
notwithstanding the economic and political challenges prevailing in the
United Kingdom. The consulting business is strategically positioned to sustain
its delivery of expert regulatory guidance to IFAs, while concurrently
providing critical strategic insights into their needs and expectations.
In parallel, our mortgage business has achieved commendable results,
outperforming the broader mortgage sector, and the Board maintains a positive
outlook regarding the opportunities available to the business within this
evolving market environment.
As highlighted in our year end trading update, I will be retiring as Chairman
of TAM following the Annual General Meeting ("AGM") in July 2025. It has been
a privilege to work with the very high quality management and staff who have
enabled me to leave the Company on such a positive note, with AUM now at an
all-time high - an achievement that reflects both the hard work of our
dedicated team and the merit of the corporate commitment referred to above.
Financial Highlights
Group revenue increased by 23.1% to £45.3m (2024: £36.8m), while adjusted
operating profit rose by 23.9% to £22.9m (2024: £18.5m). The Group's
operating profit also increased to £20.7m (2024: £16.5m), while profit
before tax improved to £21.6m (2024: £16.8m). The impact of the above
on fully diluted adjusted earnings per share¹ was an increase of 25.1% to
28.65p (2024: 22.91p), while basic earnings per share was 26.43p (2024:
21.39p).
Our People
The staff at TAM are fundamental to the Group's success. Their dedication and
expertise drive the achievements outlined in this announcement, and their
collective ambition, both personal and professional, generates the confidence
and optimism that we have in the long-term success of the Group. On behalf
of the Board, I would like to extend our sincere gratitude to every member of
the team for their contributions over a gratifying twelve month period.
TAM remains committed to fostering a culture of inclusion, collaboration, and
continuous professional development. Employees are empowered to take ownership
of their work, with opportunities for growth and advancement being embedded in
our ethos. The Group takes pride in its diverse and talented team and
is dedicated to investing in their long-term success, enhancing the potential
for the sustained growth of both its people and the business.
Role of the Board and its Effectiveness
The Board of Directors is responsible for governance and strategic oversight,
ensuring that TAM is managed effectively and operates in the best interests of
its shareholders and stakeholders. As Chairman, my primary responsibility has
been to provide leadership to the Board, cultivating an environment that
enables Directors to perform effectively, offer sound guidance, and make
informed decisions. The Board is committed to ensuring that the Group upholds
integrity and transparency in all its operations. In my view, the Board
possesses a well-balanced mix of skills, allowing it to fulfil its duties
effectively, while maintaining a clear understanding of the opportunities and
challenges facing the Group.
UK Corporate Governance
The Board of Directors recognises the importance of good governance in the
management of TAM and in the protection of shareholder interests. Now a
member of the Quoted Companies Alliance, the Group is committed to
maintaining high standards of corporate governance and has implemented full
compliance with the new QCA Corporate Governance Code (the "QCA Code").
Governance practices are continuously reviewed to guarantee that they meet
the evolving needs of the business and its stakeholders. Details of how we
have applied the principles that form the QCA Code are provided throughout the
Annual Report and are detailed on pages 60 to 62 of the 2025 Annual Report.
Section 172 Statement
Section 172 of the Companies Act 2006 requires Directors to act in good faith
to promote the success of the Company for the benefit of its members as a
whole. In doing so, they must consider the long-term impact of their
decisions, the interests of employees, and the need to foster strong
relationships with suppliers, customers, and other stakeholders. Directors
must also take into account the Group's impact on the community and
environment, the importance of maintaining a reputation for high ethical
standards, and the need to treat all shareholders fairly. This ensures
responsible governance and sustainable business growth in the long-term.
Further information can be found on pages 52 and 53 of the 2025 Annual
Report.
Dividends
Creating long-term sustainable shareholder value remains a core focus for the
Board, so it is pleasing to note that TAM continues to deliver strong
performance, enabling the retention of its balance sheet strength. Therefore,
in line with the guidance given in the first half of the year, the Board is
proposing a final dividend of 9.5p per share (see note 12). This brings the
total ordinary dividend for the year to 19.0p per share, an increase of 18.8%
on the prior year, which is covered 1.5 times by adjusted fully diluted
earnings per share. Subject to shareholder approval at the forthcoming AGM,
the dividend will be paid on 31 July 2025 to those shareholders who are on the
register on 20 June 2025. The ex-dividend date will be 19 June 2025.
Outlook and Prospects
Reflecting on the past year, the Group can take pride in both its performance
and its resilience in the face of a challenging economic landscape,
unpredictable markets, and fluctuating trading conditions. Our robust trading
results continue to be bolstered by consistent growth within the underlying
MPS market, while we have made meaningful progress in advancing our strategic
objectives across the Group. This progress has not only solidified our
reputation within the industry but also underscored our commitment
to delivering sustainable organic growth. With these achievements in mind,
the Board remains appropriately confident over TAM's future trajectory.
In making my final statement as Chairman, I want to extend my warmest good
wishes to Chris Poil as he assumes the role of Non-Executive Chairman. Having
benefitted from his contribution as a Senior Non-Executive Director of TAM
since 2017, I have every confidence in his ability to steer the Group through
its next chapter of expansion, and I wish him every good fortune in this
exciting endeavour. It has been both a privilege and a pleasure to serve
alongside such a remarkable team, and I would like to thank all my colleagues
on the Board, our talented senior management, and the hard-working employees
of TAM for their contribution to what has been a very enjoyable period in
office.
To our shareholders, your continued support has been the cornerstone of our
accomplishments throughout my tenure, and for that, I am deeply grateful. I
look forward to watching with pride as Tatton Asset Management plc continues
to move forward and prosper in the years ahead.
Roger Cornick
Chairman
1. Alternative performance measures are detailed in note 27.
Chief Executive Officer's Review
Sustained success: Record £3.7bn net inflows amid volatility
Introduction
I am pleased to present the Annual Strategic Report for Tatton Asset
Management plc, marking a year of strong performance, sustained organic
growth, and meaningful strategic progress. This year's achievements highlight
the strength, resilience, and adaptability of our business model, which
continues to thrive amid an ever-evolving and dynamic market environment. Our
performance is a testament to the dedication and expertise of our people,
the enduring trust placed in us by our IFA partners and their clients, and
our clear focus on long-term, sustainable value creation. This report sets out
the key factors behind our success and outlines the strategic priorities
that will guide our continued progress in the year ahead.
Financial Results
This year has been a difficult year for many businesses, impacted by tough
challenges created by the world's economic and political landscape. Stubborn
inflation and the conflicts in Ukraine and the Middle East have been the
backdrop to market fluctuations this year and, more recently, the imposition
of tariffs caused significant market volatility. The situation continues to
evolve but these policies have introduced significant uncertainty into global
markets, eroding investor confidence, and raising concerns over economic
growth.
However, against this backdrop, the Group has performed very well, supported
by our resilient market, where demand for our services remains strong as a
result of both the strength of our distribution and the quality of our
propositions, which continue to resonate with our firms and clients alike.
Group revenue increased by 23.1% to £45.3m (2024: £36.8m) and Group adjusted
operating profit(1) increased by 23.9% to £22.9m (2024: £18.5m), with
adjusted operating profit margin(1) improving to 50.6% (2024: 50.3%). Group
statutory operating profit was £20.7m (2024: £16.5m). Cash generation
remains very strong, and we ended the year with cash on the balance sheet of
£32.1m (2024: £24.8m).
Tatton revenue increased by 26.3% to £39.0m, underpinned by record organic
net inflows during the year of £3.687bn, or 22.3% of opening AUM, an
average of £307m per month. Net flows remained consistent across the two
halves of the year, at £1.832bn in the first half compared with £1.855bn in
the second half of the year. As in prior years, there was no single event or
reason for the strong flows; rather, there was a consistent level of net
inflows from a large number of supporting firms. March 2025 experienced the
highest monthly net flows at £440m, which is not untypical, due to the tax
year end, and the lowest level of monthly net flows was February 2025
at £240m. Markets remained buoyant throughout most of the year, which also
helped drive revenue, but the market deteriorated in March, following the
implementation of increased global tariffs. However, markets still contributed
£634m, or 3.8%, in the year, resulting in total AUM at March 2025 of
£20.872bn. With the inclusion of the 8AM AUI of £0.953bn, total AUM/I(1)
was £21.825bn, a 24.0% increase on the prior year.
Tatton's adjusted operating profit(1) increased by 28.0% to £24.9m (2024:
£19.4m), at a margin of 63.8% (2024: 63.0%). There was a similar increase in
statutory operating profit to £23.9m (2024: £18.6m). This year has seen
continued investment in the Tatton team, including operations, compliance,
and the customer-facing commercial team. As we look forward, we will continue
with this, as well as making further investment in marketing.
Paradigm delivered a year in line with expectations, with revenue increasing
by 6.4% to £6.3m (2024: £5.9m) and increasing adjusted operating profit(1)
by 3.2% to £1.84m (2024: £1.78m) at a margin of 29.0%. Paradigm statutory
operating profit was steady at £1.5m (2024: £1.5m). The compliance business
has remained very stable, with 425 member firms at the end of the year (2024:
424). Paradigm continues to help brokers navigate through the myriad of
issues that the market provides, through regular collaboration with our
strategic lender and provider partners, working to increase our broker
partners' education, resources, and productivity, focusing on crucial areas
such as credit risk, pricing, regulatory compliance, fraud, cross-sales
strategies, and technological integration for enhanced efficiency. This
proactive relationship management continues to ensure that our members'
business propositions remain relevant for their client base and attractive to
our suppliers, who remain keen to work alongside Paradigm.
Progress and Strategic Development
FY25 marked another year of disciplined execution and meaningful progress, as
we continued to deliver against our long-term strategic ambitions. At the
heart of our strategy is a steadfast commitment to serving the IFA community -
supporting them with high-quality, platform-agnostic discretionary asset
management while enabling them to retain full ownership of their client
relationships.
We continue to make strong progress in delivering our strategy, which has
remained focused and consistent. Our goal is clear: to be the partner of
choice for IFAs seeking to offer their clients full discretionary asset
management on the platform of their choice, without compromising the integrity
of the adviser-client relationship. The IFA remains our single channel to
market - we do not compete with them, but instead champion their value.
Through investment excellence, technology-led solutions, and deepening
commercial support, we help IFAs build sustainable, advice-led businesses and
deliver long-term value for their clients.
In FY25, we made an excellent start towards our £30bn "Roadmap for Growth"
target. AUM/I(1) reached £21.8bn, reflecting a strong combination of
commercial momentum and market recovery. This growth was underpinned by record
net inflows of £3.7bn (including £0.7bn related to Perspective Financial
Group ("PFG")), demonstrating the continued confidence of our adviser partners
in our proposition. As previously indicated, we have now received contractual
notice for termination of the long-standing agreement between Tatton and PFG,
whereby Tatton provides investment management services to PFG's fund
management capability ("Cambridge"). It therefore remains highly probable
that this will conclude the partnership between Tatton and PFG in January
2026. Currently, PFG represents £2.9bn of AUM; however, as highlighted
during the Interim Results in November 2024, the annual earnings impact is
projected to be modest at £1.2m. While we are prudently planning for this
impact in FY27, our previous experience suggests that it is likely that not
all of the assets will be lost. The Tatton proposition remains highly
competitive and, in addition, we believe our established long-term investment
track record will be a significant consideration for firms who understand that
Tatton have been the investment manager behind the PFG proposition.
Furthermore, we have recently secured a mandate from a major provider, which
we expect will help mitigate the impact over the next 12 to 18 months.
Importantly, we do not anticipate that this will impact on our ability to
deliver our £30bn target in FY29.
This year has seen us further strengthen the leadership team to help support
our growth. During the year, we made key strategic investments in the Tatton
senior management team, hiring a new Chief Operating Officer and a Head of
Risk & Compliance, enhancing operational oversight and reinforcing our
regulatory framework. In parallel, we invested further in our IFA-facing
Investment Specialist team, recognising the importance of personalised support
as advisers navigate increasingly complex client and regulatory demands.
Looking forward, we will continue to build upon our commercial capabilities to
ensure that we are well-positioned to capture the expanding opportunities
within the MPS market.
Our commitment to excellence and consistency has again been recognised
externally. In Defaqto's top ten most recommended platform-based MPS solutions
according to value for Q1 2025, Tatton achieved an exceptional result. Three
of our portfolios ranked within the top four nationally, taking both first
and second place, with the Core Aggressive portfolio climbing to fourth place.
This recognition - drawn from whole of market data, including over 18,000
funds and 2,900 DFM MPS portfolios - underscores the strength
and competitive positioning of our investment offering.
Our platform-agnostic, adviser-centric approach continues to resonate. By
delivering consistent investment performance, exceptional service, and
a price-competitive proposition, we are building enduring partnerships with
IFAs across across the UK. This disciplined focus remains the foundation of
our growth strategy. As we look ahead, we remain confident in our ability to
scale up further - supported by ongoing investment in people, technology, and
proposition development. With strong momentum, clear strategic direction, and
a growing market opportunity, TAM is well-positioned to deliver on its growth
ambitions and reinforce its leadership in the UK discretionary investment
market.
Market Development and Trends
The UK financial services sector continues to evolve at pace, shaped by
regulatory reform, shifting investor expectations, and a growing demand for
scalable, outcome-driven investment solutions. Within this environment, MPS
has become an increasingly integral part of the wealth management ecosystem,
offering advisers a compelling means to deliver consistent, cost-effective
investment outcomes that are aligned with client objectives and professional
obligations.
Assets held within model portfolios in the UK at December 2024 reached
£183bn, increasing by 40% on the prior year. This expansion broadly compares
with the overall growth in UK platform assets, which rose to £872bn from
£722bn in 2023 - a 21% uplift. The sustained growth of MPS reflects not only
the increasing preference among IFAs for delegated investment solutions but
also the value that these services bring in terms of operational efficiency,
regulatory alignment, and client-centric delivery. Tatton has long anticipated
this shift and positioned itself accordingly. Our MPS offering is
purpose-built for the IFA market, providing high-quality, well-governed
portfolios designed to support advisers in delivering consistent outcomes at
scale. Our disciplined approach to investment management, combined with our
ability to secure competitive pricing from fund managers, enables us to pass
tangible cost benefits on to clients - thereby supporting our core commitment
to value and transparency.
The trend towards outsourcing investment management continues to gain
momentum, driven by the increasing complexity of the regulatory environment,
heightened client service expectations, and the strategic need for scalability
across advice businesses. Tatton's MPS proposition enables IFAs to meet these
challenges with confidence - providing them with a fully managed,
platform-agnostic solution that enhances suitability, supports client
engagement, and frees up resource for broader financial planning and
relationship development. We believe that MPS will remain a central pillar of
modern financial advice in the years ahead. The UK advisory market remains
in good health, but there is a clear and growing emphasis on cost
transparency, robust governance, and demonstrable value delivery. Tatton is
well-placed to respond to these evolving priorities through its continued
investment in technology, portfolio innovation, and adviser support.
The acquisition and integration of Fintegrate in 2023 represents a further
step in our strategic roadmap. This enhanced technology capability strengthens
our proposition by delivering deeper integration, improved reporting, and
data-driven insight - thereby enabling IFAs to better manage their businesses
and enhance client service. Our platform-agnostic approach remains a core
differentiator, allowing advisers to access our MPS solutions without
disruption to their preferred operational model or infrastructure.
Looking forward, the structural growth drivers underpinning the MPS market
remain firmly intact. While broader macroeconomic conditions may introduce
short-term uncertainty, we are confident in the long-term trajectory of the
market - and in Tatton's ability to lead within it. Our scale, investment
expertise, and unwavering focus on adviser needs position us strongly to
capture a further market share, deepen existing relationships, and continue
delivering on our purpose: to make high-quality discretionary investment
management accessible, affordable, and effective for the IFA community
and their clients.
Our Strategic Vision and Priorities
Our vision remains clear and consistent: to deliver long-term value through
sustainable growth, a strong partnership model, and continued market
leadership. We remain committed to the following strategic objectives:
Accelerate AUM Growth
We are targeting AUM/I(1) of £30bn by March 2029, representing a compound
annual growth rate of 11.3% from March 2024. Central to this ambition is our
commitment to generating a minimum average of £2.5bn in net inflows each
year, supported by strong adviser engagement and ongoing proposition
development.
Broaden Distribution Reach
Building on our recent momentum, we will continue to pursue strategic
relationships with larger IFA firms. These partnerships are designed to
deliver enhanced outcomes for clients and deepen our market penetration across
the adviser community.
Pursue Strategic Acquisitions and Partnerships
We will selectively identify and execute those acquisitions that complement
our business model and contribute to the growth of our AUM and proposition. In
parallel, we will seek new partnerships to support distribution, extend our
market reach, and access new client segments.
Grow Paradigm's Market Share
We aim to expand the number of firms engaging with Paradigm by increasing
our presence within the mortgage broker and intermediary space. Our focus is
on capturing a greater share of the available market and driving higher levels
of mortgage completions through deeper adviser relationships.
Outlook
Tatton Asset Management plc enters FY26 with strong momentum and a clear
sense of vision and direction. We remain fully committed to our long-term
strategy and focused on delivering our ambitious target of reaching £30bn in
AUM/I¹ by 2029. As we look to the future, our growth strategy remains
centred on organic expansion. We will continue to deepen our distribution
footprint by developing new and meaningful IFA partnerships, supporting
advisers in delivering outstanding client outcomes. The strength of our
proposition has once again been validated by another year of record net
inflows, reinforcing our position as a trusted partner in a growing and
increasingly competitive market.
We approach the new financial year with confidence, although we remain
mindful of the persistent macroeconomic and geopolitical challenges that may
create periods of market volatility. Despite these external headwinds, we
believe that our resilient and scalable business model, which is underpinned
by our IFA-focused approach, consistent long-term investment performance, and
range of high-value propositions, positions us well for continued success.
With a clear strategy, disciplined execution, and continued investment in
our people and service proposition, we are confident in our ability to
deliver sustainable growth and long-term value for all our stakeholders.
Paul Hogarth
Chief Executive Officer
1. Alternative performance measures are detailed in note 27.
Chief Investment Officer's Report
Consistency and leadership during a period of change
Service Development
Tatton continues to maintain and strengthen the relationships that we have
established with advisers, who recommend our investment portfolios to their
clients. Our ability to adapt to the ever-evolving needs of IFAs and their
clients is core to our service-led model and we prioritise face-to-face
relationship-building in order to better understand advisers.
As such, we expanded our very successful 'Tatton on the Road' events, meeting
over 500 new and existing adviser firms across the UK, and the team presented
at 120 face-to-face IFA events last year. This creates the perfect
environment in which to further understand their business and client
requirements, to enable us to improve our service and product offering.
Effective and accessible adviser communications have provided vital support
during market uncertainty. We continue to develop our popular video updates,
live investment webinars and educational reports so that advisers
can support their clients.
However, the cornerstone of our offering is the consistency of our portfolio
management, which for more than ten years has generated sustained, repeatable
investment performance. The combination of deep market understanding,
service-focused IFA relationships and investment delivery remain compelling in
a maturing and highly competitive environment.
2024/25 Capital Markets and Returns
At Tatton, we pride ourselves on our robust investment process and our
team's dedication to carrying it out. We will always focus on long-term
investment stewardship, rather than on short-term market trends. Over the
past year, this has helped once again to deliver rewards for portfolio
investors.
There were many shifting market trends throughout the 2024/25 financial year,
but overall, returns were positive for both stocks and bonds. This was down to
a combination of interest rate cuts, stellar corporate profits for US
technology companies, and an improving outlook for economic growth. The market
mood soured towards the end of the financial year, due to the disruptive
economic policies of US President Trump, but investors will note that, on a
yearly basis, most regions and assets classes generated very decent returns in
sterling terms.
Capital markets started 2024 in good spirits, thanks to expected interest rate
cuts, which finally began later in the year, although by April, persistent
inflation had pushed back the rate-cut timeline, which led to some concerns.
These were overcome when markets realised that inflation was only persistent
due to the resilience of global growth - particularly in the US. It became
clear that corporate earnings, particularly for the biggest US tech companies,
were not as vulnerable to high rates as feared.
Rate cuts did eventually come from the European Central Bank, the Bank
of England and the US Federal Reserve, marking the end of the tightest
squeeze on global monetary policy seen in a generation. Government bond yields
fell steadily through the middle of 2024 in response, making equities more
attractive by comparison.
The biggest benefit to equities, however, came from resilient growth. Through
2024, the market narrative was that the world economy had avoided the
end-of-cycle pain and had skipped ahead to the middle of the next cycle. In
that period, growth prospects and asset returns were skewed towards the
world's largest economy. Therefore, the US's commanding share of the global
market cap increased, which led to discussions of whether US concentration
was a problem for the overall health of markets.
The Labour Government's victory in the last general election was fully
expected, so it did little to move markets when it happened. Tensions in UK
bond markets arose in the autumn as investors doubted Labour's commitment to
fiscal discipline. We communicated at the time that the media was
over-interpreting these moves, and that higher long-term bond yields were an
attractive buying opportunity. Sure enough, yields came down, but UK bonds
continued to show an interesting correlation to the US.
The US election, meanwhile, affected markets massively. US investors were
excited about Trump's promises of tax cuts and deregulation, sending US
outperformance into overdrive at the end of 2024.
However, the first quarter of 2025 was significantly more challenging for US
assets. Tariff threats and chaotic economic policy downgraded expectations for
US growth. Growth outside the US - particularly in Europe and China - looked
better, largely thanks to fiscal support countermeasures to Trump's differing
threats.
We ended the financial year with losses for most major regions, due to the
looming impact of Trump's tariffs. Regardless of what happens from here,
policy uncertainty has already done significant damage in terms of weighing on
business investment.
Outlook
At the start of the 2025/26 financial year, markets are fearful. Donald
Trump's "Liberation Day" tariffs were substantially larger than expected; they
were perceived as arbitrary, and that their full implementation would
inevitably weigh on global growth. Even if, after negotiations, the US merely
maintains its 10% global baseline tariff, the compression on US demand for
foreign goods and the loss of trust in US institutions will reduce economic
activity, at least in the short-term.
Markets' deeper concern is not about the tariff effects themselves, but their
chaotic implementation. Even if one agrees with the political aim of reducing
bilateral trade deficits, the White House's error-strewn calculations of
"reciprocal" tariff rates have made markets fearful that those in charge
of the world's largest economy do not have a coherent plan for their own
trade policy.
It is reasonable to think that negotiations will bring tariffs down to
manageable levels, but policy uncertainty has already impacted business
investment, dampening activity in mergers and acquisitions. This means that
the best-case scenario for global growth is already worse than it was at the
start of 2025. We hope that this uncertainty subsides, but some damage to this
year has already been done.
However, if geopolitical tensions did cool, there would still be plenty of
growth opportunities to salvage. A calmer, tax-cutting Trump could quickly
make investors forget about past gripes. There are also plenty of positive
themes outside of the US, including the historic expansion of European fiscal
policy. China is also supporting its economy and has proven effective at doing
so. Prior to the latest tariff-related sell-off, Chinese stocks were
benefitting from a mix of growth improvements and tech positivity around the
application of DeepSeek.
The question is how much these positives can counteract the negatives. The
answer will depend on how long the current chaos lasts. The longer it
continues, the less growth there will be to salvage.
Tatton's investment model will help get the best out of this difficult
environment. Our blend of on-platform investments and overlay funds allows us
to be nimble and respond to major changes to risk-reward trade-offs - of
which we are likely to see many.
Most of all, however, investors will benefit from our principle of long-term
investment stewardship. In these deeply uncertain times, it can be easy to get
caught up in day-to-day changes, when our focus, as ever, should be on
long-term growth and risk management.
Lothar Mentel
Chief Investment Officer
Investment Portfolio Returns
1 year, 1 April 2024 - 31 March 2025
Tatton investment returns (%) - core MPS product set (annualised, after DFM
charge and fund costs)
TATTON MANAGED TATTON TRACKER TATTON BLENDED TATTON ETHICAL ARC PCI(1)
Defensive 3.0 3.9 3.5 3.4 3.2
Cautious 3.7 4.7 4.2 2.8 2.7
Balanced 3.8 5.0 4.4 2.2 2.7/2.1(2)
Active 4.1 5.4 4.7 1.6 2.1
Aggressive 4.1 5.5 4.8 1.2 1.3
Global Equity 2.1 4.3 3.2 0.5 1.3
3 years, 1 April 2022 - 31 March 2025
Tatton investment returns (%) - core MPS product set (annualised, after DFM
charge and fund costs)
TATTON MANAGED TATTON TRACKER TATTON BLENDED TATTON ETHICAL ARC PCI(1)
Defensive 1.0 2.0 1.5 1.9 1.0
Cautious 2.5 3.5 3.0 2.5 1.7
Balanced 3.6 4.6 4.1 3.1 1.7/2.1(2)
Active 4.7 5.6 5.1 3.6 2.1
Aggressive 5.3 6.2 5.7 3.9 2.3
Global Equity 6.2 6.9 6.5 4.2 2.3
1. ARC PCI - Asset Risk Consultants, Private Client Indices ("PCI").
2. Balanced Portfolios are measured against both ARC Balanced Asset
PCI and ARC Steady Growth PCI as, in risk terms, the Balanced Portfolios lie
in the middle of these Indices.
Chief Financial Officer's Report
Creating value through disciplined growth and strategic delivery
Introduction
Tatton Asset Management plc delivered another year of robust growth, supported
by strong operational performance and strategic progress. Our differentiated
propositions, underpinned by consistent high-quality service and investment
performance, have driven sustainable revenue and profit growth in a year
shaped by fluctuating market conditions and persistent geopolitical
instability.
Record net inflows, combined with a resilient operating model, contributed
to over 20% growth in both revenue and operating profit. The Group's strong
cash generation and high liquidity continue to underpin a solid balance sheet,
providing flexibility for future investment and shareholder returns.
Income Statement Highlights
Group revenue increased by 23.1% to £45.3m (2024: £36.8m), driven by strong
organic growth across the business and Group adjusted operating profit¹
increased by 23.9% to £22.9m (2024: £18.5m) and operating profit increased
to £20.7m (2024: £16.5m). Tatton has made a significant contribution to this
growth through its continued growth in AUM/I(1), with a 26.3% increase in
Tatton's revenue from £30.9m to £39.0m. AUM/I¹ has increased by 24.0% to
reach £21.8bn (2024: £17.6bn), particularly driven by consistent net inflows
across the year into our market-leading MPS range. The breadth of our MPS
offering - across risk profiles and investment styles - continues to resonate
with advisers, backed by our long-term track record of consistent investment
performance and client service, which provide a solid foundation for ongoing
support from our IFA firms. Investment-related income now represents 86.0%
(2024: 83.9%) of total Group revenue and we anticipate that this trend will
continue to be supported by our strategic focus, and the continuation of
current trends in the MPS market.
Tatton's adjusted operating profit¹ rose 28.0% to £24.9m (2024: £19.4m) and
its adjusted operating profit margin¹ increased to 63.8% (2024: 63.0%).
Statutory operating profit increased to £23.9m (2024: £18.6m), with an
increase in margin from 60.2% to 61.2%.
Paradigm's revenue increased modestly from £5.9m to £6.3m, driven by
mortgage completions rising to £14.2bn (2024: £13.1bn). Operating profit
remained consistent at £1.5m and adjusted operating profit¹ held at £1.8m
(2024: £1.8m). Adjusted operating profit margin¹ reduced slightly from 29.9%
to 29.0%, with a similar decrease in statutory operating profit margin from
25.6% to 24.4%, reflecting the cost of ongoing investment in operational
capacity.
Reconciliation between adjusted operating profit and statutory operating profit
£m 2025 2024
Adjusted operating profit(1) 22.9 18.5
Effect of adjustments:
Share-based payment costs (1.5) (1.4)
Amortisation of acquisition-related intangibles (0.6) (0.6)
Exceptional items - (1.3)
Gain arising on changes in fair value of contingent consideration - 1.4
Operating loss due to non-controlling interest (0.1) (0.1)
Operating profit 20.7 16.5
1. Alternative performance measures are detailed in note 27.
Cost Base and Investment
The Group's cost base increased in line with strategic investments and
ongoing inflationary pressures, with an increase in administrative expenses of
£5.3m in the year. The Group's administrative expenses include £2.0m of
separately disclosed items (2024: £0.5m), with the remaining £0.3m of
separately disclosed items being included in the share of loss of joint
ventures. The cost of separately disclosed items has increased in the year due
to the gain of £1.4m included in the prior year results relating to the
change in fair value of contingent consideration. Excluding these separately
disclosed items, the remaining growth in costs is £3.9m, or an increase
of 20.9%. Of this growth, 11.2% is people-cost-related with the remaining
increase predominately reflecting the ongoing investment in marketing and
distribution activity, along with governance and compliance costs.
Personnel costs, which constitute approximately 60% of total expenses,
rose due to an average salary increase of 5%, implemented to support talent
retention and recruitment. This figure excludes Executive Directors, whose
remuneration was subject to a one-off realignment following a prolonged period
of unchanged salaries since IPO. Variable pay contributed 16% of total
costs, up from 12% in the prior year, reflecting the strong financial and
operational performance in the year.
Total headcount set out in note 13 is 113, an increase of 9 on the prior
year, reflecting investment particularly in our distribution capability.
We remain focused on ensuring a high degree of discipline in managing our cost
base and expect medium term cost increases to normalise closer to 10-12%
per annum.
Results of Joint Ventures
The Group results include a share of the loss from joint ventures of £0.1m
(2024: £1.2m loss). The prior year included a £1.25m impairment, with no
further impairment deemed necessary this year following a review of the
carrying value.
Separately Disclosed Items
Separately disclosed items are adjusting items to operating profit; these
total £2.3m (2024: £2.1m), comprising:
· £1.5m in share-based payment costs (2024: £1.5m);
· £0.7m amortisation of acquisition-related intangible assets (2024: £0.6m);
and
· £0.1m adjustment to remove the operating loss relating to a non-controlling
interest in Fintegrate Financial Solutions Limited ("Fintegrate"), in order to
reflect the adjusted operating profit(1) attributable to shareholders of TAM.
Alternative Performance Measures ("APMs")
APMs are a financial measure of historical or future financial performance,
financial position, or cash flow, other than a financial measure under IFRS. A
comparison between key statutory measures and APMs is detailed in the table
shown on this page, with further information as to the reconciliation between
the two measures being provided in note 27. A reconciliation between statutory
and adjusted operating profit(1) for the year ended 31 March 2025,
with comparatives, is shown earlier in this report.
The APMs provide additional information to investors and other external
shareholders, to provide an additional understanding of the Group's results
of operations as supplemental measures of performance. The APMs are used by
the Board and management to analyse the Group's business and financial
performance, track the Group's progress, and help develop long-term strategic
plans. Some APMs are also used as key management incentive metrics.
STATUTORY MAR-25 MAR-24
Operating profit (£m) 20.686 16.464
Basic EPS (p) 26.43 21.39
Diluted EPS (p) 26.21 21.02
ALTERNATIVE PERFORMANCE MEASURE MAR-25 MAR-24
Adjusted operating profit (£m) 22.946 18.514
Adjusted basic EPS (p) 29.42 23.73
Adjusted fully diluted EPS (p) 28.65 22.91
Finance Income
The Group has recognised finance income of £1.0m (2024: £0.6m), due to the
interest received on its own cash, which increased from £24.8m to £32.1m
over the year.
Taxation
The Group's tax charge for the year is £5.6m (2024: £3.8m), an effective tax
rate of 26% (2024: 23%) - broadly in line with the UK statutory rate. A
deferred tax asset of £2.9m (2024: £2.6m) was recognised, primarily due to
unexercised share options whose value increased alongside TAM's share price.
This deferred tax asset is expected to be recoverable against future profits.
Statement of Financial Position and Cash
The Group maintains a robust financial position, with net assets of £50.6m
(2024: £43.3m) and cash of £32.1m (2024: £24.8m). Cash and cash equivalents
includes cash, money market funds and banking deposits. We operate a highly
cash-generative business, converting profits into cash quickly due to a short
working capital cycle. We generated net cash from operating activities of
£18.8m (2024: £13.2m), with a net increase in cash and cash equivalents of
£7.3m in the year. Significant non-operating cash flows during the year were
as follows:
· Outflows relating to the payment of dividends of £10.4m (2024: £10.8m);
· Seed Investment of £1.0m in Tatton's new range of passive funds launched
in this financial year; this is currently held as a financial asset at fair
value through profit and loss on the balance sheet;
· Payment of contingent consideration of £0.5m (2024: £0.9m) relating to the
acquisition of the Verbatim funds;
· Payments to acquire intangible assets of £0.4m (2024: £0.2m); and
· Interest received on corporate cash in bank accounts and money market funds of
£1.0m (2024: £0.6m).
Working Capital
As at March 2025, current trade and other payables increased by £3.1m,
largely due to higher accruals (£2.8m), reflecting increased variable pay
and cash bonuses due to the financial performance delivered in the current
year, and also due to activity-related expenditure such as increased levels of
marketing activity and procuration commission payable to mortgage firms. This
is partly offset by a reduction of £0.5m in the fair value of contingent
consideration due to a payment in the year, with one payment remaining in
respect of the Verbatim funds with fair value of £0.4m.
Current trade and other receivables have increased from £5.1m to £6.5m,
which is largely attributed to interest-bearing receivable loans outstanding
at the year end, which are expected to be repaid within the next twelve
months.
Capital Allocation and Liquidity Management
Total shareholders' equity, as at 31 March 2025, made up of share capital,
share premium, retained earnings and other reserves, increased to £50.6m
(2024: £43.3m). Delivering sustainable value to our shareholders and
maintaining a disciplined and efficient approach to managing shareholder
capital is of the highest importance to the Board. Our financial resources are
continually kept under review, incorporating comprehensive stress and
scenario-testing which is formally reviewed and agreed at least annually via
the Internal Capital Adequacy and Risk Assessment ("ICARA") process.
The Group continues to maintain a robust capital base, with a surplus of
capital of £18.9m above the regulatory minimum at 31 March 2025, and which
takes into account the proposed final dividend for the year. This surplus
supports ongoing strategic investment and our progressive dividend policy.
The Group includes two regulated entities: Tatton Investment Management
Limited, 100% owned and controlled by the Group, and 8AM Global Limited, 50%
owned and controlled by the Group. Both companies are subject to the Financial
Conduct Authority's ("FCA") Investment Firms prudential Regime ("IFPR"). As
such, the Group, being the parent entity, is obliged to adhere to MIFIDPRU
rules within the IFPR framework and must report to the FCA on a prudential
consolidation basis. The Group forecasts surplus capital and liquidity,
factoring in anticipated outflows and proposed dividends, to ensure the
perpetual adequacy of capital and liquidity.
As we grow, capital allocation decisions will continue to be made in a manner
that supports the Group's strategic objectives, maximises shareholder value,
and sustains long-term growth. We will continue to invest in strategic
initiatives, not only by prioritising organic growth, by investing in our
product offering and people capability, but also by making strategically
aligned investments and acquisitions.
This year, return on capital employed(1) was 48.0% (2024: 41.9%),
highlighting our ability to deploy capital efficiently. The Board regularly
reviews the Group's capital structure, to ensure alignment with the Group's
strategic objectives and will respond, should the needs of our business and
market change.
Regulatory capital reconciliation
£'000 31-MAR 2025 31-MAR 2024
Total shareholder funds 50,552 43,334
Less: Foreseeable dividend (5,700) (4,841)
Less: Non-qualifying assets (21,428) (21,405)
Total qualifying capital resources 23,424 17,088
Less: Capital requirement (4,561) (4,274)
Surplus capital 18,863 12,814
% Capital resource requirement held 514% 400%
Earnings per Share ("EPS")
Basic EPS increased by 23.6% to 26.43p (2024: 21.39p), in line with the
increase in operating profit due to this year's strong results. Adjusted fully
diluted EPS¹, with the impact of separately disclosed items removed, has
increased by 25.1% to 28.65p (2024: 22.91p), with adjusted diluted EPS of
29.17p (2024: 23.32p).
Dividends
The Board is recommending a final dividend of 9.5p. When added to the interim
dividend of 9.5p, this gives a full year dividend of 19.0p (2024: 16.0p), an
increase of 18.8% on the prior year. This proposed dividend reflects our
underlying confidence in our business and we maintain our policy of paying a
dividend that is approximately 70% of the adjusted earnings, split 50:50
between interim and final dividend. If approved at the Annual General Meeting,
the final dividend will be paid on 31 July 2025 to shareholders on the
register on 20 June 2025.
Risk Management
Risk is carefully monitored and is managed across each business line, with
regular reviews of key exposures. Principal risks and key performance
indicators are detailed on pages 26 to 31 and 20 to 22 of the 2025 Annual
Report, respectively. Our strategic approach to capital, regulation, and
investment is designed to ensure long-term resilience, while continuing to
deliver growth and value.
Conclusion
The Group remains well-capitalised, highly cash-generative, and well
positioned for continued growth. Operational leverage, supported by scalable
infrastructure and a disciplined cost culture, provides confidence in our
ability to maintain strong financial performance while investing for the
future.
The Strategic Report found on pages 1 to 53 of the 2025 Annual Report has been
approved and authorised for issue by the Board of Directors and is signed on
their behalf on 9 June 2025 by:
Paul Edwards
Chief Financial Officer
Consolidated Statement of Total Comprehensive Income
for the year ended 31 March 2025
Note 31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Revenue 5 45,309 36,807
Share of loss from joint ventures 14 (148) (1,188)
Administrative expenses (24,475) (19,155)
Operating profit 6 20,686 16,464
· Share-based payment charges 7 1,503 1,458
· Amortisation of acquisition-related intangible assets 7 657 633
· Operating loss relating to non-controlling interest 7 100 59
· Gain arising on changes in fair value of contingent consideration 7 - (1,350)
· Exceptional items 7 - 1,250
Adjusted operating profit(1) 22,946 18,514
Finance income 8 1,033 640
Finance costs 9 (123) (353)
Profit before tax 21,596 16,751
Taxation charge 10 (5,594) (3,830)
Profit and total comprehensive income for the financial year 16,002 12,921
Profit and total comprehensive income attributable to owners of the Parent 16,141 12,986
Company
Profit and total comprehensive income attributable to non-controlling (139) (65)
interests
Earnings per share - Basic 11 26.43p 21.39p
Earnings per share - Diluted 11 26.21p 21.02p
Adjusted earnings per share - Basic(1) 11 29.42p 23.73p
Adjusted earnings per share - Diluted(1) 11 29.17p 23.32p
Adjusted earnings per share - Fully diluted(1) 11 28.65p 22.91p
1. See note 27.
All revenue, profit, and earnings are with respect to continuing operations.
There were no other recognised gains or losses other than those recorded above
in the current or prior year; therefore, a Statement of Other Comprehensive
Income has not been presented.
Consolidated Statement of Financial Position
for the year ended 31 March 2025
Note 31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Non-current assets
Investments in joint ventures 14 5,256 5,352
Goodwill 15 9,796 9,796
Intangible assets 16 3,493 3,686
Property, plant and equipment 17 932 816
Deferred tax assets 20 2,883 2,571
Other receivables 18 - 188
Total non-current assets 22,360 22,409
Current assets
Trade and other receivables 18 6,538 5,108
Financial assets at fair value through profit or loss 22 1,133 106
Corporation tax 291 -
Cash and cash equivalents 32,119 24,838
Total current assets 40,081 30,052
Total assets 62,441 52,461
Current liabilities
Trade and other payables 19 (11,232) (8,109)
Corporation tax - (2)
Total current liabilities (11,232) (8,111)
Non-current liabilities
Other payables 19 (657) (1,016)
Total non-current liabilities (657) (1,016)
Total liabilities (11,889) (9,127)
Net assets 50,552 43,334
Equity
Share capital 23 12,110 12,102
Share premium account 15,614 15,487
Own shares 24 (2,363) (3,278)
Other reserve 2,041 2,041
Merger reserve (28,968) (28,968)
Retained earnings 52,156 45,892
Equity attributable to owners of the Parent Company 50,590 43,276
Non-controlling interest (38) 58
Total equity 50,552 43,334
The financial statements were authorised and approved by the Board of
Directors on 9 June 2025 and were signed on its behalf by:
Paul Edwards
Director
Company registration number: 10634323
Consolidated Statement of Changes in Equity
for the year ended 31 March 2025
Note Share capital Share premium Own shares Other reserve Merger reserve Retained earnings Total equity attributable to shareholders Non-controlling interest Total equity
(£'000) (£'000) (£'000) (£'000) (£'000) (£'000) (£'000) (£'000) (£'000)
At 1 April 2023 12,011 15,259 - 2,041 (28,968) 41,438 41,781 - 41,781
Profit and total comprehensive income - - - - - 12,986 12,986 (65) 12,921
Acquisition of a subsidiary - - - - - - - 123 123
Dividends 12 - - - - (10,846) (10,846) - (10,846)
Share-based payments 25 - - - - - 980 980 - 980
Deferred tax on share-based payments 20 - - - - - 760 760 - 760
Current tax on share-based payments 10 - - - - - 643 643 - 643
Issue of share capital on exercise of employee share options 91 228 - - - - 319 - 319
Own shares acquired in the year 24 - - (3,347) - - - (3,347) - (3,347)
Own shares utilised on exercise of options 24 - - 69 - - (69) - - -
At 31 March 2024 12,102 15,487 (3,278) 2,041 (28,968) 45,892 43,276 58 43,334
Profit and total comprehensive income - - - - - 16,141 16,141 (139) 16,002
Dividends 12 - - - - - (10,440) (10,440) - (10,440)
Share-based payments 25 - - - - - 1,160 1,160 50 1,210
Deferred tax on share-based payments 20 - - - - - 203 203 - 203
Current tax on share-based payments 10 - - - - - 158 158 - 158
Issue of share capital on exercise of employee share options 8 127 - - - - 135 - 135
Own shares acquired in the year 24 - - (50) - - - (50) - (50)
Own shares utilised on exercise of options 24 - - 965 - - (965) - - -
Change in non-controlling interest - - - - - 7 7 (7) -
At 31 March 2025 12,110 15,614 (2,363) 2,041 (28,968) 52,156 50,590 (38) 50,552
The other reserve and merger reserve were created on 19 June 2017 when the
Group was formed. The other reserve comprises the profits of the Group
entities prior to the merger, and the merger reserve is the difference between
the Company's capital and the acquired Group's capital, which has been
recognised as a component of equity. The merger reserve was created through
merger accounting principles on the share for share exchange on the formation
of the Group. Both the other reserve and the merger reserve are
non-distributable.
During the year, the Group's investment in Fintegrate Financial Solutions
Limited changed from 56.49% to 53.36%.
Consolidated Statement of Cash Flows
for the year ended 31 March 2025
Notes 31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Operating activities
Profit for the year 16,002 12,921
Adjustments:
Income tax expense 10 5,594 3,830
Finance income 8 (1,033) (640)
Finance costs 9 123 353
Depreciation of property, plant and equipment 17 291 375
Amortisation of intangible assets 16 630 543
Share-based payment expense 25 1,413 1,236
Fair value gains on financial assets at fair value through profit or loss (27) -
Post-tax share of loss of joint venture less amortisation and impairment loss 14 148 1,188
Changes in fair value of contingent consideration 7 - (1,350)
Changes in:
Trade and other receivables (1,241) (1,576)
Trade and other payables 2,741 50
Cash generated from operations 24,641 16,930
Income tax paid (5,889) (3,740)
Net cash from operating activities 18,752 13,190
Investing activities
Payment for the acquisition of a business combination or joint venture, net of - (254)
cash acquired
Dividends received from joint venture - 255
Purchase of financial assets at fair value through profit or loss 22 (1,000) -
Purchase of intangible assets 16 (437) (249)
Purchase of property, plant and equipment 17 (68) (115)
Interest received 8 1,033 640
Payment of contingent consideration 22 (530) (937)
Net cash used in investing activities (1,002) (660)
Financing activities
Interest paid - (63)
Dividends paid 12 (10,440) (10,846)
Proceeds from the issue of shares 135 249
Proceeds from the exercise of options 125 -
Purchase of own shares 24 (50) (3,278)
Repayment of loan liabilities 21 (23) (18)
Repayment of lease liabilities 21 (216) (230)
Net cash used in financing activities (10,469) (14,186)
Net increase/(decrease) in cash and cash equivalents 7,281 (1,656)
Cash and cash equivalents at the beginning of the period 24,838 26,494
Cash and cash equivalents at the end of the period 32,119 24,838
Notes to the Consolidated Financial Statements
1 | General information
Tatton Asset Management plc (the "Company") is a public company limited by
shares. The address of the registered office is Paradigm House, Brooke Court,
Lower Meadow Road, Wilmslow, SK9 3ND. The registered number is 10634323.
The Group comprises the Company and its subsidiaries. The Group's principal
activities are discretionary fund management, the provision of compliance and
support services to independent financial advisers ("IFAs"), the provision of
mortgage adviser support services, and the marketing and promotion of
multi-manager funds.
News updates, regulatory news, and financial statements can be viewed and
downloaded from the Group's website, www.tattonassetmanagement.com. Copies can
also be requested from: The Company Secretary, Tatton Asset Management plc,
Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND.
The Company has taken advantage of the exemption in section 408 of the
Companies Act 2006 not to present its own income statement.
2 | Material accounting policies
The principal accounting policies applied in the presentation of the annual
financial statements are set out below. The accounting policies set out below
have, unless otherwise stated, been applied consistently to all periods
presented in the consolidated financial statements.
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in
accordance with United Kingdom adopted international accounting standards and
International Financial Reporting Interpretations Committee ("IFRIC")
interpretations issued by the International Accounting Standards Board
("IASB") and the Companies Act 2006. The financial statements of the Company
have been prepared in accordance with UK Generally Accepted Accounting
Practice, including Financial Reporting Standard 101 'Reduced Disclosure
Framework' ("FRS 101").
The consolidated financial statements have been prepared on a going concern
basis and prepared on a historical cost basis, except for financial assets
and financial liabilities measured at fair value. The consolidated financial
statements are presented in sterling and have been rounded to the nearest
thousand (£'000). The functional currency of the Company is sterling, as this
is the currency of the jurisdiction wherein all of the Group's sales are
made.
The preparation of financial information in conformity with IFRSs requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Although these estimates are based on management's best knowledge of the
amount, event, or actions, actual events may ultimately differ from
those estimates.
2.2 Going concern
The Board has reviewed detailed papers prepared by management that consider
the Group's expected future profitability, dividend policy, capital position,
and liquidity, both as they are expected to be and also under more stressed
conditions. In doing so, the Directors have considered the current economic
environment, with its high interest rates, high yet falling inflation, cost of
living pressures, and the impact of climate change.
Whilst macroeconomic conditions and the impact of climate change may affect
the Group, and are considered under the Group's principal risks, these are not
considered to impact the going concern basis of the Group - the Board is
satisfied that the business can operate successfully in these conditions but
will continue to monitor developments in these areas. The Board uses the
approved budget as its base case and then applies stress tests to this. In its
stress tests, the Board has considered a significant reduction in equity
market values, for example, if there was a repeat of the market impacts seen
at the outbreak of COVID-19, or sudden and high volumes of outflows from AUM
as a result of a reputational, regulatory, or performance issues. This would
reduce revenue and profitability; however, the results of these tests show
that there are still sufficient resources to continue as a going concern.
There are not considered to be any plausible scenarios that would lead to the
failure of the Company. The Board closely monitors KPIs and reports from
management around investment performance, feedback from IFAs, and key
regulatory changes or issues. See more information in the Directors' Report on
pages 73 to 76 of the 2025 Annual Report. Accordingly, the Directors continue
to adopt the going concern basis when preparing these financial statements.
2.3 Basis of consolidation
The Group's financial statements consolidate those of the Company and entities
controlled by the Company (its subsidiaries) as at 31 March 2025. The Company
controls a subsidiary if it has power over the investee, is exposed to, or has
rights to variable returns from its involvement with the subsidiary and has
the ability to affect those returns through its power over the subsidiary. The
Company reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of these three
elements of control. Consolidation of a subsidiary begins when the Company
obtains control over the subsidiary and ceases when the Company loses control
of the subsidiary.
All subsidiaries have a reporting date of 31 March, with the exception of
Fintegrate Financial Solutions Limited, which has a reporting date of 30 June.
In the case of joint ventures, those entities are presented as a single line
item in the Consolidated Statement of Total Comprehensive Income and the
Consolidated Statement of Financial Position.
All transactions between Group companies are eliminated on consolidation,
including unrealised gains and losses on transactions between Group companies.
Where unrealised losses on intra-Group asset sales are reversed on
consolidation, the underlying asset is also tested for impairment from a
Group perspective. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure consistency
with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or
disposed of during the year are recognised from the effective date of
acquisition (when control is obtained), up to the effective date of disposal
(when control of the subsidiary ceases), as applicable.
2.4 Adoption of new and revised standards
New and amended IFRS Standards that are effective for the current year
· Amendment to IFRS 16 'Lease Liability in a Sale and Leaseback'
· Amendment to IAS 1 'Classification of Liabilities as Current or Non-current'
· Amendments to IAS 1 'Non-current Liabilities with Covenants'
· Amendments to IAS 7 and IFRS 7 'Supplier Finance Arrangements'
The Directors adopted the new or revised Standards listed above, but they have
had no material impact on the financial statements of the Group.
Standards in issue but not yet effective
The following IFRS and IFRIC interpretations have been issued but have not
been applied by the Group in preparing these financial statements, as they are
not yet effective. The Group intends to adopt these Standards and
Interpretations when they become effective, rather than adopting them early.
Effective date periods beginning 1 January 2025 or later
· IFRS S1 'General Requirements for Disclosure of Sustainability-related
Financial Information' and IFRS S2 'Climate-related Disclosures'
· Amendments to IAS 21 'Lack of Exchangeability'
· IFRS 18 'Presentation and Disclosure in Financial Statements'
· Amendments to the 'Classification and Measurement of Financial Instruments'
(Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial
Instruments: Disclosures')
· IFRS19 'Subsidiaries without Public Accountability: Disclosures'
· IFRS9 and IFRS 7 'Contracts Referencing Nature-dependent Electricity'
With the exception of the adoption of IFRS 18, the adoption of the above
standards and interpretations is not expected to lead to any changes to the
Group's accounting policies, nor to have any other material impact on the
financial position or performance of the Group. The impact of IFRS 18 on the
Group is currently being assessed and it is not yet practicable to quantify
the effect of this standard on these consolidated financial statements;
however, there is no impact on presentation for the Group in the current year,
given the effective date - this will be applicable for the Group's 2027/28
Annual Report.
2.5 Revenue
Revenue is measured at the fair value of the consideration received or
receivable, and represents amounts receivable for services provided in the
normal course of business, net of discounts, VAT, and other sales-related
taxes. Revenue is recognised when control is transferred and the performance
obligations are considered to be met.
The Group's revenue is made up of the following principal revenue streams:
· Fees for discretionary fund management services in relation to on-platform
investment assets under management ("AUM"). Revenue is recognised daily, based
on the AUM, on a continuous basis over the period in which the related
service is provided.
· Fees charged to IFAs for compliance consultancy services, which are recognised
when performance obligations are met. Membership services include support and
software income that is recognised on an over-time basis in line with access
to the services. Membership services also includes specific services, such as
regulatory visits and learning and development, and revenue is recognised in
line with the service to the customer, at the point the service is provided.
· Fees for providing investment platform services. Revenue is recognised on a
daily basis, in line with the satisfaction of performance obligations, on the
assets under administration held on the relevant investment platform.
· Fees for mortgage-related services, including commissions from mortgage and
other product providers and referral fees from strategic partners. Commission
is recognised at a point in time when commission is approved for payment by
the lender, which is the point at which all performance obligations have been
met.
· Fees for marketing services provided to providers of mortgage and investment
products, which are recognised in line with the service provided to the
customer.
Contract assets
A contract asset is initially recognised for revenue earned from services for
which the receipt of consideration is conditional on the successful completion
of the service and performance obligation. Upon completion of the service, the
amount recognised as accrued income is reclassified to trade receivables.
Contract assets are stated at amortised cost as reduced by appropriate
allowances for estimated irrecoverable amounts and are presented as Accrued
income in the notes to the financial statements.
Contract liabilities
A contract liability is recognised if a payment is received or a payment is
due (whichever is earlier) from a customer before the Group transfers the
related goods or services. Contract liabilities are recognised as deferred
income until the Group delivers the performance obligations under the contract
(i.e., transfers control of the related goods or services to the customer),
at which point revenue is recognised in line with the delivery of the
performance obligation.
2.6 Interest income and interest expense
Finance income is recognised as interest accrued (using the effective interest
method) and includes interest receivable on the Group's cash and cash
equivalents and on funds invested outside the Group. Interest received is
recognised as a cash flow from investing activities in the Consolidated
Statement of Cash Flows.
Finance expense comprises the unwinding of discounts on contingent
consideration and interest incurred on lease liabilities recognised under IFRS
16. Finance costs are recognised in the Consolidated Statement of Total
Comprehensive Income using the effective interest rate method. Interest paid
is recognised as a cash flow from financing activities in the Consolidated
Statement of Cash Flows.
2.7 Separately disclosed items
Separately disclosed items may include Exceptional items as detailed below,
but may also include other items that meet at least one of the following
criteria:
· It is a significant item, which may cross more than one accounting period;
· It is a significant non-cash item, including share-based payment charges;
· It has been directly incurred as a result of either an acquisition or
divestiture, including amortisation of acquisition-related intangible assets
or fair value changes of contingent consideration;
· It is unusual in nature, e.g. outside of the normal course of business; or
· The operating profit/(loss) relating to non-controlling interest is also
removed, to reflect the adjusted operating profit attributable to the
Company's shareholders.
The Board exercises judgement as to whether the item should be classified as
an adjusting item within Separately disclosed items. Separately disclosed
items are shown separately on the face of the Statement of Total
Comprehensive Income and included within Administrative expenses or, in the
case of amortisation on intangible assets relating to a joint venture, the
cost is included within Share of profit/(loss) from joint ventures. Although
some of these items may recur from one period to the next, operating profit
has been adjusted for these items on a consistent basis to provide additional
helpful information and enable an alternative comparison of performance over
time. The alternative performance measures ("APMs") disclosed in note 27 are
consistent with how the business performance is planned and reported within
the internal management reporting to the Board. Some of these measures are
also used for the purpose of setting remuneration targets.
2.8 Exceptional items
Exceptional items are disclosed and described separately in the financial
statements to provide further information on items that are one-off and are
material in size or nature and so are shown separately, due to the
significance of their nature and amount. This includes items that are
incremental to normal operations, such as costs relating to an acquisition,
disposal, integration, or impairment losses; these do not reflect the
business's trading performance and so are adjusted to ensure consistency
between periods.
2.9 Goodwill and intangible assets
Goodwill from a business combination is initially recognised and measured as
set out in note 2.12. Goodwill is not amortised but is reviewed for impairment
at least annually. For the purpose of impairment testing, goodwill is
allocated to each of the Group's cash-generating units ("CGU") (or groups of
CGUs) expected to benefit from the synergies of the combination. CGUs to which
goodwill has been allocated are tested for impairment annually, or more
frequently when there is an indication that the unit may be impaired. If the
recoverable amount of the CGU is less than the carrying amount of the unit,
the impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit pro
rata on the basis of the carrying amount of each asset in the unit. An
impairment loss recognised for goodwill is not reversed in a subsequent
period. On disposal of a CGU, the attributable amount of goodwill is included
in the determination of the profit or loss on disposal.
Following initial recognition, intangible assets are held at cost less any
accumulated amortisation and any provision for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount. The recoverable amount
is the higher of an asset's fair value less costs to sell and value in use.
For the purpose of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash inflows (CGUs).
Intangible assets acquired separately are measured on initial recognition at
cost. Any computer software licences acquired are capitalised at the cost
incurred to bring the software into use, and are amortised on a straight-line
basis over their estimated useful lives, which are estimated as being five
years. An internally generated intangible asset arising from development
(or from the development phase of an internal project) is recognised if,
and only if, all of the following conditions have been demonstrated:
· the technical feasibility of completing the intangible asset so that it will
be available for use or sale;
· the intention to complete the intangible asset and use or sell it;
· the ability to use or sell the intangible asset;
· how the intangible asset will generate probable future economic benefits;
· the availability of adequate technical, financial, and other resources to
complete the development and to use or sell the intangible asset; and
· the ability to measure reliably the expenditure attributable to the intangible
asset during its development.
The amount initially recognised for internally generated intangible assets is
the sum of the expenditure incurred from the date when the intangible asset
first meets the recognition criteria listed above.
Costs associated with developing or maintaining computer software programs
that do not meet the capitalisation criteria under IAS 38 are recognised as an
expense as incurred.
Intangible assets acquired in a business combination and recognised separately
from goodwill are recognised initially at their fair value at the acquisition
date (which is regarded as their cost). Subsequent to initial recognition,
the client relationship intangible assets, brand intangible assets, and
acquired software have a finite useful life and are carried at cost less
accumulated amortisation and accumulated impairment losses. Amortisation
is calculated using the straight-line method over their useful lives,
estimated for all asset classes as of 10 years.
Gains and losses arising from the derecognition of an intangible asset are
measured as the difference between the net disposal proceeds and the carrying
value of the asset. The difference is then recognised in the income statement.
An assessment is made at each reporting date as to whether there is any
indication that an asset in use may be impaired. If any such indication exists
and the carrying values exceed the estimated recoverable amount at that time,
the assets are written down to their recoverable amount. The recoverable
amount is measured as the greater of fair value less costs to sell and value
in use. Non-financial assets that have suffered impairment are reviewed for
possible reversal of the impairment at each reporting date.
2.10 Impairment
Assets that have an indefinite useful life are not subject to amortisation and
are tested for impairment at each Statement of Financial Position date and
whenever there is an indication at the end of a reporting period that the
asset may be impaired. Assets subject to depreciation and amortisation are
reviewed for impairment whenever events or circumstances indicate that the
carrying amount may not be recoverable. Where the asset does not generate cash
flows that are independent of other assets, the Group estimates the
recoverable amount of each cash-generating unit ("CGU") to which the asset
belongs. Impairment losses on previously revalued assets are recognised
against the revaluation reserve as far as this reserve relates to previous
revaluations of the same assets. Other impairment losses are recognised in the
Statement of Total Comprehensive Income, based on the amount by which the
carrying value of an asset or CGU exceeds its recoverable amount. The
recoverable amount is the higher of the fair value less the costs to sell and
the value in use. In assessing value in use, the estimated future cash flows
are discounted to their present value, using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks
specific to the asset for which estimates of future cash flows have not been
adjusted. Impairment losses recognised with respect to CGUs are allocated
first to reduce the carrying amount of any goodwill allocated to CGUs and then
to reduce the carrying amount of other assets in the unit on a pro rata basis.
Where an impairment loss on intangible assets, excluding goodwill,
subsequently reverses, the carrying amount of the asset or CGU is increased to
the revised estimate of its recoverable amount, in such a way that the
increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or CGU)
in prior years. A reversal of an impairment loss is recognised immediately in
profit or loss to the extent that it eliminates the impairment loss that has
been recognised for the asset in prior years. Any increase in excess of this
amount is treated as a revaluation increase.
2.11 Property, plant and equipment
Property, plant and equipment assets are stated at cost, net of accumulated
depreciation and accumulated provision for impairment. Depreciation is charged
to the income statement on a straight-line basis over the estimated useful
lives of each part of an item of property, plant and equipment. Principal
annual rates are as follows:
· computer, office equipment and motor vehicles - 20-33% straight-line; and
· fixtures and fittings - 20% straight-line.
The estimated useful lives, residual values, and depreciation method are
reviewed at the end of each reporting period, with the effect of any changes
in estimate being accounted for on a prospective basis.
An item of property, plant and equipment is derecognised upon disposal or when
no future economic benefits are expected to arise from the continued use of
the asset. The gain or loss arising on the disposal or scrappage of an asset
is determined as the difference between the sales proceeds and the carrying
amount of the asset, and is recognised in the Statement of Total Comprehensive
Income.
Acquisitions of businesses are accounted for using the acquisition method. The
consideration transferred in a business combination is measured at fair value,
which is calculated as the sum of the acquisition-date fair values of assets
transferred by the Group, liabilities incurred by the Group to the former
owners of the acquiree, and the equity interest issued by the Group in
exchange for control of the acquiree. Acquisition-related costs are recognised
in the income statement as incurred.
2.12 Business combinations
At the acquisition date, the identifiable assets acquired and the liabilities
assumed are recognised at their fair value at the acquisition date, except
that: deferred tax assets or liabilities and assets or liabilities related to
employee benefit arrangements are recognised and measured in accordance with
IAS 12 'Income Taxes' and IAS 19 'Employee Benefits' respectively; liabilities
or equity instruments related to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to
replace share-based payment arrangements of the acquiree are measured in
accordance with IFRS 2 'Share-based payments' at the acquisition date (see
below); and assets (or disposal groups) that are classified as held for sale
in accordance with IFRS 5 'Non-current Assets Held for Sale and Discontinued
Operations' are measured in accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree, and
the fair value of the acquirer's previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If, after
reassessment, the net of the acquisition-date amounts of the identifiable
assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree and
the fair value of the acquirer's previously held interest in the acquiree (if
any), the excess is recognised immediately in profit or loss as a bargain
purchase gain.
When the consideration transferred by the Group in a business combination
includes a contingent consideration arrangement, the contingent consideration
is measured at its acquisition-date fair value and is included as part of the
consideration transferred in a business combination. Changes in fair value of
the contingent consideration that qualify as measurement period adjustments
are adjusted retrospectively, with corresponding adjustments against goodwill.
Measurement period adjustments are adjustments that arise from additional
information obtained during the 'measurement period' (which cannot exceed one
year from the acquisition date) about facts and circumstances that existed at
the acquisition date. The payment of contingent consideration will be treated
as an investing cash flow of the Group.
The subsequent accounting for changes in the fair value of the contingent
consideration that do not qualify as measurement period adjustments depends on
how the contingent consideration is classified. Contingent consideration that
is classified as equity is not remeasured at subsequent reporting dates and
its subsequent settlement is accounted for within equity. Any other contingent
consideration is remeasured to fair value at subsequent reporting dates, with
changes in fair value recognised in profit or loss. The unwinding of the
discount rate where contingent consideration is discounted is recognised as a
finance cost in the Statement of Comprehensive Income.
If the initial accounting for a business combination is incomplete by the end
of the reporting period in which the combination occurs, the Group reports
provisional amounts for the items for which the accounting is incomplete.
Those provisional amounts are adjusted during the measurement period (see
above), or additional assets or liabilities are recognised to reflect new
information obtained about the facts and circumstances that existed as at the
acquisition date that, if known, would have affected the amounts recognised as
of that date.
2.13 Joint ventures
Joint ventures are entities in which the Company has an investment where it,
along with one or more other shareholders, has contractually agreed to share
control of the business and where decisions over the relevant activities
require the unanimous consent of the joint partners. The results and assets
and liabilities of joint ventures are incorporated in these financial
statements using the equity method of accounting, except when the investment
is classified as held for sale, in which case it is accounted for in
accordance with IFRS 5. Under the equity method, the Company initially records
the investment in the Consolidated Statement of Financial Position at the fair
value of the purchase consideration (cost) and adjusted thereafter to
recognise the Company's share of the entity's profit or loss after tax and
amortisation of intangible assets.
An investment in a joint venture is accounted for using the equity method from
the date on which the investee becomes a joint venture. On acquisition of the
investment in a joint venture, any excess of the cost of the investment over
the Group's share of the net fair value of the identifiable assets and
liabilities of the investee is recognised as goodwill, which is included
within the carrying amount of the investment. Any excess of the Group's share
of the net fair value of the identifiable assets and liabilities over the
cost of the investment, after reassessment, is recognised immediately in
profit or loss in the period in which the investment is acquired. The
Statement of Financial Position, therefore, subsequently records the Company's
share of the net assets of the entity, plus any goodwill and intangible assets
that arose on purchase, less subsequent amortisation. The Statement of Changes
in Equity records the Company's share of other equity movements of the entity.
At each reporting date, the Company applies judgement to determine whether
there is any indication that the carrying value of joint ventures may be
impaired.
If there is objective evidence that the Group's net investment in a joint
venture is impaired, the requirements of IAS 36 are applied to determine
whether it is necessary to recognise any impairment loss with respect to the
Group's investment. When necessary, the entire carrying amount of the
investment (including goodwill) is tested for impairment, in accordance with
IAS 36, as a single asset by comparing its recoverable amount (higher of value
in use and fair value less costs of disposal) with its carrying amount. Any
impairment loss recognised is not allocated to any asset, including goodwill
that forms part of the carrying amount of the investment. Any reversal of that
impairment loss is recognised, in accordance with IAS 36, to the extent that
the recoverable amount of the investment subsequently increases. The Group
discontinues the use of the equity method from the date when the investment
ceases to be a joint venture.
2.14 Leases
At the inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Group uses the definition
of a lease given in IFRS 16.
The Group recognises a right-of-use ("ROU") asset and a lease liability at the
commencement date of the lease, with the exception of short-term leases
(defined as leases with a lease term of twelve months or less). The ROU asset
is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset
or the site on which it is located, less any lease incentives received. The
ROU assets are subsequently depreciated on a straight-line basis over the
shorter of the expected life of the asset and the lease term, adjusted for any
remeasurements of the lease liability. At the end of each reporting period,
the ROU assets are assessed for indicators of impairment in accordance with
IAS 36.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
Group's incremental borrowing rate. The incremental borrowing rate is
determined, where possible, by using recent third party financing received by
the individual lessee as a starting point, adjusted to reflect changes in
financing conditions since the third party financing was received. The
incremental borrowing rate depends on the term, country, currency, and
security of the lease, and also the start date of the lease.
Lease payments included in the measurement of the lease liability comprise the
following:
· fixed payments, including in-substance fixed payments;
· variable lease payments that depend on an index or a rate, initially measured
using the index or rate as at the commencement date;
· amounts expected to be payable under a residual value guarantee; and
· the exercise price under a purchase option that the Group is reasonably
certain to exercise, lease payments in an optional renewal period if the Group
is reasonably certain to exercise an extension option, and penalties for early
termination of a lease unless the Group is reasonably certain not to terminate
early.
The lease liability is subsequently measured by adjusting the carrying amount
to reflect the interest charge, the lease payments made, and any reassessment
or lease modifications. The lease liability is remeasured if the Group changes
its assessment of whether it will exercise a purchase, extension, or
termination option.
When the lease liability is remeasured in this way, a corresponding adjustment
is made to the carrying amount of the ROU asset, or is recorded in profit or
loss if the carrying amount of the ROU asset has been reduced to zero.
Where the Group is an intermediate lessor in a sub-lease, it accounts for its
interests in the head lease and the sub-lease separately. It assesses the
lease classification of a sub-lease with reference to the ROU asset arising
from the head lease, not with reference to the underlying asset.
2.15 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and short-term deposits held
with banks by the Group. Cash equivalents are short-term (generally with an
original maturity of three months or less), highly liquid investments that are
readily convertible to a known amount of cash and that are subject to an
insignificant risk of changes in value. Cash equivalents are held for the
purpose of meeting short-term cash commitments rather than for investment
or other purposes.
Bank overdrafts that are repayable on demand and that form an integral part of
the Group's cash management are included as a component of cash and cash
equivalents for the purpose only of the Consolidated Statement of Cash Flows.
At 31 March 2025, there were no balances drawn down on bank overdrafts (2024:
nil).
2.16 Financial instruments
Financial assets and financial liabilities are recognised in the Statement of
Financial Position when the Group becomes a party to the contractual
provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair
value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial assets or financial
liabilities, as appropriate, on initial recognition. Transaction costs
directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognised immediately in
profit or loss.
All financial assets are recognised and derecognised on a trade date where the
purchase or sale of a financial asset is under a contract with terms that
require delivery of the financial asset within a timeframe established by the
market concerned, and are initially measured at fair value, plus transaction
costs, except for those financial assets classified as at fair value through
profit or loss.
Non-derivative financial instruments comprise investments in equity and debt
securities, trade and other receivables, cash and bank balances, and trade and
other payables.
Financial investments
Financial investments are classified as fair value through profit or loss
("FVTPL") if they do not meet the criteria of fair value through other
comprehensive income ("FVOCI") or amortised cost. They are also classified as
FVTPL if they are either held for trading or specifically designated in this
category on initial recognition. Assets in this category are initially
recognised at fair value and subsequently remeasured, with gains or losses
arising from changes in fair value being recognised in the Statement of
Comprehensive Income.
The Group's financial investments include investments in a regulated
open-ended investment company that is managed and evaluated on a fair value
basis in line with the market value. These financial assets do not meet the
criteria of FVOCI or amortised cost as the asset is not held to collect
contractual cash flows and/or selling financial assets, and the asset's
contractual cash flows do not represent solely payments of principal and
interest ("SPPI").
Trade receivables
Trade receivables do not carry interest and are stated at amortised cost, as
reduced by appropriate allowances for estimated irrecoverable amounts. They
are recognised when the Group's right to consideration is only conditional on
the passage of time. The financial assets are held in order to collect the
contractual cash flows and those cash flows are payments of interest and
principal only.
Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses that uses a lifetime expected loss allowance for all trade receivables
and contract assets. To measure the expected credit losses, trade receivables
and contract assets have been grouped based on shared credit risk
characteristics and the days past due.
The contract assets relate to unbilled work in progress and have substantially
the same risk characteristics as the trade receivables for the same types of
contracts. The Group has, therefore, concluded that the expected loss rates
for trade receivables are a reasonable approximation of the loss rates for the
contract assets.
The expected loss rates are based on the payment profiles of sales over a
period of twelve months before 31 March 2025 and the corresponding historical
credit losses experienced within this period. The historical loss rates are
adjusted to reflect current and forward-looking information on macroeconomic
factors affecting the ability of the customers to settle the receivables. No
impairment has been recognised in the year (2024: £nil).
The Group applies the IFRS 9 standard approach to measuring expected credit
losses for other receivables. To measure the lifetime expected credit losses,
the group has considered the probability of default, level of exposure, the
age of the asset, collateral, and the wider macroenvironment. No impairment
has been recognised in the year (2024: £nil).
Trade and other payables
Trade and other payables, except for those which are financial liabilities at
FVTPL, are recognised initially at fair value and are subsequently measured at
amortised cost using the effective interest method, where applicable or
required. These amounts represent liabilities for goods and services provided
to the Group prior to the end of the financial period, which are unpaid.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the financial liability
is (i) contingent consideration of an acquirer in a business combination, (ii)
held for trading, or (iii) designated as at FVTPL. Financial liabilities at
FVTPL are measured at fair value, with any gains or losses arising on changes
in fair value recognised in profit or loss.
2.17 Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes those items of income or expense that are taxable or deductible in
other years, and it further excludes items that are never taxable or
deductible. The Group's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the Statement of
Financial Position date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary
differences, and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from the initial recognition of
goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries and interests in joint ventures, except
where the Group is able to control the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred tax assets arising from deductible temporary
differences associated with such investments and interests are only recognised
to the extent that it is probable that there will be sufficient taxable
profits against which to utilise the benefits of the temporary difference and
they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each Statement of
Financial Position date and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised based on tax
laws and rates that have been enacted or substantively enacted at the
Statement of Financial Position date. Deferred tax is charged or credited in
the income statement, except when it relates to items charged or credited in
other comprehensive income, in which case the deferred tax is also dealt with
in other comprehensive income.
The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group expects, at
the end of the reporting period, to recover or settle the carrying amount of
its assets and liabilities. Deferred tax assets and liabilities are offset
when there is a legally enforceable right to set off the current tax assets
against current tax liabilities and when they relate to income taxes levied by
the same taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they
relate to items that are recognised in other comprehensive income or directly
in equity, in which case the current and deferred tax are also recognised in
other comprehensive income or directly in equity, respectively.
Where current tax or deferred tax arises from the initial accounting for a
business combination, the tax effect is included in the accounting for the
business combination.
2.18 Retirement benefit costs
The Group pays into personal pension plans for which the amount charged to
income with respect to pension costs and other post-retirement benefits is the
amount of the contributions payable in the year. Payments to defined
contribution retirement benefit scheme are recognised as an expense when
employees have rendered service entitling them to the contributions.
Differences between contributions payable and paid are accrued or prepaid. The
assets of the plans are invested and managed independently of the finances of
the Group.
2.19 Equity, reserves and dividend payments
Share capital represents the nominal value of shares that have been issued.
Retained earnings include all current and prior periods' retained profits or
losses.
Dividend distributions payable to equity shareholders are included in other
liabilities when the dividends have been approved at a general meeting prior
to the reporting date.
2.20 Employee Benefit Trust
The Company provides finance to the EBT to purchase the Company's shares on
the open market, in order to meet its obligation to provide shares when an
employee exercises awards made under the Group's share-based payment schemes.
Administration costs connected with the EBT are charged to the Statement of
Comprehensive Income.
The cost of shares purchased and held by the EBT is deducted from equity in
the Company and the Group. The assets held by the EBT are consolidated into
the Group's financial statements. Any consideration paid or received for the
purchase or sale of these shares is shown as a reduction in the reconciliation
of movements in shareholders' funds. No gain or loss is recognised in the
Statement of Other Comprehensive Income on the purchase, sale, issue, or
cancellation of these shares.
2.21 Share-based payments
The Group issues equity-settled share-based payments to certain employees.
Equity-settled share-based payments are measured at fair value at the date of
grant. The fair value determined at the grant date of the equity-settled
share-based payments is expensed on a straight-line basis over the vesting
period, based on the Group's estimate of shares that will eventually vest. At
each reporting date, the Group revises its estimate of the number of equity
instruments expected to vest as a result of the effect of non-market-based
vesting conditions.
The impact of the revision of the original estimates, if any, is recognised in
profit or loss ,such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to reserves. Fair value is measured
by use of the Black-Scholes model or Monte Carlo model, as appropriate.
2.22 Climate change
The Group is continually developing its assessment of the impact that climate
change has on the assets and liabilities recognised and presented in its
financial statements. The potential impact of climate change on the Group's
AUM and future net operating revenue generation is considered in the Principal
Risks section of this Annual Report and Accounts. These
considerations did not have a material impact on the financial reporting
judgements and estimates in the current year. This reflects the conclusion
that climate change is not expected to have a significant impact on the
Group's short-term cash flows, including those considered in the going concern
and viability assessments.
2.23 Operating segments
The Board is considered to be the chief operating decision maker ("CODM"). The
Group comprises two operating segments, which are defined by trading activity:
· Tatton - investment management services
· Paradigm - the provision of compliance and support services to IFAs and
mortgage advisers
Some centrally incurred overhead costs are allocated to the Tatton and
Paradigm divisions on an appropriate pro rata basis. There remain central
overhead costs within the Operating Group that have not been allocated to the
Tatton and Paradigm divisions, which are classified as 'Unallocated' within
note 4.
2.24 Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the Group's accounting policies, which are
described above, management have made judgements and estimations about the
future that have an effect on the amounts recognised in the financial
statements. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or
in the period of the revision and future periods if the revision affects both
current and future periods. Changes for accounting estimates would be
accounted for prospectively under IAS 8.
Investments in joint ventures
Estimation uncertainty
Impairment of investments in joint ventures
Impairment exists when there is objective evidence of impairment as a result
of one or more events that occurred after the initial recognition of the net
investment (a 'loss event') and where that loss event (or events) has an
impact on the estimated future cash flows from the net investment that can be
reliably estimated. The entire carrying amount of the investment is tested for
impairment, in accordance with IAS 36, as a single asset, by comparing its
recoverable amount (the higher of value in use and fair value less costs of
disposal) with its carrying amount.
For the purposes of impairment testing, the recoverable amount of the
investment in the joint venture, 8AM, has been determined based on value in
use calculations using a discounted cash flow model that requires the use of
assumptions. The pre-tax discount rate applied to the cash flow forecasts is
derived from a weighted average cost of capital model, the inputs for which
are externally available. The pre-tax discount rate used to calculate value
is 16.9% (2024: 16.3%). The model assesses sensitivity to operating margins,
discount rates, and AUM growth rates. The results of the calculation indicate
no impairment. In the previous year, an impairment charge of £1,250,000 was
been recognised in the Statement of Total Comprehensive Income in the
financial year.
The Group has conducted an analysis of the sensitivity to changes in the key
assumptions used to determine amount and timing of cash flows, including:
· a reduction in growth rate;
· a reduction in the terminal growth rate; and
· an increase in the discount rate.
Reducing forecast growth rates for the five year forecast period reduces
headroom above the threshold for impairment by c.£475,000 for every 5%
reduction in growth. Reducing the terminal growth rate to 0% would reduce
headroom above the threshold for impairment by c.£355,000. Increasing the
discount rate would reduce headroom above the threshold for impairment by
c.£520,000 for every 1% increase in discount rate.
Business combinations
Critical judgement
Client relationships, brand, and software intangibles purchased through corporate transactions
When the Group purchases client relationships, brands, and software through
transactions with other corporate entities, a judgement is made as to the
identification of the intangible asset and whether the transaction should be
accounted for as a business combination or as a separate purchase of
intangible assets. In making this judgement, the Group assesses the assets,
liabilities, operations, and processes that were the subject of the
transaction against the definition of a business combination in IFRS 3. For a
business combination, it is determined whether all elements of a business in
IFRS 3 have been met; in particular, consideration is given to the inputs,
processes, and outputs, and that there is, at least, an input and a
substantive process that together significantly contribute to the ability to
create output. It has also been considered whether the integrated set of
activities is capable of being conducted and managed as a business by a market
participant, and a judgement made as to whether the acquired process is
substantive. If the acquisition is not deemed to be a business,
it is treated as an acquisition of an asset or a group of assets.
There are no other judgements or assumptions made about the future, or about
any other major sources of estimation uncertainty at the end of the reporting
period, which have a significant risk of resulting in a material adjustment to
the carrying amounts of assets and liabilities within the next financial year.
2.25 Other estimates
Estimation uncertainty
Share-based payments
Given the significance of share-based payments as a form of employee
remuneration for the Group, management are providing additional information
on the estimates involved in the accounting for share-based payments. This is
not considered to be a key source of estimation uncertainty, given the
materiality of the impact that changes in estimates have and as a result of
the changes in estimates not impacting the carrying amount of an asset
or liability in the balance sheet. The principal estimations relate to:
· forfeitures (where awardees leave the Group as 'bad' leavers and, therefore,
forfeit unvested awards); and
· the satisfaction of performance obligations attached to certain awards.
These estimates are reviewed regularly and the charge to the Statement of
Total Comprehensive Income is adjusted accordingly (at the end of the relevant
scheme as a minimum). Based on the current forecasts of the Group, the charge
for the year is based on 100% of the options in various scheme years vesting
for the element relating to non-market-based performance conditions. A
decrease of 10% in the vesting assumptions would reduce the charge in the next
financial year by £159,000.
In considering the level of satisfaction of performance obligations, the
Group's forecast has been reviewed and updated for the expected impact of the
various market scenarios and management actions. This forecast has been used
to estimate the relevant vesting assumptions for the Enterprise Management
Incentive ("EMI") schemes in place.
2.26 Alternative performance measures
In reporting financial information, the Group presents alternative performance
measures ("APMs") that are not defined or specified under the requirements of
IFRSs. The Group believes that these APMs provide users with additional
helpful information on the performance of the business. The APMs are
consistent with how the business performance is planned and reported within
the internal management reporting to the Board. Some of these measures are
also used for the purpose of setting remuneration targets. The APMs used by
the Group are set out in note 27, including explanations of how they are
calculated and how they can be reconciled to a statutory measure where
relevant. There is also further information on separately disclosed items in
note 7.
3 | Capital management
The components of the Group's capital are detailed on the Consolidated
Statement of Financial Position and as at the reporting date the Group had
capital of £50,552,000 (2024: £43,334,000). Capital generated from the
business is both reinvested in the business to generate future growth and
returned to shareholders, principally in the form of dividends.
The Group's objectives when managing capital are (i) to safeguard the Group's
ability to continue as a going concern so that it can continue to provide
returns for shareholders and benefits for other stakeholders; (ii) to maintain
a strong capital base and utilise it efficiently to support the development of
its business; and (iii) to comply with the regulatory capital requirements set
by the FCA. Capital adequacy and the use of regulatory capital are monitored
by the Group's management and Board. There is one active regulated entity
in the Group: Tatton Investment Management Limited, regulated by the FCA.
Regulatory capital is determined in accordance with the requirements of the
FCA's Investment Firms Prudential Regime and the Capital Requirements
Directive IV prescribed in the UK by the FCA. The Directive requires continual
assessment of the Group's risks that is underpinned by the Group's Internal
capital adequacy and risk assessment ("ICARA"). The ICARA considers the
relevant current and future risks to the business and the capital that is
considered necessary to support these risks.
The Group actively monitors its capital base to ensure that it maintains
sufficient and appropriate capital resources to cover the relevant risks to
the business and to meet consolidated and individual regulated entity
regulations and liquidity requirements. The Group assesses the adequacy of its
own funds on a consolidated and legal entity basis on a frequent basis. This
includes continuous monitoring of 'K-factor' variables, which captures the
variable nature of risk involved in the Group's business activities. A
regulatory capital update is additionally provided to senior management on a
monthly basis. In addition to this, the Group has implemented a number of 'Key
risk indicators', which act as early warning signs, with the aim of notifying
senior management if the Group's own funds misalign with the Group's risk
appetite and internal thresholds.
The FCA requires the Group to hold more regulatory capital resources than the
total capital resource requirement. The total capital requirement for the
Group is the higher of the Group's own funds requirement (based on 25% of
fixed overheads), its own harm requirement (based on the Group's requirement
for harms from ongoing activities as calculated in the ICARA) and wind-down
requirement (capital requirement should the firm wind down). The total capital
requirement for the Group is £4.56m (unaudited), which is based on the
Group's own funds requirement. As at 31 March 2025, the Group has regulatory
capital resources of £13.12m (unaudited), which is significantly in excess of
the Group's total capital requirement. During the period, the Group and its
regulated subsidiary entities complied with all regulatory capital
requirements.
4 | Segment reporting
Information reported to the Board of Directors as the CODM for the purposes of
resource allocation and assessment of segmental performance is focused on the
type of revenue. The principal types of revenue are discretionary fund
management and the marketing and promotion of the funds run by the companies
under Tatton Capital Limited ("Tatton") and the provision of compliance and
support services to IFAs and mortgage advisers ("Paradigm").
The Group's reportable segments under IFRS 8 are, therefore, Tatton and
Paradigm, with centrally incurred overhead costs applicable to the segments
being allocated to the Tatton and Paradigm divisions on an appropriate pro
rata basis. Unallocated central overhead costs of the Operating Group are
classified as 'Unallocated' in the table below to provide a reconciliation
of the segment information to the financial statements. Unallocated costs
include general corporate expenses, head office salaries, and other
administrative costs that are not directly attributable to the operating
segments. These costs are managed at the corporate level and are not
allocated to the segments for performance evaluation.
The principal activity of Tatton is that of discretionary fund management
("DFM") of investments on-platform and the provision of investment wrap
services.
The principal activity of Paradigm is that of the provision of support
services to IFAs and mortgage advisers. For management purposes, the Group
uses the same measurement policies as are used in its financial statements.
The Paradigm division includes the trading subsidiaries of Paradigm Partners
Limited and Paradigm Mortgages Services LLP, which operate as one operating
segment as they have the same economic characteristics, they are run and
managed by the same management team, and the methods used to distribute the
products to customers are the same. The information presented in this note is
consistent with the presentation for internal reporting. Total assets and
liabilities for each operating segment are not regularly provided to the CODM.
The following is an analysis of the Group's revenue and results by reportable
segment:
Year ended 31 March 2025 Tatton Paradigm (£'000) Unallocated (£'000) Group
(£'000)
(£'000)
Revenue 38,987 6,322 - 45,309
Share of post-tax loss from joint ventures (148) - - (148)
Administrative expenses (14,974) (4,779) (4,722) (24,475)
Operating profit/(loss) 23,865 1,543 (4,722) 20,686
Share-based payments 397 157 949 1,503
Gain arising on changes in fair value of contingent consideration - - - -
Exceptional items - - - -
Amortisation of acquisition-related intangible assets 621 36 - 657
Non-controlling interest - 100 - 100
Adjusted operating profit/(loss)(1) 24,883 1,836 (3,773) 22,946
Year ended 31 March 2025 Tatton Paradigm (£'000) Unallocated (£'000) Group
(£'000)
(£'000)
Statutory operating costs included the following:
Depreciation 64 58 169 291
Amortisation 782 53 2 837
Year ended 31 March 2024 Tatton Paradigm (£'000) Unallocated (£'000) Group
(£'000)
(£'000)
Revenue 30,864 5,943 - 36,807
Share of post-tax loss from joint ventures (1,188) - - (1,188)
Administrative expenses (11,092) (4,421) (3,642) (19,155)
Operating profit/(loss) 18,584 1,522 (3,642) 16,464
Share-based payments 340 186 932 1,458
Gain arising on changes in fair value of contingent consideration (1,350) - - (1,350)
Exceptional items 1,250 - - 1,250
Amortisation of acquisition-related intangible assets 621 12 - 633
Non-controlling interest - 59 - 59
Adjusted operating profit/(loss)(1) 19,445 1,779 (2,710) 18,514
Year ended 31 March 2024 Tatton Paradigm (£'000) Unallocated (£'000) Group
(£'000)
(£'000)
Statutory operating costs included the following:
Depreciation 249 112 14 375
Amortisation 734 16 - 750
All turnover arose in the United Kingdom. The key decision makers use the KPIs
as detailed on pages 20 to 22 of the 2025 Annual Report.
1. Alternative performance measures are detailed in note 27.
5 | Revenue
The disaggregation of consolidated revenue is as follows:
Operating segment Major product/service lines 31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Tatton Investment management fees 38,987 30,864
Paradigm IFA consulting and support services income 2,342 2,221
Paradigm Mortgage-related services income 3,200 2,990
Paradigm Marketing income 780 732
45,309 36,807
The disclosure of revenue by product line is consistent with the revenue
information that is disclosed for each reportable segment under IFRS 8
'Operating segments' (see note 4). All the revenue relates to trading
undertaken in the UK.
Investment management fees are recurring charges derived from the market value
of retail customer assets, based on asset mix and portfolio size, and are,
therefore, subject to market and economic risks. The rate charged is variable
and is dependent on the product. Although most ongoing revenue is based on the
value of underlying benefits, these are not considered to constitute variable
income in which significant judgement or estimation is involved. The
calculations are based on short timelines or point-in-time calculations that
represent the end of a quantifiable period, in accordance with the contract.
These are charged to and paid by the client on the same value, constituting
the transaction price for the specified period. At any time during the period,
a client may choose to remove their assets from a service and no further
revenue is received.
All obligations to the customer are satisfied at the end of the period in
which the service is provided for ongoing revenue, with payment being due
immediately.
IFA consulting and support services income and marketing income are fixed
based on the service provided. The rate charged for mortgage-related services
income is variable and is dependent on the product. See note 2.5 for details
of when revenue is recognised for the Paradigm product lines, including
compliance consultancy services, mortgage-related services, and marketing
services.
There are no elements of revenue that relate to contracts with an expected
duration of over one year; therefore, the Group has applied the practical
expedient for contracts of less than one year.
6 | Operating profit
The operating profit and the profit before taxation are stated after
charging/(crediting):
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Amortisation of software (note 16) 180 117
Amortisation of acquisition-related intangibles (note 7) 657 633
Depreciation of property, plant and equipment (note 17) 96 159
Depreciation of right-of-use assets (note 17) 195 216
Impairment of investment in joint venture (note 7) - 1,250
(Gain)/loss arising on financial assets designated as FVTPL (27) 2
Employee benefit expense (note 13) 14,868 12,448
Gain arising on changes in fair value of contingent consideration (note 7) - (1,350)
Services provided by the Group's auditor:
Audit of the statutory consolidated and Company financial statements of
Tatton Asset Management plc 149 130
Audit of subsidiaries 91 79
Other fees payable to the auditor:
Non-audit services 10 9
Total audit fees were £240,000 (2024: £209,000). Total non-audit fees
payable to the auditor were £10,000 (2024: £9,000).
'Amortisation of software' in the table above excludes £36,000 (2024:
£12,000) of amortisation relating to the software acquired on acquisition of
Fintegrate, which is included in the £657,000 (2024: £633,000) of
amortisation of acquisition-related intangibles.
7 | Separately disclosed items
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Gain arising on changes in fair value of contingent consideration - (1,350)
Exceptional costs - 1,250
Share-based payment charges 1,503 1,458
Operating loss relating to non-controlling interest 100 59
Amortisation of acquisition-related intangible assets 657 633
Total separately disclosed items 2,260 2,050
Separately disclosed items that are shown separately on the face of the
Statement of Total Comprehensive Income represent costs and income that do not
reflect the Group's trading performance and may be considered material
(individually or in aggregate if of a similar type) due to their size or
frequency, and are adjusted to present Adjusted operating profit so as to
ensure consistency between periods. The costs or income above are all included
within Administrative expenses, except for the Exceptional costs in FY24 of
£1,250,000, which was recognised within the Share of loss of joint ventures.
Although some of these items may recur from one period to the next, operating
profit has been adjusted for these items to give better clarity regarding the
underlying performance of the Group. The alternative performance measures
("APMs") are consistent with how the business performance is planned and
reported within the internal management reporting to the Board. Some of these
measures are also used for the purpose of setting remuneration targets.
Gain arising on changes in fair value of acquisition-related items
During the prior year, the Group revalued its financial liability at fair
value through profit or loss relating to the contingent consideration on the
acquisition of the Verbatim funds business and 8AM Global Limited. This
resulted in a credit of £1,350,000 being recognised in the prior year. No
such revaluation was required in the financial year ending 31 March 2025.
Exceptional items
During the prior year, the Group reviewed the investment in the 8AM joint
venture for impairment and recognised an impairment loss in the year of
£1,250,000. As the impairment of the investment was a non-cash item, there
were no cash flows from exceptional items included on the Consolidated
Statement of Cash Flows. No such impairment was identified in financial year
to 31 March 2025.
Share-based payment charges
Share-based payments is a recurring item, although the value will change
depending on the estimation of the satisfaction of performance obligations
attached to certain awards. It is an adjustment to operating profit since it
is a significant non-cash item. Adjusted operating profit represents largely
cash-based earnings and more directly relates to the trading performance of
the financial reporting period.
Operating loss due to non-controlling interest
The Group's operating profit includes £100,000 of losses relating to the
non-controlling interest in Fintegrate Financial Solutions Limited (2024:
£59,000). This has been excluded from the Group's adjusted operating profit
to reflect the adjusted operating profit attributable to the shareholders of
the Company.
Amortisation of acquisition-related intangible assets
Payments made for the introduction of client relationships and brands that are
deemed to be intangible assets are capitalised and amortised over their
useful life, which has been assessed to be ten years. This includes £207,000
of amortisation of the intangibles recognised on the acquisition of 8AM, where
the amortisation charge is included within the Share of profit/(loss) from
joint ventures in the Consolidated Statement of Total Comprehensive Income
(2024: £207,000). This amortisation charge is recurring over the life of the
intangible asset, although it is an adjustment to operating profit since it is
a significant non-cash item. Adjusted operating profit represents largely
cash-based earnings and more directly relates to the trading performance
of the financial reporting period.
8 | Finance income
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Bank interest income 1,025 640
Other interest 8 -
Total finance income 1,033 640
9 | Finance costs
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Bank interest payable (10) -
Unwinding of the discount on contingent consideration (47) (201)
Interest expense on lease liabilities (66) (6)
Interest payable in the servicing of banking facilities - (146)
Total finance costs (123) (353)
10 | Taxation charge
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Current tax expense
Current tax on profits for the period 5,792 4,798
Adjustment for over-provision in prior periods (37) (290)
5,755 4,508
Deferred tax credit
Current year credit (164) (173)
Adjustment with respect to previous years 3 (505)
(161) (678)
Total tax expense 5,594 3,830
The deferred tax credit includes £52,000 relating to the release of the
deferred tax liability on the investment in 8AM Global Limited, which is
recognised within the Investment in joint ventures balance on the Consolidated
Statement of Financial Position (2024: £33,000).
The reasons for the difference between the actual tax charge for the year and
the standard rate of corporation tax in the UK applied to profit for the year
are as follows:
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Profit before taxation 21,596 16,751
Tax at UK corporation tax rate of 25% 5,399 4,188
Expenses not deductible for tax purposes 60 462
Income not taxable (14) (443)
Adjustments with respect to previous years (45) (795)
Capital allowances in excess of depreciation 5 6
Deferred tax asset not recognised 157 142
Share-based payments 32 270
Total tax expense 5,594 3,830
11 | Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
during the year.
Number of shares
31-Mar 31-Mar
2025
2024
Basic
Weighted average number of shares in issue(1) 61,623,021 61,064,870
Effect of own shares held by an EBT (562,061) (358,196)
61,060,960 60,706,674
Diluted
Effect of weighted average number of options outstanding for the year 531,198 1,075,124
Weighted average number of shares (diluted)(2) 61,592,158 61,781,798
Fully diluted
Effect of full dilution of employee share options that are contingently 1,109,396 1,096,621
issuable or have future attributable service costs
Adjusted diluted weighted average number of options and shares for the year(3) 62,701,554 62,878,419
1. The weighted average number of shares in issue includes
contingently issuable shares where performance obligations have been met and
there will be little to no cash consideration, but the share options have yet
to be exercised.
2. The weighted average number of shares is diluted due to the
effect of potentially dilutive contingent issuable shares from share option
schemes.
3. The dilutive shares used for this measure differ from that used
for statutory dilutive earnings per share; the future value of service costs
attributable to employee share options is ignored and contingently issuable
shares for long-term incentive plan options are assumed to fully vest.
Own shares held by an EBT represents the Company's own shares purchased and
held by the Employee Benefit Trust ("EBT"), shown at cost. In the year ended
31 March 2025, the EBT purchased 7,664 (2024: 1,005,696) of the Company's own
shares. The Company utilised 193,660 (2024: 346,896) of the shares during the
year to satisfy the exercise of employee share options. At March 2025, there
remained 472,804 of the Company's own shares being held by the EBT (2024:
658,800).
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Earnings attributable to ordinary shareholders
Basic and diluted profit for the period 16,141 12,986
Share-based payments - IFRS 2 option charges 1,503 1,458
Amortisation of acquisition-related intangible assets 657 633
Exceptional costs (note 7) - 1,250
Gain arising on changes in fair value of contingent consideration (note 7) - (1,350)
Unwinding of discount on contingent consideration (note 9) 47 201
Tax impact of adjustments (382) (770)
Adjusted basic and diluted profits for the period and attributable earnings 17,966 14,408
Earnings per share (pence) - Basic 26.43 21.39
Earnings per share (pence) - Diluted 26.21 21.02
Adjusted earnings per share (pence) - Basic1 29.42 23.73
Adjusted earnings per share (pence) - Diluted1 29.17 23.32
Adjusted earnings per share (pence) - Fully Diluted1 28.65 22.91
1. Alternative performance measures are detailed in note 27.
12 | Dividends
The Directors consider the Group's capital structure and dividend policy at
least twice a year ahead of announcing results and do so in the context of
its ability to continue as a going concern, to execute its strategy and to
invest in opportunities to grow the business and enhance shareholder value.
The Company's dividend policy is described in the Directors' Report on page 73
of the 2025 Annual Report. As at 31 March 2025, the Company's distributable
reserves were £9,074,000 (2024: £7,761,000).
During the year, Tatton Asset Management plc paid the final dividend related
to the year ended 31 March 2024 of £4,740,000, representing a payment of
8.0p per share. During FY24 £6,006,000 was paid as the final dividend related
to the year ended 31 March 2023, representing 10.0p per share. In addition,
the Company paid an interim dividend of £5,700,000 (2024: £4,841,000) to its
equity shareholders. This represents a payment of 9.5p per share (2024: 8.0p
per share).
The Directors are proposing a final dividend with respect to the financial
year ended 31 March 2025 of 9.5p (2024: 8.0p) per share, which will absorb
£5,701,000 (2024: £4,841,000) of shareholders' funds. It will be paid on 31
July 2025 to shareholders who are on the register of members on 20 June
2025.
13 | Staff costs
The staff costs, including Executive Directors, were as follows:
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Wages, salaries and bonuses 11,304 9,468
Social security costs 1,616 1,161
Pension costs 445 361
Share-based payments 1,503 1,458
Total employee benefit expense 14,868 12,448
The average monthly number of employees (including Executive Directors) during
the year was as follows:
31-Mar 31-Mar
2025
2024
Administration 110 101
Key management 3 3
113 104
Key management compensation
The remuneration of the statutory Directors who are the key management of the
Group is set out below in aggregate for each of the key categories specified
in IAS 24 'Related Party Disclosures'.
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Short-term employee benefits 3,118 2,058
Post-employment benefits 10 10
Share-based payments 552 571
3,680 2,639
The table above shows the remuneration for both Executive Directors and
Non-Executive Directors.
The Group incurred social security costs of £419,000 (2024: £293,000) on the
remuneration of the Directors and Non-Executive Directors. Retirement benefits
are accruing to one Director (2024: one) under a defined contribution pension
scheme. Within the figures above is £10,000 of company contributions paid to
a pension scheme in respect of this Director's qualifying services (2024:
£10,000).
Dividends totalling £1,883,000 (2024: £2,026,000) were paid in the year with
respect to ordinary shares held by the Company's Directors. The aggregate
gains made by the Directors on the exercise of share options during the year
were £304,600 (2024: £248,250).
The remuneration of individual Directors is provided in the Remuneration
Committee Report on pages 68 to 72 of the 2025 Annual Report. These
disclosures form part of these financial statements.
The remuneration of the highest paid Director was:
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Total remuneration and benefits in kind 1,233 695
The highest paid Director exercised nil share options in the period (2024:
nil). There were 110,887 share options granted to the highest paid Director in
the year (2024: 20,000). There was £nil (2024: £nil) of money or net assets
(other than share options) paid to or receivable by the highest paid Director
under long-term incentive schemes in respect of qualifying services. The
highest paid Director received £1,599,000 (2024: £1,740,000) in dividends in
the year with respect to ordinary shares held by the Director and connected
parties. No contributions were made to a defined contribution scheme with
respect to the highest paid Director in the period.
14 | Investments in joint ventures
(£'000)
At 1 April 2024 5,352
Profit for the year after tax 59
Amortisation of intangible assets relating to joint ventures (207)
Deferred tax credit on amortisation of intangible assets relating to joint 52
ventures
Impairment loss -
Distributions of profit -
At 31 March 2025 5,256
8AM belongs to the Tatton operating segment as disclosed within note 4.
Name of joint venture Nature of business Principal place of business Class of share Percentage owned by the group
8AM Global Limited Investment Management United Kingdom Ordinary Shares 50.0%
Niche Investment Management Limited Investment Management United Kingdom Ordinary Shares 50.0%
Becketts Wealth Limited Investment Management United Kingdom Ordinary Shares 50.0%
All of the above joint ventures are accounted for using the equity method in
these consolidated financial statements, as set out in the Group's accounting
policies in note 2.
Summarised financial information in respect of the Group's only material joint
venture, 8AM, is set out below.
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Non-current assets 24 29
Current assets 735 645
Current liabilities (161) (178)
Total equity 598 496
Group's share of net assets 297 238
Goodwill and intangible assets 5,344 5,551
Deferred tax liability (385) (437)
Carrying value held by the Group 5,256 5,352
Current assets above include £502,000 of cash and cash equivalents (2024:
£345,000). There are no current or non-current financial liabilities
excluding trade and other payables and provisions included in current
liabilities and non-current liabilities.
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Revenue 1,473 1,732
Profit for the year 117 539
Dividends received - 255
The above profit includes the following:
Depreciation and amortisation 5 7
Interest income 10 6
Income tax 43 282
There is no interest expense in the year (2024:£nil).
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Joint venture's profit for the year 117 539
Group's share profit for the year before adjustments 59 269
Amortisation of customer relationship intangible assets (207) (207)
Impairment loss - (1,250)
Group's share of loss for the year (148) (1,188)
8AM Global Limited has a reporting date of 30 June. The net asset position
shown in the table above is as at 31 March, to align with the Group's own
reporting.
Niche Investment Management Limited and Becketts Wealth Limited both have a
reporting date of 31 March, in line with the Group. The Group's interest in
all individually immaterial joint ventures accounted for using the equity
method is £nil (2024: £nil). The Group's share of profit for the year for
these joint ventures is £nil (2024: £nil).
15 | Goodwill
Goodwill
(£'000)
Cost and carrying value at 1 April 2023 9,337
Recognised as part of a business combination 459
Cost and carrying value at 31 March 2024 and 31 March 2025 9,796
The carrying value of goodwill includes £9.4m allocated to the Tatton
operating segment and CGU. This is made up of £2.5m arising from the
acquisition in 2014 of an interest in Tatton Oak Limited by Tatton Capital
Limited, consisting of the future synergies and forecast profits of the Tatton
Oak business, £2.0m arising from the acquisition in 2017 of an interest in
Tatton Capital Group Limited, £1.4m of goodwill generated on the acquisition
of Sinfonia, £3.0m of goodwill generated on the acquisition of the Verbatim
funds business, and £0.5m of goodwill generated on the acquisition of 56.49%
of Fintegrate Financial Solutions Limited in the previous financial year.
The carrying value of goodwill also includes £0.4m allocated to the Paradigm
operating segment and CGU relating to the acquisition of Paradigm Mortgage
Services LLP.
Goodwill relating to 8AM Global Limited is shown within the Investments in
joint ventures (see note 14).
None of the goodwill is expected to be deductible for income tax purposes.
Impairment loss and subsequent reversal
Goodwill is subject to an annual impairment review based on an assessment of
the recoverable amount from future trading. Where, in the opinion of the
Directors, the recoverable amount from future trading does not support the
carrying value of the goodwill relating to a subsidiary company, then an
impairment charge is made. Such an impairment is charged to the Statement of
Total Comprehensive Income.
Impairment testing
For the purpose of impairment testing, goodwill is allocated to the Group's
operating companies that represent the lowest level within the Group at which
the goodwill is monitored for internal management accounts purposes. Goodwill
acquired in a business combination is allocated, at acquisition, to the CGUs
or group of units that are expected to benefit from that business combination.
The Directors test goodwill annually for impairment, or more frequently if
there are indicators that goodwill might be impaired. The Directors have
reviewed the carrying value of goodwill at 31 March 2025 and do not consider
it to be impaired.
Growth rates
The value in use is calculated from cash flow projections based on the Group's
forecasts for the next five years, ending 31 March 2030. The Group's latest
financial forecasts, which cover a five-year period, are reviewed by the
Board. A terminal growth rate of 3.5% (2024: 5%) for the Tatton CGU has been
applied to year five cash flows. The terminal growth rate is prudent, given
the historical growth seen by the Group, and does not exceed the long-term
industry average growth rate. A terminal growth rate of 0% has been applied
to the Paradigm Mortgage Services LLP CGU that reflects the outer year
budget revenue.
Discount rates
The pre-tax discount rate applied to the cash flow forecasts is derived from a
weighted average cost of capital model, the inputs for which are externally
available. The pre-tax discount rate used to calculate value is 16.9% (2024:
14.4%) and has been used for all CGUs.
Cash flow assumptions
The key assumptions used for the value in use calculations are those regarding
discount rate, growth rates, and expected changes in margins. Forecast sales
growth rates are based on past experience, which has been adjusted for the
strategic direction and near-term investment priorities for each CGU. The
Tatton CGU has not budgeted for any market movements and has used an average
growth rate of net flows of 12%, which management believe is prudent given the
size of the market and historical growth. The Paradigm Mortgage Services LLP
CGU has an assumed 9% In year 1, decreasing to 2% growth by year 5.
From the assessment performed, no reasonably possible change in a key
assumption would cause the recoverable amount of either the Tatton CGU or the
Paradigm Mortgage Services LLP CGU to equal its carrying value.
16 | Intangible assets
Computer software (£'000) Client relationships (£'000) Brand Total
(£'000)
(£'000)
Cost
Balance at 1 April 2023 1,235 4,034 98 5,367
Additions 249 - - 249
Acquired as part of a business combination 365 - - 365
Balance at 31 March 2024 1,849 4,034 98 5,981
Additions 437 - - 437
Balance at 31 March 2025 2,286 4,034 98 6,418
Accumulated amortisation and impairment
Balance at 1 April 2023 (892) (845) (15) (1,752)
Charge for the period (129) (404) (10) (543)
Balance at 31 March 2024 (1,021) (1,249) (25) (2,295)
Charge for the period (216) (404) (10) (630)
Balance at 31 March 2025 (1,237) (1,653) (35) (2,925)
Net book value
As at 1 April 2023 343 3,189 83 3,615
As at 31 March 2024 828 2,785 73 3,686
As at 31 March 2025 1,049 2,381 63 3,493
All amortisation charges are included within Administrative expenses in the
Statement of Total Comprehensive Income.
The Client Relationships and Brand intangibles arose on acquisition of the
Sinfonia and Verbatim funds.
Computer software relates to the internally generated software within Tatton
Investment Management Limited and Fintegrate Financial Solutions Limited.
17 | Property, plant and equipment
Computer, office equipment and motor vehicles (£'000) fixtures and fittings Right-of-use assets - buildings and motor vehicles (£'000) Total
(£'000)
(£'000)
Cost
Balance at 1 April 2023 354 480 991 1,825
Additions 97 18 622 737
Disposals (104) - (689) (793)
Balance at 31 March 2024 347 498 924 1,769
Additions 58 10 339 407
Disposals - - (302) (302)
Balance at 31 March 2025 405 508 961 1,874
Accumulated depreciation and impairment
Balance at 1 April 2023 (234) (398) (739) (1,371)
Charge for the period (86) (73) (216) (375)
Disposals 104 - 689 793
Balance at 31 March 2024 (216) (471) (266) (953)
Charge for the period (86) (10) (195) (291)
Disposals - - 302 302
Balance at 31 March 2025 (302) (481) (159) (942)
Net book value
As at 1 April 2023 120 82 252 454
As at 31 March 2024 131 27 658 816
As at 31 March 2025 103 27 802 932
All depreciation charges are included within Administrative expenses in the
Statement of Total Comprehensive Income.
The Group leases buildings, motor vehicles, and IT equipment. The Group has
applied the practical expedient for short-term leases and so has not
recognised IT equipment within ROU assets. The average lease term is five
years. One lease expired in the year and a new lease was entered into in its
place. The maturity analysis for lease liabilities is shown in note 22. The
future lease payments relating to lease liabilities are fixed.
Right-of-use assets
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Amounts recognised in profit and loss
Depreciation on right-of-use assets (195) (216)
Interest expense on lease liabilities (66) (6)
Expense relating to short-term leases (67) (66)
(328) (288)
At 31 March 2025, the Group is committed to £78,000 for short-term leases
(2024: £64,000).
The total cash outflow for all leases amounts to £283,000 (2024: £294,000).
The cash outflows for the principal portion of lease liabilities and for the
interest portion of lease liabilities is shown within financing activities in
the Consolidated Statement of Cash Flows. The cash outflows for the payments
of short-term leases are shown within Operating activities in the Consolidated
Statement of Cash Flows.
18 | Trade and other receivables
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Trade receivables 312 878
Accrued income 3,936 3,427
Prepayments 712 756
Other receivables 1,578 235
6,538 5,296
Less non-current portion:
Other receivables - (188)
Total non-current trade and other receivables - (188)
Total current trade and other receivables 6,538 5,108
Trade and other receivables, excluding prepayments, are financial assets. The
carrying value of these financial assets are considered a fair approximation
of their fair value. Accrued income is made up of contract assets, which are
balances due from customers that arise when the Group delivers the service.
Payment for services is not due from the customer until the services are
complete; therefore, a contract asset is recognised over the period in which
the services are performed to represent the entity's right to consideration
for the services transferred to date. This usually relates to providing one
month of investment management service prior to receiving the cash from the
customer in the following month.
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses ("ECLs") for trade receivables and accrued income at an amount equal to
lifetime ECLs. In line with the Group's historical experience, and after
consideration of current credit exposures, the Group does not expect to incur
any credit losses and has not recognised any ECLs in the current year (2024:
£nil).
Within other receivables are three loans that Tatton has granted in the
financial year (2024: £nil). The Group applies the IFRS 9 general approach
for these receivables. The loans are secured and interest of 4% is being
accrued, and is shown within note 8 as Other interest income. The security
equals the carrying amount of the loans and, as such, no ECL is recognised.
Trade receivable amounts are all held in sterling.
19 | Trade and other payables
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Trade payables 478 328
Amounts due to related parties 14 -
Accruals 7,163 4,389
Deferred income 122 238
Contingent consideration 420 903
Lease liabilities 848 659
Other payables 2,844 2,608
11,889 9,125
Less non-current portion:
Contingent consideration - (402)
Lease liabilities (615) (567)
Other payables (42) (47)
Total non-current trade and other payables (657) (1,016)
Total current trade and other payables 11,232 8,109
Trade payables, amounts due to related parties, accruals, lease liabilities,
contingent consideration, and other payables are considered financial
liabilities. The Directors consider that the carrying amount of trade payables
approximates to their fair value.
Within other payables, there is a loan of £33,000 that holds a fixed and
floating charge over all present and future property and undertakings of
Fintegrate Financial Solutions Limited (2024: £46,000).
Trade payable amounts are all held in sterling.
20 | Deferred tax assets
Deferred capital allowances (£'000) Short-term timing differences (£'000) Share-based payments (£'000) Acquisition intangibles (£'000) Total (£'000)
Asset/(liability) at 1 April 2023 (14) - 2,069 (797) 1,258
Income statement credit/(charge) (120) 28 101 636 645
Recognised as part of a business combination - - - (92) (92)
Equity credit - - 760 - 760
Asset/(liability) at 31 March 2024 (134) 28 2,930 (253) 2,571
Income statement credit/(charge) (20) 62 28 39 109
Equity credit - - 203 - 203
Asset/(liability) at 31 March 2025 (154) 90 3,161 (214) 2,883
A deferred tax asset of £248,000 with a temporary timing difference of
£993,000 relating to a difference between the carrying value and the tax base
of intangibles acquired in Tatton Capital Limited relating to Verbatim has not
been recognised, as it is not expected that the temporary difference would
reverse in the foreseeable future.
21 | Reconciliation of liabilities arising from financing activities
1 April 2023 (£'000) Financing cash flows (£'000) Additions (£'000) Non-cash changes: interest (£'000) 31 March 2024 (£'000) Financing cash flows (£'000) Additions (£'000) Non-cash changes: interest (£'000) 31 March 2025 (£'000)
Long-term borrowings - - 62 - 62 (23) - 2 41
Short-term borrowings - (18) 141 3 126 - - 8 134
Lease liabilities 261 (230) 622 6 659 (216) 339 66 848
261 (248) 825 9 847 (239) 339 76 1,023
Long-term and short-term borrowings relate to interest-bearing borrowings
added on the acquisition of Fintegrate Financial Solutions Limited. These are
disclosed within Other payables within note 19.
22 | Financial instruments
The Group's treasury activities are designed to provide suitable, flexible
funding arrangements to satisfy the Group's requirements. The Group uses
financial instruments comprising borrowings, cash, and items such as trade
receivables and payables that arise directly from its operations. The main
risks arising from the Group's financial instruments are interest rate risks,
credit risks, and liquidity risks. The Board reviews policies for managing
each of these risks and they are summarised below. The Group finances its
operations through a combination of cash resource and other borrowings.
Categories of financial instruments
The financial assets and liabilities of the Group are detailed below:
At 31 March 2025 At 31 March 2024
Amortised cost (£'000) Financial liabilities (£'000) FVPL (£'000) Carrying value (£'000) Amortised cost (£'000) Financial liabilities (£'000) FVPL Carrying value
(£'000) (£'000)
Financial assets
Financial assets at FVPL - - 1,133 1,133 - - 106 106
Trade receivables 312 - - 312 878 - - 878
Accrued income 3,936 - - 3,936 3,427 - - 3,427
Other receivables 1,578 - - 1,578 235 - - 235
Cash and cash equivalents 32,119 - - 32,119 24,838 - - 24,838
37,945 - 1,133 39,078 29,378 - 106 29,484
Financial liabilities
Trade and other payables - 10,499 - 10,499 - 8,228 - 8,228
Contingent consideration - - 420 420 - - 903 903
Lease liabilities - 848 - 848 - 659 - 659
- 11,347 420 11,767 - 8,887 903 9,790
Fair value estimation
IFRS 7 requires the disclosure of fair value measurements of financial
instruments according to the level of the following fair value measurement
hierarchy:
· quoted prices (unadjusted) in active markets for identical assets or
liabilities (level 1);
· inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (level 2); and
· inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs) (level 3).
All financial assets, except for financial investments, are held at amortised
cost and are classified as level 1. The carrying amount of these financial
assets at amortised cost approximate to their fair value. Financial
investments are categorised as financial assets at fair value through profit
or loss and are classified as level 1, and the fair value is determined
directly by reference to published prices in an active market.
Financial assets at fair value through profit or loss (level 1)
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Financial investments in regulated funds or model portfolios 1,133 106
The Group launched a new range of passive funds during the financial year and
invested £1,000,000 in these funds, which is shown on the Consolidated
Statement of Cash Flows. This investment, along with the Group's other
investments in regulated funds or model portfolios, are revalued, with changes
in fair value being recognised in the Consolidated Statement of Total
Comprehensive Income.
All financial liabilities, except for contingent consideration, are
categorised as financial liabilities measured at amortised cost and are also
classified as level 1. The only financial liabilities measured subsequently at
fair value on level 3 fair value measurement represent contingent
consideration relating to a business combination.
Contingent consideration has been valued using a discounted cash flow method
that was used to capture the present value arising from the contingent
consideration.
The unobservable inputs are:
· the risk-adjusted discount rate of 8.7%; and
· the probability-adjusted level of assets under management, which have a range
of £283,000,000 to £353,000,000.
Financial liabilities at fair value through profit or loss (level 3)
Contingent consideration £'000
Balance at 1 April 2023 2,989
Recognition of contingent consideration as part of a business combination (937)
Unwinding of discount rate 201
Changes in fair value of contingent consideration (1,350)
Balance at 31 March 2024 903
Contingent consideration paid (530)
Unwinding of discount rate 47
Balance at 31 March 2025 420
The unwinding of the discount rate and the changes in fair value of contingent
consideration have been recognised in the Consolidated Statement of Total
Comprehensive Income.
During the year, a payment of £530,000 was made relating to the contingent
consideration due for acquisition of the Verbatim funds.
The fair value of the remaining contingent consideration for Verbatim was
reviewed at 31 March 2025 using a discounted cash flow analysis. The expected
cash flows are estimated based on the Group's knowledge of the business and
how the current economic environment is likely to impact it.
For Verbatim, the expected change in AUM and resulting cash flows are
estimated based on the Group's knowledge of the business and how the current
economic environment is likely to impact it. The contingent consideration
payable is dependent on the total value of AUM at the payment date compared to
the value of AUM at acquisition, £650m. The scenarios used to calculate the
deferred payments were updated to include AUM movements to date and
management's perception of the likelihood of occurrence.
The unobservable inputs for the Verbatim contingent consideration include the
risk-adjusted discount rate of 8.7% (2024: 8.0%) and future AUM of the funds
ranging in value up to £353m. If the discount rate were to change by 1%, this
would increase/decrease the fair value of contingent consideration by
£14,000. If AUM were to be 10% higher or lower, the fair value of contingent
consideration would increase/decrease by £61,000.
Interest rate risk
The Group finances its operations through retained profits. The Group's cash
and cash equivalents balance of £32,119,000 are the financial instruments
subject to variable interest rate risk. The impact of a 1% increase or
decrease in interest rate on the post-tax profit is not material to the Group.
Credit risk
Credit risk is the risk that a counterparty will cause a financial loss to the
Group by failing to discharge its obligation to the Group. The financial
instruments are considered to have a low credit risk, due to the mitigating
procedures in place. The Group manages its exposure to this risk by applying
Board-approved limits to the amount of credit exposure to any one
counterparty, and employs strict minimum creditworthiness criteria as to the
choice of counterparty, thereby ensuring that there are no significant
concentrations. The Group does not have any significant credit risk exposure
to any single counterparty or any group of counterparties having similar
characteristics. The maximum exposure to credit risk for receivables and
other financial assets is represented by their carrying amount.
The Group's maximum exposure to credit risk is limited to the carrying amount
of its financial assets recognised at the year end date.
The Group continuously monitors the defaults of customers and other
counterparties, identified either individually or by the Group, and
incorporates this information into its credit risk controls. The Group's
policy is to deal only with credit-worthy counterparties.
The Group's management consider that all of the above financial assets that
are not impaired or past due for each of the 31 March reporting dates under
review are of good credit quality.
At 31 March, the Group had certain trade receivables that had not been settled
by the contractual date but were not considered to be impaired. The amounts at
31 March, analysed by the length of time past due, are:
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
Not more than 3 months 256 814
More than 3 months but not more than 6 months 47 42
More than 6 months but not more than 1 year 5 14
More than 1 year 4 8
Total 312 878
Trade receivables consist of a large number of customers within the UK. Based
on historical information about customer default rates, management consider
the credit quality of trade receivables that are not past due or impaired to
be good.
The Group has rebutted the presumption in paragraph 5.5.11 of IFRS 9 that
credit risk increases significantly when contractual payments are more than 30
days past due, where the Group has reasonable and supportable information
that demonstrates otherwise.
The credit risk for cash and cash equivalents is considered negligible, since
the counterparties are reputable banks with high-quality external credit
ratings.
Liquidity risk
Liquidity risk is the risk that companies within the Group will encounter
difficulty in meeting the obligations associated with financial liabilities.
To counter this risk, the Group operates with a high level of interest cover
relative to its net asset value. In addition, it benefits from strong cash
flow from its normal trading activities. The Group manages its liquidity needs
by monitoring scheduled debt servicing payments for long-term financial
liabilities, as well as forecast cash inflows and outflows due in day-to-day
business. The data used for analysing these cash flows is consistent with that
used in the contractual maturity analysis below.
At 31 March 2025, the Group's non-derivative financial liabilities have
contractual maturities (including interest payments where applicable) as
summarised below:
Current Non-current
At 31 March 2025 Within 6 months 6 to 12 months (£'000) 1 to 5 years (£'000) later than 5 years
(£'000)
(£'000)
Trade and other payables 10,435 22 42 -
Lease liabilities 144 141 721 -
Contingent consideration 440 - - -
Total 11,019 163 763 -
Lease liabilities above totalling £1,006,000 are the undiscounted values of
the total lease liability of £848,000 as shown in note 19. Contingent
consideration above totalling £440,000 is the undiscounted liability of the
contingent consideration of £420,000 as shown in note 19.
This compares with the maturity of the Group's non-derivative financial
liabilities in the previous reporting period, as follows:
Current Non-current
At 31 March 2024 Within 6 months 6 to 12 1 to 5 years (£'000) later than 5 years
(£'000)
months
(£'000)
(£'000)
Trade and other payables 7,259 4 57 5
Lease liabilities 95 56 644 -
Contingent consideration 521 - 451 -
Total 7,875 60 1,152 5
The above amounts reflect the contractual undiscounted cash flows, which may
differ from the carrying values of the liabilities at the reporting date.
Market risk
The Group has made investments in its own managed funds and portfolios and the
value of these investments is subject to equity market risk, this being the
risk that changes in equity prices will affect the Group's income or the value
of its holdings of financial instruments. If equity prices had been 5%
higher/lower, the impact on the Group's Statement of Comprehensive Income
would be £57,000 higher/lower, due to changes in the fair value of financial
assets at fair value through profit or loss.
23 | Share capital
Number of shares
Authorised, called-up, and fully paid £0.20 ordinary shares
At 1 April 2023 60,055,722
Issue of share capital on exercise of employee share options 455,678
At 31 March 2024 60,511,400
Issue of share capital on exercise of employee share options 37,480
At 31 March 2025 60,548,880
Each share in Tatton Asset Management plc carries one vote and the right to a
dividend.
24 | Own shares
The following movements in own shares occurred during the year:
Number of Shares £'000
At 1 April 2023 - -
Acquired in the year 658,800 3,278
New share capital issued to EBT 346,896 69
Utilised on exercise of employee share options (346,896) (69)
At 31 March 2024 658,800 3,278
Acquired in the year 7,664 50
Utilised on exercise of employee share options (193,660) (965)
At 31 March 2025 472,804 2,363
Own shares represent the cost of the Company's own shares, either purchased in
the market or issued by the Company, which are held by an EBT to satisfy
future awards under the Group's share-based payment schemes (note 25).
25 | Share-based payments
During the year, a number of share-based payment schemes and share options
schemes have been utilised by the Group, described under 25.1 Current schemes.
25.1 Current schemes
(i) Tatton Asset Management plc EMI scheme ("TAM EMI scheme")
In July 2017, the Group launched an EMI share option scheme relating to shares
in Tatton Asset Management plc, to enable senior management to participate in
the equity of the Company. 3,022,733 options with a weighted average exercise
price of £1.89 were granted, exercisable in July 2020. There have been 60,000
(2024: nil) options exercised during the year from this scheme.
The scheme was extended in August 2018, August 2019, July 2020, July 2021,
July 2022 and July 2023 with 1,720,138, 193,000, 1,000,000, 279,858, 204,523
zero-cost options granted in each respective year. All option schemes are
exercisable on the third anniversary of the grant date, meaning that the 2017,
2018, 2019, 2020 and 2021 schemes are currently exercisable. There have been
2,845 options exercised in the year relating to the 2019 scheme and 55,808
options exercised relating to the 2020 scheme. There were 1,684 options and
1,778 options relating to the 2022 and 2023 schemes respectively that vested
early and were subsequently exercised. The options granted in 2021 vested and
became exercisable in July 2024. There have been 69,911 options exercised
during the period from this scheme. None of these options lapsed in the year.
The weighted average share price at the date of exercise for all option
exercised in the year was £6.52.
There were 451,346 zero-cost options granted in the current financial year.
These options were granted in two tranches, 61,964 options granted in July
2024 and 389,382 options granted in February 2025.
A total of 2,822,301 options remain outstanding at 31 March 2025, 1,941,486 of
which are currently exercisable. 6,649 options were forfeited in the period
(2024: 64,524). The weighted average contractual life for share options
outstanding at the end of the period was 5.29 years (2024: 5.55 years).
The vesting conditions for the scheme are detailed in the Remuneration
Committee report on page 71 of the 2025 Annual Report. The weighted average
fair value of the options granted during the year was £6.69. Within the
accounts of the Group, the fair value at grant date is estimated using the
appropriate models, including both the Black-Scholes and Monte Carlo modelling
methodologies. Share price volatility has been estimated using the historical
share price volatility of the Company. Key valuation assumptions and the costs
recognised in the accounts during the period are noted in 25.2 and 25.3,
respectively.
Number of share options granted Weighted average price (£)
Outstanding at 1 April 2023 2,804,439 0.59
Granted during the period 204,523 -
Exercised during the period (346,896) -
Forfeited during the period (64,524) -
Lapsed during the period (27,912) -
Outstanding at 31 March 2024 2,569,630 0.64
Exercisable at 31 March 2024 1,878,861 0.88
Outstanding at 1 April 2024 2,569,630 0.64
Granted during the period 451,346 -
Exercised during the period (192,026) 0.59
Forfeited during the period (6,649) -
Outstanding at 31 March 2025 2,822,301 0.54
Exercisable at 31 March 2025 1,941,486 0.79
(ii) Tatton Asset Management plc Sharesave scheme ("TAM Sharesave scheme")
In July 2020, August 2021, August 2022, August 2023, and August 2024, the
Group launched all employee Sharesave schemes for options over shares in
Tatton Asset Management plc, with the schemes in the periods 2020 and 2021
being administered by Yorkshire Building Society and the schemes in 2022,
2023, and 2024 being administered by Link Group. Employees are able to save
between £10 and £500 per month over the three-year life of each scheme, at
which point they each have the option to either acquire shares in the Company
or receive the cash saved.
The 2021 TAM Sharesave scheme vested in August 2024 and 37,480 share options
became exercisable. Over the life of the 2022 TAM Sharesave scheme, it is
estimated that, based on current savings rates, 45,046 share options will be
exercisable at an exercise price of £3.26. Over the life of the 2023 TAM
Sharesave scheme, it is estimated that, based on current savings rates, 85,569
share options will be exercisable at an exercise price of £3.89. Over the
life of the 2024 TAM Sharesave scheme, it is estimated that, based on current
savings rates, 30,946 share options will be exercisable at an exercise price
of £5.62. 37,480 options were exercised in the year at a weighted average
share price at the date of exercise of £7.09. The weighted average
contractual life for share options outstanding at the end of the period was
1.49 years (2024: 1.54 years).
The options granted as part of the scheme launched in 2024 have a weighted
average fair value of £5.62. Within the accounts of the Group, the fair value
at grant date is estimated using the Black-Scholes methodology for 100% of the
options. Share price volatility has been estimated using the historical share
price volatility of the Company. Key valuation assumptions and the costs
recognised in the accounts during the period are noted in 25.2 and 25.3,
respectively.
Number of share options granted Weighted average price (£)
Outstanding at 1 April 2023 95,095 2.57
Granted during the period 90,473 2.93
Forfeited during the period (6,810) 3.22
Exercised during the period (108,781) 2.29
Outstanding at 31 March 2024 69,977 3.53
Exercisable at 31 March 2024 - -
Outstanding at 1 April 2024 69,977 3.53
Granted during the period 57,372 3.86
Forfeited during the period (2,710) 3.75
Exercised during the period (37,480) 3.60
Outstanding at 31 March 2025 87,159 3.71
Exercisable at 31 March 2025 - -
(iii) Fintegrate Financial Solutions Limited Share Option Scheme ("Fintegrate option scheme")
In June 2023 2,250 share options were granted relating to shares in Fintegrate
Financial Solutions Limited with an exercise price of £0.00001 and
immediately vested. The fair value of the options granted was £26.07, based
on comparable share purchase price at the date of vesting.
A further 13,912 options were granted in January 2025 with an exercise price
of £0.00001. All options vested and were exercisable in January 2025. The
fair value of the options granted was £3.39, based on comparable share prices
at the date of vesting.
All options were exercised in February 2025, and therefore no options
outstanding or exercisable at 31 March 2025.
There were no vesting conditions associated with the options.
25.2 Valuation assumptions
Assumptions used in the option valuation models to determine the fair value of
options at the date of grant were as follows:
EMI scheme 2024 grant 2 2024 grant 1 2023 2022 2021 Sharesave scheme 2024 2023 2022 2021
Share price at grant (£) 6.64 7.04 4.74 4.03 4.60 7.14 4.91 4.25 4.80
Exercise price (£) - - - - - 5.62 3.89 3.26 3.60
Expected volatility (%) 33.93 34.49 35.24 34.05 33.76 34.36 35.13 34.05 33.76
Expected life (years) 2.47 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Risk free rate (%) 3.96 3.98 4.64 1.71 0.24 3.81 4.74 1.71 0.12
Expected dividend yield (%) 2.41 2.27 3.06 3.11 2.39 2.24 2.95 3.11 2.39
25.3 IFRS 2 share-based option costs
31-Mar 31-Mar
2025
2024
(£'000)
(£'000)
TAM EMI scheme 1,335 1,376
TAM Sharesave scheme 62 82
Fintegrate option scheme 106 -
Total 1,503 1,458
The Consolidated Statement of Cash Flows shows an adjustment to Net cash from
operating activities relating to share-based payments of £1,413,000 (2024:
£1,236,000). This is a charge in the year of £1,503,000 (2024: £1,458,000)
adjusted for cash paid relating to National Insurance contributions on the
exercise of share options of £90,000 (2024: £222,000). Of the charge
of £1,503,000, £1,081,000 is recognised through equity, with the remaining
£422,000 relating to the cost of National Insurance contributions that are
not accounted for through equity. Within equity, there is also an additional
£129,000 relating to the exercise price received on the exercise of share
options, which were satisfied through shares held in the EBT rather than
through the issue of new shares.
26 | Related party transactions
Ultimate controlling party
The Directors consider there to be no ultimate controlling party.
Relationships
Balances and transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note. The Group has trading relationships with the following entities
in which Paul Hogarth, a Director, has a beneficial interest:
Entity Nature of transactions
Suffolk Life Pensions Limited The Group pays lease rental payments on an office building held in a pension
fund by Paul Hogarth.
Hermitage Holdings (Wilmslow) Limited The Group incurs recharged costs from this entity relating to trading
activities.
Related party balances
Terms and conditions 2025 Value Balance 2024 Value Balance
of cost
payable
of cost
payable
(£'000)
(£'000)
(£'000)
(£'000)
Suffolk Life Pensions Limited Payable in advance (61) (15) (47) (15)
Hermitage Holdings (Wilmslow) Limited Repayment on demand - - (12) -
Balances with related parties are non-interest-bearing.
Key management personnel remuneration
Key management includes Executive and Non-Executive Directors. The
compensation paid or payable to key management personnel is as disclosed in
note 13.
27 | Alternative performance measures
The Group has identified and defined certain measures that it uses to
understand and manage its performance. The measures are not defined under IFRS
and are not considered to be a substitute for or superior to IFRS measures,
but management believe that these Alternative Performance Measures ("APMs")
provide stakeholders with additional helpful information and enable an
alternative comparison of performance over time. The APMs should not be viewed
in isolation, but as supplementary information. APMs may not be comparable
with similarly titled measures presented by other companies.
The APMs are used by the Board and management to analyse the business and
financial performance, track the Group's progress, and help develop long-term
strategic plans. Some APMs, where noted in the table, are used as key
management incentive metrics. The APMs provide additional information to
investors and other external shareholders, to provide additional
understanding of the Group's results of operations as supplemental measures of
performance.
APM Closest equivalent measure Reconciling items to their statutory measure Definition and purpose
Adjusted operating profit Operating profit Items in note (a) below The reconciliation between Operating profit and adjusted operating profit can
be seen on the face of the Consolidated Statement of Total Comprehensive
Income. See note 7 for the value of the adjusting items. This is a key
management incentive metric.
Adjusted operating profit margin Operating profit margin Items in note (a) below Adjusted operating profit divided by revenue to report the margin delivered.
Progression in the adjusted operating margin is an indicator of the Group's
operating efficiency.
See note 7 for the value of the adjusting items.
Cash generated from operations before exceptional items Cash generated from operations Cash flows from exceptional items Cash generated from operations is adjusted to exclude cash flows from
exceptional items. The reconciliation between cash generated from operations
and Cash generated from operations before exceptional items can be seen on the
Statement of Cash Flows, when relevant. This is a measure of the cash
generation and working capital efficiency of the Group's operations and is a
key management performance measure.
Adjusted earnings per share - Basic Earnings per share - Basic Items in note (b) below Profit after tax attributable to shareholders of the Company is adjusted to
exclude separately disclosed items, as detailed in note 11, and is divided by
the same denominator as Basic EPS; this being the weighted average number of
ordinary shares in issue. Adjusted EPS - Basic is presented to reflect the
impact of the separately disclosed items included in adjusted operating
profit.
Adjusted earnings per share - Fully Diluted Earnings per share - Diluted Items in note (b) below Profit after tax is adjusted to exclude separately disclosed items, as
detailed in note 11, and is divided by the total number of dilutive shares,
assuming that all contingently issuable shares will fully vest. The
reconciliation and calculation of Adjusted EPS - Diluted is shown in note 11.
Adjusted EPS - Fully Diluted is presented to reflect the impact of the
separately disclosed items included in Adjusted operating profit and to
include all shares that are contingently issuable, assuming that share options
fully vest. This is a key management incentive metric.
Tatton - assets under management ("AUM") and net inflows None Not applicable AUM is representative of the customer assets and is a measure of the value of
the customer base. Movements in this base are an indication of performance in
the year and growth of the business to generate revenue going forward. Net
inflows measure the net of inflows and outflows of customer assets in the
year. Net inflows are a key management incentive metric.
Tatton - assets under influence ("AUI") None Not applicable AUI is representative of the customer assets that are not directly managed by
Tatton but over which we hold influence, due to our shareholding in the
company in which they are managed, and is a measure of the value of the
customer base. Movements in this base are an indication of our participation
in the joint venture and its growth, in order to generate Tatton's share of
profits going forward.
Tatton firms None Not applicable Alternative growth measure to revenue; provides an operational view of growth
in the Tatton division.
Paradigm - Consulting members, Mortgages lending and member firms None Not applicable Alternative growth measure to revenue; provides an operational view of growth
in the Paradigm division, which is supported by two main service lines:
Consulting and Mortgages.
Return on capital employed ("ROCE") None Not applicable ROCE is calculated as the annual adjusted operating profit for the last
twelve months, as shown on the Consolidated Statement of Total Comprehensive
Income, expressed as a percentage of the average total assets less current
liabilities. The denominator for 2025 is £47.8m (2024: £44.2m). ROCE
measures how effectively we have deployed our resources and how efficiently we
apply our capital.
(a) Reconciling items include: Exceptional items, share-based
payments, changes in the fair value of contingent consideration, amortisation
of acquisition-related intangibles, and operating loss relating to
non-controlling interest.
(b) Reconciling items include: Exceptional items, share-based payments,
changes in the fair value of contingent consideration, amortisation of
acquisition-related items, unwinding of discount on contingent consideration,
and the tax thereon.
28 | Post balance sheet events
There have been no post balance sheet events.
29 | Capital commitments
At 31 March 2025, the Directors confirmed there were no capital commitments
(2024: none) for capital improvements.
30 | Contingent liabilities
At 31 March 2025, the Directors confirmed there were no contingent liabilities
(2024: none).
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