Miton Group Plc Trading Statement (7774K)
July 12 2017 - 1:00AM
UK Regulatory
TIDMMGR
RNS Number : 7774K
Miton Group Plc
12 July 2017
MITON GROUP PLC
HALF YEAR TRADING UPDATE
"Strong net inflows and investment performance contributed to
the growth in AuM"
Miton Group plc (the 'Company' or 'Group'), the AIM quoted fund
management group, today announces a trading update for its half
year ended 30 June 2017 (the 'period'), together with an update of
its unaudited statement of Assets under Management ('AuM') as at 30
June 2017.
Highlights
-- Solid start to the year consistent with our outlook for 2017 as a whole
-- GBP3,354 million closing AuM, up from GBP2,905 million at the start of 2017
-- Average AuM for the period was GBP3,157 million (2016 FY:
GBP2,783 million), an increase of 13.4%
-- GBP18.2 million of cash balances as at 30 June 2017 (30 June 2016: GBP17.4 million)
-- Share buy-back programme completed on 23 February 2017
Assets under Management
Opening Half Closing
AuM Q1 Q2 year Market AuM
1 Jan Net Net Net / investment 30 Jun
2017 flows flows flows performance 2017
GBPm GBPm GBPm GBPm GBPm GBPm
Equity funds 1,714 66 84 150 164 2,028
Multi-asset
funds 672 26 15 41 37 750
Total funds 2,386 92 99 191 201 2,778
Investment
Trusts 519 5 (1) 4 53 576
Total 2,905 97 98 195 254 3,354
Progress - funds
-- Continued expansion of our fund range with the launch of the
CF Miton Global Infrastructure Income Fund on 23 March 2017
-- 12 out of 15 funds are first or second quartile performers
since manager tenure to 30 June 2017(1)
-- Organic growth progressed with positive net flows in 24 out
of 26 weeks during the first half of the year. 8 out of 11 open
ended funds saw net inflows during the period
Progress - people
-- Jim Wright joined the group in January 2017 to lead the
global equity infrastructure strategy. The new CF Miton Global
Infrastructure Income Fund ends the half year with AuM of
GBP14m
-- Added to the Group's distribution capability with two new
appointments to the sales team. Each are highly experienced sales
people with the ambition to provide enhanced customer service and
reach new clients in the North of England, Scotland, the borders
and Newcastle
-- We are making good progress on the appointment of a new Non-Executive Chairman
Progress - corporate
-- Following the announcement on 22 December 2016, the Group's
GBP2.6m share buyback programme was completed on 23 February 2017.
The Group acquired and cancelled 6,606,900 ordinary shares
-- A dividend of 1.00p per share was paid to shareholders on 4
May 2017, an increase of 49.2% on the prior year reflecting the
Board's continued confidence in the growth prospects of the
Group
David Barron, Chief Executive Officer of Miton Group plc,
commented:
"This has been a strong start to the year for Miton and we are
optimistic that the second half will continue to deliver net
inflows, subject to markets. Our new management structure, which
has been in place since March, is also benefiting the business and
we are making good progress on the appointment of a new
Non-Executive Chairman.
Changing market dynamics have led to an increasing client
interest in strategies investing across a wider opportunity set
which can demonstrate strong risk-adjusted performance. Miton's mix
of genuinely active multi-asset and single strategy funds now have
the performance and scale which with our proven distribution, put
them in a strong position to grow over the coming years."
(1) The quartile performance rankings are based on Investment
Association sector classifications, with data sourced from FE
Analytics in GBP using Class B Shares, net income reinvested, mid
to mid basis for OEIC funds and bid to bid for FP Miton Income and
MI Miton Cautious Monthly Income funds. Performance for Investment
Trusts is calculated on Net Asset Value (NAV), ranked against
Association of Investment Companies sector classifications, and is
sourced from Morningstar Direct. All data is as at 30 June
2017.
ENDS
For further information, please contact:
Miton Group plc 020 3714 1500
David Barron / Gervais Williams
MHP Communications 020 3128 8100
Reg Hoare / Simon Hockridge / Charlie Barker
Peel Hunt (Nominated adviser and Broker) 020 7418 8893
Guy Wiehahn / Rishi Shah
www.mitongroup.com
Notes to Editors:
Miton Group plc (referred to as the "Company" or "Group"), is an
equity and multi-asset fund management specialist. As at 30 June
2017 the Group managed GBP3,354 million of assets including nine
OEICs, two unit trusts and four investment trusts under the Miton
brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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