Miton Group Plc Trading Statement (1970C)
January 18 2018 - 1:00AM
UK Regulatory
TIDMMGR
RNS Number : 1970C
Miton Group Plc
18 January 2018
MITON GROUP PLC
YEAR END TRADING UPDATE
"Strong growth in Assets under Management drives an excellent
year for the Group"
Miton Group plc (the 'Company' or 'Group'), the AIM quoted fund
management group, today reports a trading update and unaudited
statement of Assets under Management ('AuM'). The announcement of
the Group's final results for the year ended 31 December 2017 (the
'year') is expected to be issued on 19 March 2018.
Highlights
-- Year end AuM of GBP3,823 million (GBP2,905 million at the start of the year) (+32%):
o GBP494 million contribution from net inflows (2016: GBP1 million).
-- Average AuM for the year was GBP3,361 million (2016: GBP2,783 million) (+21%).
-- GBP19.9 million of cash balances as at 31 December 2017 (2016: GBP21.3 million).
-- A total of 15,152,963 shares acquired and cancelled at a cash cost of GBP6 million.
-- Overall financial performance expected to be at least in line with management expectations.
Assets under Management
Opening Full Closing
AuM H1 H2 year Market AuM
1 Jan Net Net Net / investment 31 Dec
2017 flows flows flows performance 2017
GBPm GBPm GBPm GBPm GBPm GBPm
Equity funds 1,714 150 211 361 275 2,350
Multi-asset
funds 672 41 86 127 69 868
Total funds 2,386 191 297 488 344 3,218
Investment
Trusts 519 4 2 6 80 605
Total 2,905 195 299 494 424 3,823
Fund commentary
-- 13 out of 15 funds were first or second quartile performers
since manager tenure to 31 December 2017(1) .
-- Strong organic growth with positive net flows in 47 out of 52 weeks during the year.
-- 8 out of 11 open ended funds saw net inflows for the year.
-- Greater diversification in flows across multi-asset and the
more recently launched single-strategy funds.
David Barron, Chief Executive Officer of Miton Group plc,
commented:
"In my first year as CEO, we have built momentum in the Group
and broadened the business both in terms of client base and
product, whilst intensifying our client centric approach. By
offering a strongly-differentiated range of multi-asset and single
strategy funds and positioning them as complementary to index based
strategies, we are well-placed for the changes taking place in the
UK asset management market. We have achieved strong investment
outcomes for our clients and are building a resilient and
diversified business.
"These factors have come together in a year of accelerated
organic growth and strong cash generation, with record year end AuM
and a robust cash position. As we enter 2018 our business momentum
remains strong and we are a more balanced business than ever. We
are well positioned for the future."
Notes
(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 31 December
2017.
ENDS
For further information, please contact:
Miton Group plc 020 3714 1474
David Barron
Chief Executive Officer
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 31
December 2017 the Group managed GBP3,823 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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