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Premier Miton pre-tax profits plunge 75% despite AUM boost from acquisitions
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In its half-year results published today (30 May), the firm said pre-tax profit dropped to £600m from £2.4bn the year before in the six months to 31 March. Adjusted profit before tax, which excludes amortisation, share-based payments, merger related costs and exceptional costs was £5.7m, down 28% from £7.9m last year. The pre-tax profit slump was due to lower revenues, which fell 14% to £30.1m as average AUM for the year decreased 10% to £10bn. Premier Miton takes 60% profit hit as net outflows climb to £1.1bn Premier Miton's AUM ended the period at £10.7bn, representing an inc...
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