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Tatton Asset Management

Interims show strong growth

What’s new: Tatton Asset Management’s results for the six months to 30 September revealed strong growth in divisional revenue and profits: ▪ 15% rise in Group Revenue to £9.73m (1H18: £8.45m) - AuM based revenues rose 19% to £7.10m (1H18: £5.99m), with Tatton Investment revenue rising 35% and wrap income declining; - Paradigm revenues rose 7% to £2.60m (1H18: £2.43m); ▪ 23% rise in Group adjusted operating profit to £4.13m (1H18: £3.35m) - 23% rise in AuM based profit to £4.27m (1H18: £3.48m) which is 42% rise in Tatton Investment profits (as previously reported); - 11% rise in Paradigm profits to £0.91m (1H18: £0.82m) and - 11% rise in central costs to £1.1m (1H18: £0.96m) ▪ Adj FD EPS rose 18% to 5.4p (1H18: 4.6p); ▪ Interim DPS was increased 14% to 3.2p (1H18: 2.8p); ▪ Net cash was £9.17m after paying £3.1m final dividend and £2.0m for Sinfonia, with operating cash conversion at over 100%. The Group trading update on 17 October had already announced: ▪ 14.8% rise in Group AuM to £7.0 billion (30/9/18: £5.7 billion: 23% rise YoY; 31/3/19: £6.1 billion: 14.8% rise in the 6 months period): - 1H organic net inflows of £441m increased AuM by 7.2%; - the Sinfonia acquisition added £135m, increasing Group AuM by 2.2%. Outlook: Paul Hogarth, Founder and CEO, notes: “monthly net flows continuing to perform well from both existing and new IFAs despite an uncertain and volatile market” and the reorganisation of the group’s “IFA support services businesses under the existing Paradigm brand but with one simplified operational and management structure …[should enable] improved efficiencies and opportunities”.

  • 11 Nov 19
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