Liontrust (LIO) H2 2025 earnings summary

Executive summary

• AuMA was £22.6bn at 31 March 2025 after £4.9bn of net outflows during the year.

• Adjusted profit before tax fell 28% to £48.3m; adjusted diluted EPS declined 26% to 56.7p.

• The 72p full-year dividend was maintained, including a second interim dividend of 50p payable in August 2025.

• Business transformation delivered £6m in annualized cost savings.

Financial highlights

• Gross profit was £157.7m, down 15%, including £3.6m of performance fees; excluding those fees, gross profit was £154.1m, down 12%.

• Revenue margin excluding performance fees was 0.60% on average AuMA of £25.7bn.

• Administration costs fell 8%, with compensation costs down 13%.

• Adjusted operating margin was 29.2%, compared with 35.9% the previous year.

Outlook and guidance

• Management anticipates a more positive environment for active managers as lower returns encourage diversification across geography, style and market capitalization.

• Distribution and fund range expansion, particularly in institutional and international markets, remain priorities.

• New capital allocation policy is intended to support organic and inorganic growth.