Premier Miton Group (PMI) H1 2025 earnings summary

Executive summary

• Assets under management (AUM) closed at £10.2 billion as of March 31, 2025, rebounding to £10.4 billion by May 22, 2025, with 71% of funds outperforming since inception or manager tenure.

• Adjusted profit before tax was £5.4 million, with a strong cash position of £31.2 million.

• Operational review identified £3 million in annual run-rate savings, targeted for completion by September 2025.

• Product mix is increasingly diversified, with fixed income and absolute return strategies gaining share.

• Distribution capabilities and brand awareness have been enhanced, including international expansion and new fund launches.

Financial highlights

• Net management fees were £30.2 million, with a net management fee margin of 57bps, and gross profit of £32.4 million.

• Adjusted operating margin declined to 16.7% from 18.9% year-over-year.

• Administration expenses rose 9% to £27.7 million, mainly due to staff and marketing costs.

• Net outflows for the six months were £254 million, with average AUM at £10.6 billion.

• Interim dividend declared at 3.0p per share, unchanged from prior years.

Outlook and guidance

• Strong pipeline in fixed income, absolute return, and equity strategies, with AUM rising to £10.4 billion post-period.

• Focus on capturing flows in high-demand areas, enhanced distribution, and further M&A opportunities.

• Positioned to benefit from market recovery and increased demand for active management.

• Operational efficiencies expected to deliver £3 million in annual savings by September 2025.