Premier Miton Group (PMI) H2 2025 earnings summary

Executive summary

• Assets under management (AUM) closed at £10.3bn, down from £10.7bn in 2024, reflecting net outflows in US and European equities and industry-wide trends rather than structural weakness.

• Strong inflows and momentum in fixed income and absolute return franchises partially offset equity outflows.

• Strategic actions include strengthening investment teams, enhancing the product pipeline, expanding international distribution, and developing new long/short capabilities.

• Robust balance sheet with £31.3m in cash and continued investment in operational efficiency and growth.

• Proposed final dividend of £0.03 per share, total £0.06 for the year, with payout ratio at 110% of adjusted profit after tax.

Financial highlights

• Adjusted profit before tax was £11.5m, down from £12.2m in 2024, with cost savings initiatives partially offsetting revenue pressures.

• Net outflows for the year totaled £618m, partially offset by positive market performance of £261m.

• Net management fee margin declined to 56.7bps from 58.9bps, with net management fees at £59.4m, down 2%.

• Performance fees of £2.3m contributed to a gross profit of £61.7m.

• Administration expenses increased by 3% to £52.7m; adjusted for non-recurring items, costs were flat at £50.8m.

Outlook and guidance

• Positioned for growth and a return to positive flows, with momentum in fixed income and absolute return and a healthy pipeline across multiple strategies.

• Expecting a more favorable interest rate environment for equities in the next 12 months.

• Further £2m in annualized cost savings targeted for FY2026, with nominal costs expected to fall.

• Focus on capturing opportunities in the retirement income market, selective M&A, and expansion into offshore markets.