Tatton Asset Management (TAM) H1 2026 earnings summary

Executive summary

• Achieved strong organic net inflows of GBP 1.7 billion and robust investment performance, driving a GBP 4.0 billion increase in AUM/I over six months, with AUM/I reaching GBP 27.1 billion year-to-date and a 29.6% year-over-year increase.

• Revenue and operating profit increased by 18.6% and 20.4% respectively, with group margin at 51%.

• Interim dividend increased to 12.0p per share, up 26.3%, with a further 12.0p expected later.

• Number of supporting IFA firms increased to 1,170, and average account size rose to GBP 154,000.

• Maintained high asset retention at 98.5% over the six-month period.

Financial highlights

• Group revenue: GBP 25.7 million (+18.6% YoY); adjusted operating profit: GBP 13.1 million (+20.4% YoY); profit before tax: GBP 11.674 million (+15.6% YoY).

• Adjusted earnings per share grew by 17.2% to 16.02p.

• Tatton segment revenue and operating profit up 21% and 22%, with margin at 64%.

• Net assets at GBP 55.9 million, cash position at GBP 34.1 million, and net debt free.

• Paradigm revenue and operating profit both increased 6%, with margin stable at 29%.

Outlook and guidance

• On track to deliver forecasts in line with board expectations and achieve GBP 30 billion AUM/I by FY29.

• Revenue margin expected between 20-21 basis points; Paradigm revenue to grow at mid-single digits.

• Net flows guidance (excluding Perspective) set at 200-250 million.

• Annual cost increase guidance remains at 10%-12%.

• Autumn Budget and regulatory changes not expected to materially impact growth trajectory.