Tatton Asset Management (TAM) H1 2027 earnings summary

Executive summary

• H1 FY27 revenue rose 24.8% to £32.071m and adjusted operating profit rose 33.3% to £17.482m, supported by AUM growth and investment performance.

• Combined AUM / influence increased 15.5% to £27.968bn at Sep-26; net inflows were £1.004bn, with adviser consolidation weighing on flows.

• AUM / influence reached £28.411bn on 6 Nov 2026; the £30bn target remains for before FY end 2029.

Financial highlights

• Adjusted operating margin rose to 54.5% from 51.0%; adjusted diluted EPS increased 35.0% to 21.62p.

• Statutory operating profit was £15.226m; profit before tax rose 37.3% to £16.027m and profit for the period was £11.981m versus £8.630m.

• Adjusted profit before tax increased 34.5% to £18.283m; basic EPS was 19.58p versus 14.34p.

• Cash was £35.084m at 30 Sep 2026 versus £33.862m at 31 Mar 2026; net assets rose to £59.631m from £55.047m.

Outlook and guidance

• FY27 net inflows guidance is £150m–£200m per month; H1 averaged £167m, with a £3.0bn new-business pipeline supporting expectations of continued H2 inflows.

• Excluding consolidation-related asset transfers, underlying monthly inflows remained within £200m–£250m guidance; priority is converting the expanded adviser base into stronger H2 flows.

• FY27 Tatton revenue yield guidance is ~22bps; H1 yield was 22.6bps, with yield expected to fall to ~21bps in FY28 as the mix shifts to core MPS.

• FY27 Paradigm revenue growth guidance is ~5%; underlying cost growth is 10%–12%, with adjusted operating margin maintained at 54.5%.

• FY results are expected in line with market expectations; geopolitical uncertainty and elevated market volatility remain considerations.