Interim Results for the six months ended 30 September 2018

15 November 2018

“Strong growth of AUM”
 
Tatton Asset Management plc (the “Group”) (AIM: TAM), the on-platform discretionary fund management (DFM) and support services business for independent financial advisers (IFAs), today issues its interim results for the six-month period ended 30 September 2018.
 
Highlights

  • Tatton Investment Management’s (“TIML”) discretionary assets under management (“AUM”) increased 29.5% to £5.7bn (2017: £4.4bn)
  • Average AUM inflows increased to ~£90m per month, up from ~£80m per month at September 2017
  • Group Revenue increased 15.7% to £8.45m (2017: £7.30m)
  • Adjusted Operating profit1 up 8.3% to £3.35m (2017: £3.09m)
  • Reported profit before tax increased to £3.08m (2017: £0.56m)
  • Interim dividend increased 27.3% to 2.80p (2017: 2.20p)
  • Adjusted F.Dil EPS2 increased 8.6% to 4.57p (2017: 4.21p)
  • Strong financial position, with net cash of £11.6m (2017: £10.5m)
 
Business Highlights
  • TIML delivered strong organic growth and client portfolio returns ahead of peer group averages 
  • TIML increased its member firms by 41.6% to 405 (2017: 286) and number of accounts by 21.5% to 53.5k (2017: 44.1k)
  • Further investment and strengthened business development team
  • Pipeline of new IFA businesses continues to grow, as more IFAs that are not clients of Paradigm Partners (or “PPL”)  use TIML. IFAs that use PPL account for 42% of the total number of TIML firms and 79% of the assets under management
  • Paradigm Mortgages (or “PMS”), the Group’s mortgage and protection distribution business, performed strongly, with gross lending via its channels during the period of £4.0bn (2017: £3.2bn), an increase of 25.0%. PMS now has 1,290 mortgage firms using its services (2017: 1,143)
  • Balance sheet remains healthy with net assets as at 30 September 2018 totalling £13.9m (2017: 12.5m)
1. Operating profit before exceptional items and IFRS2 share-based costs
2. Adjusted for exceptional items and share based payments and the tax thereon
 
Paul Hogarth, Chief Executive Officer, commented:
 
“We have delivered a positive first half with continued growth in revenue, profit and earnings underlining the strong demand by independent financial advisers for our low-cost discretionary fund management service for the mass affluent. This is particularly reflected in the strong growth of our assets under management and in the increasing number of IFAs and clients we are working with. We are an investment manager of choice for IFAs, who are attracted by our low-cost DFM proposition and consistent investment performance, while maintaining the highest investment management standards. Paradigm Mortgages performed very well and continues to gain market share and we look forward to the re-branding of Paradigm Partners in January 2019. We remain confident of achieving further progress through the rest of the financial year.”

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