Preliminary Results For the year ended 31 March 2019

3 June 2019

Tatton Asset Management plc (the "Group", the "Company") (AIM: TAM), the investment management and IFA support services group, today announces its preliminary results for the year ended 31 March 2019.
 
Financial Highlights

  • Discretionary assets under management (“AUM”) increased 24.5% to £6.1bn (2018: £4.9bn)
  • AUM net inflows increased to £1.1bn averaging over £90m per month
  • Group revenue increased 12.9% to £17.5m (2018: £15.5m)
  • Adjusted operating profit1 up 12.3% to £7.3m (2018: £6.5m)
  • Adjusted operating profit1 margin 41.7% (2018: 42.1%)
  • Reported profit before tax increased to £6.1m (2018: £3.6m), after charging exceptional items of £0.5m and share option costs of £0.9m
  • Proposed final dividend of 5.6p, giving a full year dividend of 8.4p
  • Adjusted fully diluted EPS2 increased 9.9% to 10.0p (2018: 9.1p)
  • Strong financial position, with net cash of £12.2m (2018: £10.6m)
Operational Highlights
  • Tatton increased its member firms by 30.5% to 445 (2018: 341) and number of accounts to 58.5k (2018: 48.8k)
  • Tatton won significant long-term investment mandate from Tenet, one of the UK’s largest Adviser support Groups (see separate announcement)
  • Tatton won investment mandate with AIM listed financial services company Frenkel Topping (see separate announcement)
  • Tatton launched its new inhouse administration portal, ensuring scalability and supporting future growth
  • Tatton completed project to transfer Authorised Corporate Director (ACD), delivering efficiencies for the Group and decreasing the fund operating costs for end investors
  • Paradigm Mortgages, the Group’s mortgage and protection distribution business, increased gross lending via its channels by 23.5% to £8.4bn (2018: £6.8bn)
  • Paradigm Mortgages increased the number of member mortgage firms by 14.1% to 1,392 (2018: 1,220)
  • Paradigm Consulting, the Group’s compliance services business, increased new members 6.0% to 390 (2018: 368)
1. Operating profit before exceptional items and IFRS2 share-based payment costs
2. Adjusted fully diluted earnings per share is calculated by dividing the adjusted operating profit less cash interest and less tax on operating activities by the weighted average number of ordinary shares in issue during the year plus potentially dilutive ordinary shares.

Paul Hogarth, Chief Executive Officer, commented:
“We have maintained our growth and performance despite a challenging period and successfully created a secure platform upon which we can continue to execute our ongoing strategy. 
 
“The recent strategic investment mandate wins show how compelling our investment proposition is to the wider market.  We have a simple, lean operating model that gives the IFA and their clients the best investment management products at a sector leading price point and we will continue to focus on their needs as well as creating further value for our shareholders. 
 
“With a strong balance sheet, we will invest for further growth, ensuring we have the right blend of skills and talent to capitalise on the many opportunities that exist within our markets.  We enter the new financial year confident of making further progress.”

Read the full announcement here.
The full Annual Report is available here.

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