Preliminary Results for the year ended 31 March 2018

27 June 2018

“Excellent debut – Strong growth across all businesses”

Tatton Asset Management plc (“TAM” or the “Company” and together with its subsidiaries, the “Group”) (AIM: TAM), the on-platform discretionary fund management (DFM) and support services business for independent financial advisers (IFAs), today issues its Preliminary Results for the year ended 31 March 2018.

Financial Highlights

  • Tatton’s discretionary assets under management (“AUM”) increased 25.6% to £4.9bn (2017: £3.9bn)
  • Average AUM inflows of over £80m per month maintained
  • Group Revenue increased 30.7% to £15.5m (2017: £11.9m)
  • Adjusted Operating profit1 up 44.7% to £6.5m (2017: £4.5m)
  • Adjusted Operating profit1 margin increased to 42.1% (2017: 38.0%)
  • Reported profit before tax increased to £3.6m (2017: £2.0m), after charging exceptional items of £2.0m and share option costs of £1.0m
  • Final dividend of 4.4p giving a full year dividend of 6.6p
  • Adjusted EPS2 increased 49.5% to 9.6p (2017: 6.5p)
  • Strong financial position, with net cash of £10.6m (2017: £nil)
 
Business Highlights
  • Successful IPO on AIM completed on 6 July 2017 raising £51.6m
  • TIML, the Group’s investment management business, has continued to expand, delivering strong organic growth in AUM and introduced three new blended funds
  • TIML increased its member firms to 341 (2017: 237) and number of accounts to 48.8k (2017: 39.6k)
  • PPL, the Group’s compliance services business, increased new members 4.5% to 368 (2017: 352)
  • PMS, the Group’s mortgage and protection distribution business, performed strongly, with gross lending via its channels during the period of £6.8bn (2017: £4.8bn), an increase of 41.7%. PMS now has 1,220 mortgage firms using its services (2017: 1,069), up 14.1%

1. Operating profit before exceptional items and IFRS2 share-based costs
2. Adjusted earnings per share is calculated by dividing the adjusted operating profit less cash interest, less tax on operating activities by the number of ordinary shares in issue during the year
 
Paul Hogarth, Chief Executive Officer, commented:
“I am delighted to report our maiden results since our successful IPO in July last year. We have continued the strong growth we announced at the half year, delivering a valuable 25.6% increase in discretionary assets under management and a strong underlying performance across each of our three businesses. Post the year-end, we have surpassed a significant milestone - £5 billion of discretionary AUM – which is a considerable achievement for the team.

“There is unprecedented demand for a low cost DFM service to the mass affluent served by the IFA sector, and we continue to capitalise on this. We are challenging existing off platform, traditional incumbents, and working closely with increasing numbers of IFAs in providing the mass affluent with an investment portfolio management service that is pushing the envelope. We are pleased with the progress we are making and excited at the opportunities ahead. The outlook for the Group remains positive and l look forward to providing a further update in due course.”

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

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