By Elena Vardon
Liontrust Asset Management on Wednesday posted a fall in pretax profit for fiscal 2023 after it saw net outflows and a negative market and investment performance, and booked heavier administration expenses.
The U.K. sustainability-focused investment manager reported pretax profit for the year ended March 31 of 49.3 million pounds ($62.9 million) from GBP79.3 million in the previous year.
Adjusted pretax profit–its key metric stripping out exceptional and other one-off items–was GBP87.1 million compared with GBP96.6 million. In April, it had said it expected the figure to be at least GBP86 million.
Revenue slipped to GBP243.3 million from GBP245.6 million. Performance-fee revenue for the year was GBP18.5 million, ahead of the at least GBP17.0 million it expected and up from last year’s GBP12.6 million.
The group said total assets under management and advice at March 31 were GBP31.43 billion, down from GBP33.55 billion a year prior. AuMA at June 16 were GBP30.5 billion, it added.
The board declared a second interim dividend flat at 50.0 pence a share, bringing the total payout for the year to 72.0 pence a share, in line with the previous year.
“The business is in strong health despite the challenges of the past year and we are seeking to build on this through the proposed acquisition of GAM Holding AG to accelerate the strategic aims of Liontrust becoming a specialist global investment manager,” Chief Executive John Ions said.
Write to Elena Vardon at [email protected]
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