Premier Miton pre-tax profits plunge 75% despite AUM boost from acquisitions

More M&A on the radar

Premier Miton profits before tax have plunged by 75% due to lower revenues, as net outflows continued to weigh on average assets under management over the period.

In its half-year results published today (30 May), the firm said pre-tax profit dropped to £600m from £2.4bn the year before in the six months to 31 March. Adjusted profit before tax, which excludes amortisation, share-based payments, merger related costs and exceptional costs was £5.7m, down 28% from £7.9m last year. The pre-tax profit slump was due to lower revenues, which fell 14% to £30.1m as average AUM for the year decreased 10% to £10bn.  Premier Miton takes 60% profit hit as net outflows climb to £1.1bn Premier Miton's AUM ended the period at £10.7bn, representing an inc...