2021 Results
IMPROVED AUM DUE TO NETFLOWS AND
OUTPERFORMANCE
£m
Average AuM
Closing AuM
Audited
year to
30 Sept 2021
12,751
13,931
Audited
year to
30 Sept 2020
10,110
10,608
Net revenue
84.5
66.8
Net management fee margin (bps)
65.0
65.9
Administration expenses
(55.8)
(44.4)
Adjusted profit before tax
28.6
22.4
Amortisation
(5.1)
(4.5)
Share-based payments
(4.5)
(3.6)
Merger related costs
(1.4)
(4.5)
Exceptional costs
(0.1)
(0.2)
Profit before tax
17.5
9.6
Premier Miton
INVESTORS
AuM ended the year at £13.9bn (2020: £10.6bn). The
increase was due to good fund performance, a return to
net inflows of £830 million and strong market performance.
Net management fee margin reduced marginally versus the
previous year, the reduction driven by the change in our
business mix and the impact of flows and markets on our
existing business.
Administration expenses reflect the inclusion of an
additional 1.5 months associated with Miton along with the
annualised impact of the investment in new teams at the
end of 2020 (see pages 21 & 22 for further detail).
Amortisation includes a full annualised charge relating
to the unwinding of intangible assets recognised on merger.
The share-based payment charge reflects a full charge for
the awards issued in the previous year.
Merger was completed in the year, no further costs
associated with this are anticipated.
PBT increased by 82%
2021 Results
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