Premier Miton slashes payout as outflows pick up in challenging market

Premier Miton Group PLC on Thursday said it plans to halve its annual dividend as outflows increased in the first half of its financial year.

The Guildford, Surrey-based asset management firm posted a pretax loss of £515,000 in the six months to March 31, swung from a £1.1 million profit in the year prior.

Revenue fell 19% to £26.9 million from £33.1 million while administration expenses declined 16% to £23.3 million from £27.7 million.

Assets under management at the period-end declined to £8.99 billion from £10.20 billion the year before. Net outflows for the six months were £1.31 billion, picking up from £254 million outflows a year ago.

These were ‘primarily concentrated in a limited number of underperforming international equity strategies rather than being systemic across the business,’ the firm explained.

Continued inflows into fixed income have been seen, along with resilient demand in selected multi?asset and income strategies, it added.

‘We have taken decisive action to address areas of weaker performance and reposition the business to return to more stable outcomes. While market conditions have remained challenging and net outflows have continued, this has been concentrated in a small number of strategies, with other parts of the business demonstrating resilience and ongoing client demand,’ said Chief Executive Mike O’Shea.

Reflecting the ‘continued challenging trading environment’ the firm said it has determined that a total distribution of 3.0 pence per share represents an ‘appropriate’ level of shareholder return. This would be halved from the 6.0p paid in the financial year to September, 2025.

As a result, the interim dividend was lowered to 1.5 pence per share from 3.0p a year ago.

Shares in Premier Miton fell 4.8% to 35.70p each in London on Thursday.

From the next financial year, the board intends to adopt a new dividend policy of distributing 75% of profit after tax, adjusted for non-recurring items, share-based payments and amortisation.

In addition, the company said it has identified further opportunities to simplify processes and remove duplication, resulting in annualised savings of £2.5 million. These are expected to be implemented by September, with estimated one?off costs of £500,000.

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