Tatton Asset Management ups dividend as annual results beat consensus

Tatton Asset Management PLC on Tuesday increased its total dividend by 42% as it reported profit and revenue ahead of market expectations.

In response, shares in Tatton, which provides discretionary fund management and independent financial advisor support services, soared 10% to 658.60 pence each in London on Tuesday.

Pretax profit increased 17% to £25.1 million in the financial year ended March 31 from £21.6 million the year prior.

Adjusted operating profit jumped 24% to £28.5 million from £22.9 million, beating £27.1 million Bloomberg consensus, cited by Peel Hunt.

Adjusted fully diluted earnings per share increased by 22% to 35.05 pence from 28.65p.

Group revenue firmed by 20% to £54.4 million from £45.3 million, ahead of £52.7 million Bloomberg consensus, cited by Peel Hunt.

Assets under management grew 11% to £24.22 billion from £21.83 billion, with AUM at June 12 standing at £26.49 billion.

Underlying AUM, which excludes the impact of the conclusion of the Perspective Financial Group contract, increased 27% to £22.81 billion from £17.99 billion.

‘Asset growth has come from both the onboarding of new firms and from increased penetration within existing relationships,’ the firm said.

Underlying net inflows totalled £2.81 billion, compared to £2.93 billion the year prior. Inflows picked up to £1.45 billion in the second half of the financial year from £1.35 billion in the first.

‘These are a clear and encouraging demonstration of the strength of adviser-led organic growth within the core business,’ the firm said.

Total net outflows for the year were £523 million compared to inflows of £3.69 billion the year before, including net outflows of £3.33 billion relating to the end of the Perspective contract.

‘This is a particularly pleasing outcome given the well-anticipated and orderly conclusion of the Perspective Financial Group contract during the year and is a powerful demonstration of the fundamental strength of the underlying business,’ Chief Executive Paul Hogarth said.

In November 2024, Tatton said its contract with Perspective Financial Group, an IFA consolidator in the UK and founder firm since Tatton’s inception in 2013, would not be renewed.

Looking ahead, Tatton is targeting assets under management and influence of £30 billion by March 2029.

The board recommended a final dividend of 15.0p per share, up from 9.5p a year ago, taking the full year payout to 27.0p, up 42% from 19.0p the year before.

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