23 May 2019 – interim results
Interim results covering the six months ended 31 March 2019 have been released. Revenue was virtually unchanged at £26.2m versus £26.3m in the same period a year earlier. Adjusted profit before tax was £9.26m (2018: £9.03m) and reported earnings per share 5.30p (2018: 5.91p). The quarterly dividend has been increased to 1.70p versus 1.65p for the same period in the prior year. Total assets under management were £6.8bn as at 31 March 2019 (31 March 2018: £6.4bn) and assets under management as at 30 April 2019 were £7.0bn. Total net inflows were £67m in the six months to 31 March 2019 and there have been 24 successive quarters of positive net inflows. Prospects remain strong over the medium to long term although the strength of global stock markets is clearly out of the company’s control in the more immediate future. We continue to rate the shares as a BUY.