Premier Miton Group PLC on Tuesday said its full-year profit fell on a lower revenue and said it reduced its total dividend.

The Guildford, Surrey-based asset management firm said pretax profit dropped 60% to £5.9 million from £14.9 million the year before in the year ended September 30.

Revenue fell 17% to £74.6 million from £90.2 million a year prior.

The company said assets under management fell by 7.5% to £9.8 billion from £10.6 billion in financial 2022.

Premier Miton lowered its final dividend by half to 3.0 pence per share from 6.03 pence the year before, bringing its total dividend to 6.0p per share, a 40% decrease from 10.0p last year.

Looking ahead, Chief Executive Officer Mike O’Shea said: ‘We remain a financially robust business and have a diversified range of products delivering excellent outcomes for our clients over the medium to long term. Our fund management team is experienced and respected, and we have a product suite that is fit for purpose.’

Shares in Premier Miton were down 5.2% at 58.77 pence each in London on Tuesday morning.

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