Premier Miton Group PLC on Wednesday said revenue and profit dropped in the first half as assets under management fell.

The Surrey, England-based asset manager reported revenue for the first half ended March 31 of £38.8 million, down 20% from £48.5 million the year prior.

It said pretax profit fell 76% to £2.4 million, from £9.9 million a year ago. The company said the decrease was due to the lower average level of assets compared to the first half of financial 2022.

The firm declared an interim dividend of 3.0p per share, down 19% from 3.7p per share a year ago.

The firm noted that assets under management at March 31 was £11.0 billion, down from £12.8 billion a year ago. Premier Miton said early signs of a return in confidence towards the end of 2022 did not follow through into the new year.

‘Although this has been a tougher period for investors, we remain convinced that the work we have done in building a diversified active manager that can offer products across equities, fixed income and multi-asset will bear fruit in the long term.

‘Our long term investment performance record is good, we have a strong distribution and marketing capability, a strong balance sheet and an operational platform that can handle many times the current level of assets we manage. As confidence returns to markets and to investors, we are well placed to return to growth.’

Premier Miton shares fell 6.8% to 83.45 pence each in London on Wednesday morning.

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