Premier Miton Group Plc · LSE:PMI
Premier Miton — H1 2025 Earnings Presentation
27 slides from Premier Miton's earnings presentation, May 29, 2025
Slide 1: H1 Results Presentation
H1 Results Presentation For the six months ended 31 March 2025 29 May 2025 Mike O’Shea | Chief Executive Officer Piers Harrison | Chief Financial Officer
Slide 2: Highlights: Continued resilience in tough markets
Highlights: Continued resilience in tough markets £10.2 billion closing Assets under Management (‘AuM’) 71% of funds outperforming their respective sectors since launch or fund manager tenure Adjusted profit before tax of £5.4 million Cash balances were £31.2 million at 31 March 2025 Strong pipeline
Slide 3: A diversified product mix
A diversified product mix 8% 16% Absolute return strategies growing strongly 21% Equity UK Fixed income funds £10.2bn Equity International now a substantial Multi-Asset Direct and Diversified proportion of AuM AuM Multi-Asset Multi-Manager Fixed Income Continued diversification 29% Absolute Return 1
Slide 4: Are we seeing a change to previous norms?
Are we seeing a change to previous norms? • New Trump administration. US trade war has created volatility. Uncertainty of tariffs. USD devaluation. Pivot away from China. Challenges to Net Zero narrative. US recession risks. • Magnificent Seven slow down. Former leading stocks to become a headwind f
Slide 5: Strong investment performance
Strong investment performance Proportion of funds at 30 Apr 2025 Since launch / tenure 71% 29% 71% Outperforming 5 years 67% 33% 67% Outperforming 3 years 46% 54% 46% Outperforming 1 year 58% 42% 58% Outperforming YTD 70% 30% 70% Outperforming Outperformance Underperformance Source: Premier Miton pe
Slide 6: Fixed income: Investment performance
Fixed income: Investment performance Premier Miton Strategic Monthly Income Bond Fund Fund launched 14 September 2020 Aims to provide income, with long-term capital Cumulative returns % 6 month 1 year 3 years Since launch growth potential Fund 3.9 8.1 12.6 17.1 IA Sterling Strategic Bond sector 1.2
Slide 7: Tellworth: Outstanding investment performance
Tellworth: Outstanding investment performance Discrete performance % 2025 2024 2023 2022 2021 2020 YTD Tellworth 1.9 11.0 6.1 7.1 12.2 12.7 UK Select IA Targeted Absolute 1.5 6.0 4.3 -0.4 3.5 2.6 Return FTSE All-Share 4.2 9.5 7.9 0.3 18.3 -9.8 SONIA 1.4 5.1 4.6 1.4 0.1 0.2 Source: Bloomberg, Premier
Slide 8: Tellworth: Case study
Tellworth: Case study Successful M&A transaction Tellworth AuM (£m) that has delivered synergies and is fully integrated onto 1,000 Acquisition Fully PMI platform completed integrated 900 Long/short capabilities 800 are attractive in current 700 environment 600 High-quality team 500 400 Strong inves
Slide 9: Distribution: Continued progress
Distribution: Continued progress Again over 200 attendees at the annual conference in February Brand redesign has been well received; recognition is building. Product specific advertising to commence now A highly motivated sales team with an ability to scale Offshore structure now growing and divers
Slide 10: The opportunity for Premier Miton
The opportunity for Premier Miton Positioned Ample capacity Strong Culture for an upturn across fund range pipeline of thinking differently Attractive Robust Diversified M&A opportunities + platform for balance sheet fund range experienced team talented individuals Interim Results 2025 10
Slide 11: Financials
PREMIER M:TON INVESTORS Financials Piers Harrison
Slide 12: Results
Results Assets under Management (‘AuM’) £bn Net management fee margin (bps) 10.7 10.7 10.2 10.2 59.3 57.0 2024 FY 2025 HY 2024 HY 2025 HY Adjusted profit before tax1(£m) Adjusted operating margin (%) 5.7 5.4 18.9 16.7 2024 HY 2025 HY 2024 HY 2025 HY Source: Premier Miton 1: Adjusted profit before ta
Slide 13: Summary income statement
Summary income statement AuM: £10.2bn, a decrease of 5% on the opening position. Half year Half year Net outflows: for the six months were £254m. £m 31 March 2025 31 March 2024 (2024 HY: £486m outflows offset by £440m inflows from fund Average AuM 10,601 10,034 acquisitions and disposals) Closing Au
Slide 14: Analysis of cost base
Analysis of cost base Fixed staff costs: increased by 4% reflecting regular salary increases and a full six months of post Tellworth acquisition Administration expenses (£m) salary costs. 27.7 0.3 Variable staff costs: as already noted, these increased due to 25.3 Depreciation 0.4 the inclusion of p
Slide 15: Continuous improvement – streamlining operations
Continuous improvement – streamlining operations Operational efficiencies (£m) * Operational review: completed during the period and identified efficiencies that are expected to reduce annual run-rate costs by approximately £3 million, or 6%. £3m Implementing these adjustments will not interfere wit
Slide 16: Balance sheet
Balance sheet Unaudited Audited £m 31 Mar 2025 30 Sep 2024 Non-current assets Goodwill 75.1 74.1 Goodwill: £55.4m arising on merger in 2020. Intangible assets 12.5 15.1 Other investments 0.1 0.1 Property and equipment 0.6 0.6 £1.0m recognised in the period for the Tellworth acquisition. Right-of-use
Slide 17: Capital and dividend
Capital and dividend £m 31 Mar 2025 Interim dividend: unchanged at 3.0p per share. Equity 115.8 (2024 Interim dividend: 3.0p per share) Dividends paid: in the period totalled £4.6m. (2024 Final dividend: 3.0p per share) Non-qualifying assets1 (84.5) Dividend policy: is unchanged and remains to targe
Slide 18: Outlook: Strongly positioned for a market recovery
Outlook: Strongly positioned for a market recovery 01 02 03 Now is the time for pure A step change in distribution High performing asset management – volatile to capture market share investment teams markets create opportunities 04 05 06 A highly cash generative An attractive culture Significant opp
Slide 19: Appendices
PREMIER M:TON INVESTORS Appendices
Slide 20: Investment performance
Investment performance Proportion of funds at 31 March 2025 Since launch / tenure 69% 31% 69% Outperforming 5 years 71% 29% 71% Outperforming 3 years 40% 60% 40% Outperforming 1 year 46% 54% 46% Outperforming Outperformance Underperformance Source: Premier Miton performance data at 31 March 2025. Ou
Slide 21: A diversified, active asset manager
A diversified, active asset manager AuM at 31 March 2025 Equity (ex UK) Equity (UK) Multi-Asset Fixed Income Absolute Return £2.9bn £1.7bn £2.7bn £2.1bn £0.9bn US Equity Small Cap Directly Invested Fixed income funds Defensive Growth European Equity Income2 Multi-Manager (including segregated Long /
Slide 22: Product mix
Product mix As at 31 March 2025 20 Equity funds 18 Multi-Asset funds 3 Investment trusts £4.8bn £2.7bn £0.3bn 10 UK equity funds 8 Multi-Manager funds 2 UK focused investment trusts 3 US equity funds 6 Diversified directly invested funds 1 Global renewables investment trust 5 Global equity funds 4 M
Slide 23: Genuinely active management
Genuinely active management Active share* Tracking error^ (Open ended equity funds) Global Smaller Companies 98 5.5 European Opportunities 97 5.7 US Opportunities 95 7.0 UK Focus 92 4.8 UK Value Opportunities 92 9.4 US Smaller Companies 91 5.2 UK Smaller Companies 91 7.5 Emerging Markets Sustainable
Slide 24: Product range - Equity
Product range - Equity As at 31 March 2025 AuM AuM AuM AuM 30 Sept 2023 31 Mar 2024 30 Sept 2024 31 Mar 2025 Year of launch Equity UK £m £m £m £m Fund manager(s) / tenure Quartile7 Premier Miton UK Multi Cap Income Fund 508 422 396 335 G Williams/M Turner 2011 1 Premier Miton UK Smaller Companies Fu
Slide 25: Product range - Multi-Asset
Product range - Multi-Asset As at 31 March 2025 AuM AuM AuM AuM 30 Sept 2023 31 Mar 2024 30 Sept 2024 31 Mar 2025 Year of launch Multi-Asset Multi-Manager £m £m £m £m Fund manager(s) / tenure Quartile7,8 Premier Miton Multi-Asset Monthly Income Fund 351 324 299 268 Multi-manager team 2009 1 Premier
Slide 26: Product range - Fixed Income and Absolute Return
Product range - Fixed Income and Absolute Return As at 31 March 2025 AuM AuM AuM AuM Year of 30 Sept 2023 31 Mar 2024 30 Sept 2024 31 Mar 2025 Fund launch Fixed Income Funds £m £m £m £m manager(s) / tenure Quartile7 Premier Miton Corporate Bond Monthly Income Fund 283 295 430 474 L Harris/S Prior 20
Slide 27: Disclaimer
Disclaimer This Presentation is strictly private and confidential, may not be distributed to any person other than the direct recipient and may not be copied, re-produced, discussed, published, quoted or referenced, in any form, in whole or in part, for any purpose whatsoever, without the prior writ