London · Delayed Price · Currency is GBP · Price in GBX Premier Miton Group Earnings Call Transcripts
Fiscal Year 2025
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AUM ended at £10.3bn, with strong inflows in fixed income and absolute return offsetting equity outflows. Adjusted profit before tax was £11.5m, and cost-saving initiatives are expected to reduce expenses further in FY2026. Dividend remains at £0.06 per share.
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Renewables sector performance improved in H1 2025, with the portfolio significantly outperforming its benchmark due to strong European and U.K. exposure and key holdings. Revenue fell slightly due to sector-specific dividend cuts and currency effects. The trust is expected to wind up after November 2025.
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AUM ended at GBP 10.2bn with 71% of funds outperforming, and adjusted profit before tax was GBP 5.4m. Operational efficiencies and a diversified product mix support growth, while the company remains well-capitalized and focused on M&A opportunities.
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Performance lagged with negative returns but outperformed the sector index. Dividend income remained robust, and the board is preparing for ZDP maturity by increasing liquidity. Key risks included higher interest rates, political uncertainty, and sector sentiment.
Fiscal Year 2024
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AUM grew to £10.7bn with strong investment performance in key strategies, despite a 22% drop in adjusted profit before tax. The business is well-diversified, with successful integration of Tellworth, ongoing international expansion, and a robust balance sheet supporting future growth.
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The portfolio is strategically balanced between YieldCos and developers, with a focus on integrated renewable energy companies driving long-term growth. Despite sector underperformance and conservative market valuations, project returns and growth pipelines remain robust, with significant expansion expected in the coming years.