Miton Group's shares rise on FY profit doubling, upbeat commentary

Miton Group's shares enjoyed an uptick of more than 8% as investors liked its doubling of full-year pre-tax profit and upbeat out-looking commentary.

"The business has demonstrated its resilience with momentum regained since the half year," said chairman Ian Dighe.

He noted that gross sales during 2016 were in excess of £1.1bn, adding this was testament to the quality of Miton's fund management team and differentiated, attractive product offering.

"Over the past year, Miton has continued to build its distinctive identity as a genuinely active fund manager," said Dighe in a statement.

"The acceleration of our growth over recent quarters underlines our confidence in our prospects. Miton has an outstanding team, and along with a maturing range of funds, having reached £3,097m AuM at the end of February, we look forward to 2017 and beyond."

Pre-tax profit for the year was £4.3m, up from £2.1m. Closing assets under management (AuM) was £2.91bn, from £2.78bn. Average AuM was £2.78bn, from £2.32bn.

It proposed a dividend of 1p a share, up from 0.67p.

At 13:20 GMT, shares in AIM-listed Miton were up 8.05% to 40.25p each.