Liontrust profits set to beat expectations
Liontrust Asset Management said on Wednesday that annual profits were on course to come in ahead of expectations, despite a "challenging" year for the industry.
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Updating on trading for the year to 31 March, the fund management group said net outflows were £4.8m, compared to £2.5m a year previously, while assets under management and advice fell 3.6% to £31.4m.
However, adjusted pre-tax profits would not be less than £86m, the FTSE 250 firm added, ahead of market forecasts. Profits were boosted by stronger-than-expected fee revenues of around £17m, compared to £12.6m a year previously.
John Ions, chief executive, said: "It has been a challenging year for Liontrust in terms of net outflows and mixed performance for our funds. But this has to be set against a backdrop of the industry in aggregate suffering UK retail net outflows in ten out of the 12 months last year.
"Despite these headwinds, Liontrust has delivered impressive financial performance.
"The business as a whole is operating well and we will continue to broaden our products and distribution channel."