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Miton says looking for both a new chairman and chief executive as it sees 2016 profits more than double

The small cap fund manager said David Barron will take on the role of interim chief executive officer, with the search for a new non-executive chairman now underway
Fund manager
The news came as Miton reported pretax profits of £4.3mln for the full-year to December 31, up from £2.1mln in 2015

Small cap asset manager Miton Group PLC (LON:MGR) has revealed it is looking for both a new chairman and chief executive as it posted more than doubled 2016 profits.

The AIM-listed firm said, as previously announced in November, that its current executive chairman Ian Dighe is moving to a non-executive role with effect from today as part of the "normal process of board refreshment".

It added that David Barron will take on the role of interim chief executive officer, with the search for a new non-executive chairman now underway.

The firm – which has small cap fund specialist Gervaise Williams as senior executive director - said it will also recruit a permanent chief executive but gave no timescale for an appointment.

The news came as Miton reported pretax profits of £4.3mln for the full-year to December 31, up from £2.1mln in 2015, as net revenues - consisting of management fees - increased by 21% to £19.0mln.

The group’s assets under management were £2.91bn at the year-end, up 4.3% from £2.78bn at the end of 2015.

Inflows, outflows …

Excluding market movements, Miton said that it saw net asset inflows of £1.0 mln for the year, as strong inflows at the start and end of the year were offset by outflows in the second quarter, primarily from its CF Miton UK Value Opportunities Fund.

Dighe said: "The business has demonstrated its resilience with momentum regained since the half year”.

He added: “Over the past year, Miton has continued to build its distinctive identity as a genuinely active fund manager. The acceleration of our growth over recent quarters underlines our confidence in our prospects”.

The firm is paying a dividend of 1.0p per share for 2016, up 49% from the 0.67p paid in 2015

In early trading, Miton shares were up 6%, or  2.25p at 39.50p

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Miton Group PLC Timeline

Newswire
January 14 2016

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