Business
Audited Final Results
Audited Final Results.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n\n18 June 2024\n \nTatton Asset Management PLC\n(\"TAM plc\", the \"Group\" or the \"Company\")\nAIM: TAM\n \nAUDITED FINAL RESULTS\nFor the year ended 31 March 2024\n \nNew growth target of £30 billion AUM/I by the end of FY 2029 \n \nTAM plc, the investment management and IFA support services group, today announces its audited final results for the year ended 31 March 2024 (\"FY24\"), which show strong, double-digit growth across revenue and adjusted operating profit, at the top end of market consensus, driven by record levels of AUM and net inflows. \n \nFINANCIAL HIGHLIGHTS\n\n\n\n\n·\n\n\nGroup revenue increased 13.9% to £36.807m (2023: £32.327m)\n\n\n\n\n·\n\n\nAdjusted operating profit1 up 12.9% to £18.514m (2023: £16.402m)\n\n\n\n\n·\n\n\nAdjusted operating profit1 margin 50.3% (2023: 50.7%)\n\n\n\n\n·\n\n\nProfit before tax £16.751m (2023: £15.996m)\n\n\n\n\n·\n\n\nAdjusted fully diluted EPS2 increased 11.2% to 22.91p (2023: 20.61p)\n\n\n\n\n·\n\n\nFinal dividend of 8.0p (2023: 10.0p), giving a total dividend for the year of 16.0p (2023: 14.5p) - up 10.3%\n\n\n\n\n·\n\n\nStrong financial liquidity position, with net cash of £24.8m (2023: £26.5m)\n\n\n\n\n·\n\n\nStrong balance sheet - net assets increased to £43.3m (2023: £41.8m)\n\n\n\n\n \nOPERATIONAL HIGHLIGHTS\n\n\n\n\n·\n\n\n AUM/I3 increased 26.9% to £17.604bn (2023: £13.871bn). Current AUM/I3 at June 2024 c.£18.564bn (AUM3 c.£17.516bn)\n\n\n\n\n·\n\n\nAUM3 increased 30.0% to £16.551bn (2023: £12.735bn)\n\n\n\n\n·\n\n\nOrganic net inflows were £2.303bn (2023: £1.794bn), an increase of 18.1% of opening AUM with an average run rate of £192m per month\n\n\n\n\n·\n\n\nThe Group exceeded its three-year 'Roadmap to Growth' strategy, which set an ambitious target of £15.0bn AUM/AUI3 by 31 March 2024, achieving an additional £2.6bn or 17.4% above target\n\n\n\n\n·\n\n\nTatton's IFA firms increased by 12.2% to 975 (2023: 869) and the number of client accounts increased 17.9% to 126,150 (2023: 107,010)\n\n\n\n\n·\n\n\nParadigm Mortgages grew market share, participating in mortgage completions totalling £13.1 billion (2023: £14.5 billion), a 9.7% reduction year on year compared to a 29% year-on-year fall in the gross mortgage market\n\n\n\n\n·\n\n\nMortgage member firms increased 9.4% in the year to 1,916 members (2023: 1,751 mem...