Liontrust (LIO) H1 2026 earnings summary

Executive summary

• Adjusted profit before tax for the half-year was £15.7 million, down 39% year-over-year, with a strong capital position and a £10 million share buyback announced.

• Assets under management and advice (AuMA) stood at £22.0 billion as of 30 September 2025, with average AuMA down 17% year-over-year.

• Net outflows for the period were £2.3 billion, higher than the prior year.

• Two new institutional mandates totaling £250 million were won, with funding expected by year-end.

• First interim dividend of 7.0p per share declared, payable on 7 January 2026.

Financial highlights

• Gross profit was £63.3 million, down 22% year-over-year.

• Revenue margin (excluding performance fees) was 0.56%, down from 0.60% year-over-year.

• Administration expenses fell 14%, with compensation costs down 22%.

• Adjusted operating margin was 23.8%, down from 30.5% year-over-year.

• Net cash position at £46.3 million as of 30 September 2025.

Outlook and guidance

• Additional annualised cost efficiencies of £1.5 million to be implemented by June 2026 at a cost of £1 million.

• Share buyback programme of up to £10 million to be phased through June 2026.

• Management expects a more favorable environment for active managers due to lower expected market returns and increased volatility.

• Optimism is supported by recent mandate wins, robust product suite, and strong client engagement.

• Focus on organic growth, with acquisitions considered as opportunities arise.