Liontrust (LIO) H2 2025 earnings summary

Executive summary

• Assets under management and advice (AuMA) stood at £22.6bn as of 31 March 2025, with net outflows of £4.9bn for the year.

• Adjusted profit before tax was £48.3m, down 28% year-over-year, and adjusted diluted EPS was 56.7p, down 26%.

• Dividend maintained at 72.0p for the year, with a second interim dividend of 50p payable in August 2025.

• Business transformation programme delivered £6.0m in annualised cost savings.

Financial highlights

• Gross profit was £157.7m (down 15% year-over-year), including £3.6m of performance fees.

• Excluding performance fees, gross profit was £154.1m, down 12% year-over-year.

• Adjusted operating margin declined to 29.2% from 35.9% the previous year.

• Administration costs fell 8%, with compensation costs down 13%.

• Revenue margin (excluding performance fees) was 0.60% on average AuMA of £25.7bn.

Outlook and guidance

• Anticipates a more positive environment for active managers as lower returns drive diversification by geography, style, and market cap.

• Broadening distribution and fund range, especially institutionally and internationally.

• New capital allocation policy to support both organic and inorganic growth.