Premier Miton Group (PMI) H1 2026 earnings summary

Executive summary

• Assets under management (AUM) declined to £9.0 billion at 31 March 2026, down 13% due to net outflows primarily from underperforming U.S. and international equity strategies, but early signs of stabilization are emerging as investment performance improves and cost-saving measures take effect.

• Cost base was reduced by approximately 15%, with £2.5 million of additional annual run-rate savings identified, and administration expenses decreased by 16% to £23.3 million.

• Interim dividend of 1.5p per share declared, with a new policy to distribute 75% of adjusted profit after tax from the next financial year.

• Distribution platform remains robust, generating around £3 billion of gross inflows annually, and the business is positioned to return to net inflows as performance recovers.

• Leadership changes and restructuring in global equities, including a new Head of Global Equities, are underway to address performance issues.

Financial highlights

• Adjusted profit before tax was £3.0 million, down from £5.4 million year-over-year, with a statutory loss before tax of £0.5 million.

• Net outflows for the six months totaled £1.3 billion, mainly from U.S. and international equity strategies.

• Net management fee margin decreased to 53.6bps, reflecting a shift toward lower-margin fixed income products.

• Administration expenses reduced to £23.3 million, and adjusted operating margin declined to 11.6% from 16.7% year-over-year.

• Cash at 31 March 2026 was £24.6 million, with a regulatory capital surplus of £11.4 million after the interim dividend.

Outlook and guidance

• Early signs of stabilization in AUM and performance, with improved short-term results across key funds and moderating outflows expected to drive a return to net inflows.

• Ongoing cost discipline and efficiency actions are expected to further reduce the cost base and support profitability.

• Board intends to adopt a new dividend policy from the next financial year, distributing 75% of adjusted profit after tax, with a final FY26 dividend expected at 1.5p.

• Active pipeline in fixed income, infrastructure, and thematic multi-asset funds supports future growth.

• Near-term outlook remains challenging due to fragile investor confidence and intense competition for flows.