Tatton Asset Management (TAM) H2 2026 earnings summary

Executive summary

• Achieved strong profitable growth with double-digit increases in revenue, profit, and AUM/I, supported by a 2.8% underlying increase in flows and a 42.1% rise in the full-year dividend to GBP 0.27.

• Maintained market leadership in the UK DFM MPS segment, with high asset retention and expanding adviser relationships.

• Continued robust shareholder returns with a progressive dividend policy, distributing 70% of adjusted earnings and significant capital returned since IPO.

Financial highlights

• Group revenue rose 20.1% year-over-year to £54.4m; adjusted operating profit up 24.1% to £28.5m, with profit margin improving to 52.3%.

• Adjusted EPS increased by 22.3% to 35.1p; annual dividend rose by 42.1% to 27.0p.

• AUM/I reached £26.5bn, progressing toward the £30bn FY 2029 target, with net inflows of £2.8bn and monthly net flows trending at £200–250m.

• Cash from operations was 120% of operating profit; cash balance at £33.9m, with no debt and capital resources at 396% of regulatory requirement.

Outlook and guidance

• FY 2027 guidance for net flows remains at £200–250m per month, with Tatton revenue yield expected to rise to 22bps and Paradigm revenue growth +/-5%.

• Group adjusted operating profit margin expected at 53.0%; underlying cost increase guided at 10–12% for the coming year.

• Progressive dividend policy to continue, distributing ~70% of adjusted earnings.