Annual Financial Report

RNS Number : 0415H

Liontrust Asset Management PLC

09 July 2012

 

9 July 2012

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Annual Report and Financial Statements 2012

Liontrust Asset Management PLC (the "Company", "Group" or "Liontrust") has posted its Annual Report and Financial Statements for the year ended 31 March 2012 (the "Annual Report") to shareholders. A copy of the Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do.

The Annual Report can also be viewed on the Company's website, www.liontrust.co.uk, from midday today.

For further information please contact:

Liontrust Asset Management PLC                              

John Ions                                                                                             020 7412 1700

Vinay Abrol

Simon Hildrey - Head of Marketing & Communications

Singer Capital Markets Limited                                                        020 3205 7500

Jonny Franklin-Adams

Jenny Wyllie

The information below, which is extracted from the Annual Report, is included solely for the purpose of complying with DTR 6.3.5. It should be read in conjunction with the Company's Full Year Results for the year ended 31 March 2012, which were announced on 20 June 2012. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report. Page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the Annual Report. 

Risks and uncertainties

The Directors have identified the risk and uncertainties that affect the Group's business and these can be broken down into risks that are within the management's influence and risks that are outside it.

Risks that are within management's influence include areas such as the expansion of the business, prolonged periods of under-performance, loss of key personnel, human error, poor communication and service leading to reputation damage and fraud.

Risks outside the management's influence include falling markets, terrorism, a deteriorating UK economy, investment industry price competition and hostile takeovers.

Management monitor all material risks to the business, they record how each risk is mitigated and have warning flags to identify increased risk levels. Management recognise the importance of risk management and view risk management as an integral part of the management process which is tied into the business model and is described further in the Risk management and

internal control section on page 17.

Additionally the Group has a significant number of stakeholders whose future risks and uncertainties are linked to the Group. These significant stakeholders are: shareholders; clients; members; employees; service providers that provide the Group with outsourced functions; and industry bodies.

Each of these groups presents different risks and uncertainties and the Group ensures that there is regular contact and monitoring of the various bodies.

Directors' responsibilities statement

The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of

the Group and the Company and of the profit or loss of the Company and Group for that period. In preparing these financial statements, the Directors are required to:

·    select suitable accounting policies and then apply them consistently;

·    make judgements and estimates that are reasonable and prudent;

·    state that the financial statements comply with IFRS as adopted by the European Union;

·    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Directors, whose names and functions are listed on page 12 confirm that, to the best of their knowledge:

·    the Group financial statements, which have been prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group; and

·    the Directors' report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.

The financial statements may be published on the www.liontrust.co.uk website, which is maintained by the Company. The maintenance and integrity of the website is the responsibility of the Directors. The work carried out by the independent auditors does not involve consideration on the maintenance and integrity of this website and, according, the independent auditors accept no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation

in other jurisdictions.

Audit Report

PricewaterhouseCoopers LLP, the Group's auditors, have reported on the statutory accounts, and provided an unqualified opinion.

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