Half Year Trading Statement
Embargoed until 0700 hours, 25 September 2008
Liontrust Asset Management PLC
Half Year Trading Statement
Liontrust Asset Management PLC ("Liontrust" or the "Group"), the specialist
equities fund management group, today publishes a trading update for the period
from 1 April 2008 to 24 September 2008 (the "Period").
Funds under management
As at 24 September 2008, our funds under management stood at £4.172 billion,
compared with £4.707 billion on 31 March 2008, a fall of 11.4%. The FTSE
All-Share Index fell by 10.8%.
Performance fees
Performance fees of £1,202,000 were earned in the Period, contributing £541,000
to operating profit. By comparison, the operating profit contribution from
performance fees in the six months to 30 September 2007 was £165,000. There are
further performance fees owing which, if out-performance is maintained, will
fall due for payment before the end of the financial year ending 31 March 2009.
Funds flow
Gross sales of our unit trusts and offshore funds totalled £226 million and net
redemptions were £77 million in the Period.
Net inflows of institutional assets amounting to £2 million have been invested
in the Period with net outflows of £110 million in transition.
European Team
As at 24 September 2008, £254 million had been raised for the European process,
which is ahead of our expectations. Since inception, overall performance of the
various European portfolios that we are now managing has been strong and
remained so during the Period. We are therefore confident of raising more money
during the remainder of the financial year. As we approach the second
anniversary of its launch in December, the team's excellent track record is
becoming firmly established and its investment process offers increasing
differentiation from the crowd.
Approach
On 20 May 2008, Liontrust announced that it had received an approach which may
or may not lead to an offer being made for the Group. Since that date,
Liontrust has been in discussion with various parties and, although discussions
are continuing, there can be no certainty that an offer will be made, or as to
the terms on which any offer might be made. A further announcement will be made
in due course.
Notice of Interim Results
The announcement of the Group's results for the six months ending 30 September
2008 will be made on 12 November 2008.
Nigel Legge, Chief Executive of Liontrust, said:
"We have had a satisfactory half year having earned some healthy performance
fees. We believe prospects for the remainder of the year remain good for
attracting net inflows, given the continuing success of our European team and
the good performance across our range of UK funds. In the year to 31 August
2008, only 11 UK funds out of 377 in the sector made money for investors, three
of which were Liontrust funds*. We are confident of making solid progress for
the financial year as a whole despite this extraordinary market environment."
For further information please contact:
Liontrust Asset Management PLC 020 7412 1700
Nigel Legge
Vinay Abrol
Altium 020 7484 4040
Nick Tulloch
Sam Fuller
Smithfield 020 7360 4900
Reg Hoare
Miranda Good
* Source: Financial Express, bid to bid performance (from 31 August 2007 to 31
August 2008), of UK All Companies Sector. Liontrust Institutional Growth Fund
+3.68% (2nd in the sector), Liontrust First Growth Fund +3.34% (3rd in the
sector) and Liontrust Focus 350 Fund +1.17% (7th in the sector). Note:
Liontrust Institutional Growth Fund is the institutional version of the
Liontrust First Growth Fund. Both funds are managed by Jeremy Lang using the
same investment process.
Other information
The release, publication, transmission or distribution of this announcement in,
into or from jurisdictions other than the United Kingdom may be restricted by
law and therefore persons in such jurisdictions into which this announcement is
released, published, transmitted or distributed should inform themselves about
and observe such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities laws of any such jurisdiction.
This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses and plans of the
Group. These statements and forecasts involve risk and uncertainty because they
relate to events and depend upon circumstances that have not yet occurred.
There are a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these forward-looking
statements and forecasts. As a result, the Group's actual future financial
condition, results of operations and business and plans may differ materially
from the plans, goals and expectations expressed or implied by these
forward-looking statements. Liontrust undertakes no obligation publicly to
update or revise forward-looking statements, except as may be required by
applicable law and regulation (including the Listing Rules of the Financial
Services Authority). Nothing in this announcement should be construed as a
profit forecast or be relied upon as a guide to future performance.
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