Half-year Financial Report
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR")).
LEI: 549300XVXU6S7PLCL855
Embargoed until 0700 hours, Thursday 20 November 2025
LIONTRUST ASSET MANAGEMENT PLC
HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Liontrust Asset Management Plc ("Liontrust", the "Company", or the "Group"), the independent fund management group, today announces its Half Year Report for the six months ended 30 September 2025.
· Adjusted profit before tax1 of £15.7 million (2024: £25.8 million). Statutory profit before tax of £7.3 million (2024: £12.5 million). See note 6 below for further details and a reconciliation to Adjusted profit before tax.
· Awarded two institutional mandates in aggregate of around £250 million which we expect to be funded before the end of December 2025.
· Additional cost efficiencies of around £1.5 million on an annualised basis to be implemented by the end June 2026.
· First Interim dividend per share of 7.0 pence.
· A share buyback programme of up to £10 million, phased over the period to 30 June 2026.
· On 30 September 2025, assets under management and advice ("AuMA") were £22.0 billion. AuMA as at 12 November 2025 were £22.0 billion.
1 This is an Alternative Performance Measure, see note 2 below.
Commenting, John Ions, Chief Executive Officer, said:
"Liontrust is focused on delivering for our clients. Over the first eight months of the financial year, we have had extensive engagement with existing and prospective clients, from South America, through Europe and the Middle East, to Australia.
We have been hosting face-to-face discussions and presentations throughout the UK, as well as participating at partner events, culminating in our investment conference in London last week. This activity enables us to provide clients with access to all our investment teams and present the full range of our capabilities, which is especially important given the UK continues to be out of favour, with another £1.2 billion withdrawn from UK equity funds by domestic investors in October2.
This activity is a key part of broadening the client base and providing a strong service to clients. This is enhanced by the tailored digital delivery of investment insights and communications and market-leading support, including literature and educational material. It has been encouraging to receive very positive feedback direct from clients on the strength of our relationships, the quality and level of support we provide, and the Liontrust brand.
The engagement with clients has strengthened our confidence in the outlook for flows. The engagement and strong Liontrust brand engender both loyalty in existing clients and, allied to distinct processes and long-term performance, will lead to increased flows in time. This is demonstrated by recently winning two institutional mandates in aggregate of around £250 million which will soon be funded.
The return to net inflows has taken longer than we expected. Yet, below the headline flow numbers, it has been pleasing to see the broadening of clients who are investing across our fund range.
We are also confident about rising demand for active management, as clients increasingly focus on diversifying away from the concentration risk posed by passive vehicles weighted to the largest stocks in the US and global indices. The market cap share of the 10 largest US-listed companies is now at 42% while US valuations are at their most expensive over the past 100 years3.
Liontrust can capture this need for diversification as there is strong performance across investment teams, including European equities, fixed income, global equities, long/short equities and Multi-Asset, and we offer differentiated exposure. The 20 largest stocks represent 31.7% of the MSCI AC World Index; in contrast, the weightings of these stocks in three of Liontrust's global equity funds are 11.9% (SF Global Growth), 20.7% (Global Innovation), and 21.9% (Global Alpha).
These underweight positions show the high conviction of our investment processes. There are times when this conviction can hurt but sticking to our disciplined processes is reassuring to clients and aids them in their portfolio construction, complementing both other active managers and passive vehicles.
As investment managers and as a business, we must look forward, not backwards. Liontrust has a strong foundation from which to grow. As of today, all of our investment teams each manage £1 billion or more in AuMA, giving them the scale to attract institutional clients. The brand is very strong, which creates awareness, engagement and loyalty. Along with client service, this should not be underestimated in its importance for future growth. We continually enhance the business, whether this is through the execution of investment processes, digitalisation and implementation of technology, or the operating model.
We are confident that the flows will be turned and the excellent delivery for clients from across Liontrust will be rewarded."
2 Source: Calastone
3 Source: Goldman Sachs Global Investment Research
Additional cost efficiencies
We are continuing to simplify our operating structure and leverage efficiencies across the business. These actions are designed to strengthen our financial position, support long-term growth and align with our strategic objectives. As part of this process, we expect to deliver annualised savings of approximately £1.5 million by the end of June 2026 at a cost of around £1 million. These savings will come from streamlining processes and optimising resource allocation, without compromising our ability to service clients or invest in strategic priorities.
Share buyback programme
As at 30 September 2025 the Company had surplus capital after foreseeable dividends of over £30.3 million (as set out in note 1d below). In accordance with our new Capital Allocation Policy and the Board's belief that Company's shares are significantly undervalued, the Company will initiate a share buyback programme with an aggregate value of up to £10 million, to be phased over the period to 30 June 2026. The shares purchased by the Company will be cancelled.
For further information please contact:
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.com)
Stephen Corbett: Head of Investor Relations
Simon Hildrey: Chief Marketing Officer
Panmure Liberum (Tel: 020 7886 2500)
Corporate Broking: David Watkins
Corporate Advisory: Atholl Tweedie
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Charles Leigh-Pemberton
Corporate Finance: Asha Chotai
Chair's Statement
As an organisation, we are feeling great frustration: frustration with the fact that all the hard work and progress which Liontrust is making across the business is not yet yielding visible results, in terms of flows, profits and the share price, as quickly as we all want.
We are committed to the strategy of the business, believing it will drive the successful growth of Liontrust in time. The strategy, implemented through the tireless dedication of everyone at Liontrust, is having an impact and we are already seeing signs that this will lead to a better shape of the business for the future.
Liontrust has talented investment teams with strong processes. While there are always periods when even robust and repeatable processes underperform the market and the average of their sector, we have full confidence in them. The Liontrust teams review how they can enhance the execution of their processes, including through the appropriate application of AI, which is another demonstration of the commitment to delivering for clients at Liontrust.
A number of Liontrust teams and funds are benefiting from client interest in diversifying away from US large caps, along with the strength of their processes and long-term performance. This is helping to broaden the client base, particularly internationally. We are positive about the potential pipeline of business, with two institutional mandates close to funding, which will lead to a more diversified and hence sustainable business.
While we are optimistic about the outlook for organic growth, we have always believed that the right acquisitions are one way of accelerating the diversification of the business. This is still very much part of Liontrust's strategy but is, understandably, more challenging in the current environment.
Despite the headwinds that Liontrust has faced, we are well positioned to take advantage of the opportunities to grow in the UK and internationally. We are confident that the development and progress of the business, along with the talent and hard work across the company, should soon begin to show more tangible results.
Results
Gross Profit of £63.3 million (2024: £81.1 million), with a Revenue Margin1 of 0.56% (2024: 0.60%) on Average AuMA of £22,421 million (2024: £26,862 million).
Adjusted profit before tax1 is £15.7 million (2024: £25.8 million), with an Adjusted Operating Margin1 of 23.8% (2024: 30.5%).
Statutory Profit before tax of £7.3 million (2024: £12.5 million). This includes charges of £8.4 million (2024: £13.3 million) relating to non-recurring costs; the non-cash amortisation of the acquisition-related intangible assets and goodwill.
Adjusted profit before tax1 is disclosed in order to give shareholders an indication of the profitability of the Group excluding non-cash (intangible asset amortisation) expenses and non-recurring (professional fees relating to acquisition, cost reduction, restructuring and severance compensation related) expenses. See note 6 below for a reconciliation of Adjusted profit before tax.
1 This is an Alternative Performance Measure, see note 2.
First Interim Dividend
In accordance with the Company's new Capital Allocation Policy as announced in the 2025 Annual Report and Accounts, the Board is declaring a first Interim dividend of 7.0 pence per share (2024: 22.0 pence).
The first interim dividend will be payable on 7 January 2026 to shareholders who are on the register as at 28 November 2025, with the shares going ex-dividend on 27 November 2025.
A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.
More information can be found at www.shareview.co.uk/info/drip. The last day for DRIP elections is 12 December 2025.
Assets under management and advice
On 30 September 2025, our AuMA stood at £22,010 million and were broken down by type and investment process as follows:
|
Process |
Total |
Institutional Accounts |
Investment Trusts |
UK Retail Funds & MPS |
Alternative Funds |
International Funds |
|
|
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
|
Sustainable Investment |
7,604 |
338 |
- |
7,083 |
- |
183 |
|
Economic Advantage |
3,342 |
399 |
- |
2,906 |
- |
37 |
|
Multi-Asset |
3,882 |
- |
- |
3,697 |
64 |
121 |
|
Global Equities |
1,164 |
- |
- |
1,086 |
27 |
51 |
|
Global Innovation |
957 |
- |
- |
948 |
- |
9 |
|
Cashflow Solution |
3,273 |
568 |
- |
2,093 |
224 |
388 |
|
Global Fundamental |
1,788 |
209 |
1,162 |
417 |
- |
- |
|
Total |
22,010 |
1,514 |
1,162 |
18,230 |
315 |
789 |
AuMA as at 12 November 2025 were £22,008 million.
Flows
The net outflows over the Period were £2,324 million (2024: £2,067 million). A reconciliation of fund flows and AuMA over the six-month period to 30 September 2025 is as follows:
|
|
Total |
Institutional Accounts |
Investment Trusts |
UK Retail Funds & MPS |
Alternative Funds |
International Funds |
|
|
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
(£m) |
|
|
|
|
|
|
|
|
|
Opening AuMA - 1 Apr 2025 |
22,590 |
1,416 |
1,126 |
19,129 |
342 |
577 |
|
|
|
|
|
|
|
|
|
Net flows |
(2,324) |
(3) |
(29) |
(2,400) |
(39) |
147 |
|
|
|
|
|
|
|
|
|
Market & Investment performance |
1,744 |
101 |
65 |
1,501 |
12 |
65 |
|
|
|
|
|
|
|
|
|
Closing AuMA - 30 Sep 2025 |
22,010 |
1,514 |
1,162 |
18,230 |
315 |
789 |
Luke Savage
Non-executive Chair
19 November 2025
Consolidated Statement of Comprehensive Income (unaudited)
Six months ended 30 September 2025
|
|
|
Six |
Six |
Year |
|||||
|
|
|
months to |
months to |
ended |
|||||
|
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|||||
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|||||
|
|
Notes |
£'000 |
£'000 |
£'000 |
|||||
|
|
|
|
|
|
|||||
|
Revenue |
4 |
69,142 |
87,039 |
169,790 |
|||||
|
Cost of sales |
4 |
(5,865) |
(5,973) |
(12,088) |
|||||
|
Gross profit |
|
63,277 |
81,066 |
157,702 |
|||||
|
|
|
|
|
|
|||||
|
Realised gain/(loss) on sale of financial assets |
|
305 |
(6) |
85 |
|||||
|
Unrealised (loss)/gain on financial assets |
|
(4) |
174 |
58 |
|||||
|
Administration expenses |
5 |
(56,964) |
(69,809) |
(137,633) |
|||||
|
Operating profit |
|
6,614 |
11,425 |
20,212 |
|||||
|
|
|
|
|
|
|||||
|
Interest receivable |
|
677 |
1,121 |
2,162 |
|||||
|
Interest payable |
|
(22) |
(42) |
(82) |
|||||
|
|
|
|
|
|
|||||
|
Profit before tax |
|
7,269 |
12,504 |
22,292 |
|||||
|
|
|
|
|
|
|||||
|
Taxation charge |
7 |
(2,571) |
(3,766) |
(5,596) |
|||||
|
|
|
|
|
|
|||||
|
Profit for the period |
|
4,698 |
8,738 |
16,696 |
|||||
|
|
|
|
|
|
|||||
|
Total comprehensive income |
|
4,698 |
8,738 |
16,696 |
|||||
|
|
|
|
|
|
|||||
|
|
|
Pence |
Pence |
Pence |
|||||
|
Basic earnings per share |
8 |
7.49 |
13.67 |
26.20 |
|||||
|
Diluted earnings per share |
8 |
7.49 |
13.67 |
26.20 |
|||||
|
|
|
|
|
|
|||||
|
All of the results are derived from continuing operations. |
|||||||||
|
|
|
|
|
|
|||||
|
The accompanying notes form an integral part of these unaudited condensed interim financial statements. |
|||||||||
|
|
|
|
|
|
|
||||
Consolidated Balance Sheet (unaudited)
As at 30 September 2025
|
|
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
Notes |
£'000 |
£'000 |
£'000 |
|
Assets |
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
|
Intangible assets |
|
9 |
34,814 |
43,919 |
39,367 |
|
Goodwill |
|
10 |
32,110 |
32,110 |
32,110 |
|
Property, plant and equipment |
|
|
1,678 |
2,809 |
2,241 |
|
Total non current assets |
|
|
68,602 |
78,838 |
73,718 |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Trade and other receivables |
|
11 |
152,101 |
172,716 |
200,993 |
|
Corporation tax receivable |
|
11 |
771 |
- |
- |
|
Financial assets |
|
12 |
2,088 |
5,752 |
3,866 |
|
Cash and cash equivalents |
|
|
46,274 |
88,508 |
75,901 |
|
Total current assets |
|
|
201,234 |
266,976 |
280,760 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
|
Deferred tax liability |
|
|
(7,808) |
(10,089) |
(8,946) |
|
Lease liability |
|
|
(845) |
(1,517) |
(1,514) |
|
Total non current liabilities |
|
|
(8,653) |
(11,606) |
(10,460) |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
|
|
(148,886) |
(181,282) |
(205,856) |
|
Corporation tax payable |
|
|
(404) |
(4,468) |
- |
|
Total current liabilities |
|
|
(149,290) |
(185,750) |
(205,856) |
|
|
|
|
|
|
|
|
Net current assets |
|
|
51,944 |
81,226 |
74,904 |
|
|
|
|
|
|
|
|
Net assets |
|
|
111,893 |
148,458 |
138,162 |
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
637 |
648 |
637 |
|
Capital redemption reserve |
|
|
19 |
19 |
19 |
|
Retained earnings |
|
|
124,609 |
160,763 |
150,445 |
|
Own shares held |
|
|
(13,372) |
(12,972) |
(12,939) |
|
Total equity |
|
|
111,893 |
148,458 |
138,162 |
Consolidated Cash Flow Statement (unaudited)
Six months ended 30 September 2025
|
|
|
Six |
Six |
Year |
|
|
|
months to |
months to |
ended |
|
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
|
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit after taxation |
4,698 |
8,738 |
16,696 |
|
|
Adjustments for income statement non-cash charges/income: |
|
|
|
|
|
Depreciation of PPE including ROU assets |
591 |
997 |
1,648 |
|
|
Amortisation of intangible assets |
4,553 |
4,553 |
9,555 |
|
|
Interest receivable |
(677) |
(1,121) |
(2,162) |
|
|
Interest paid |
669 |
998 |
2,162 |
|
|
Share based payment charges |
1,046 |
1,091 |
1,871 |
|
|
Disposal of mLTIP* shares |
(197) |
(528) |
(606) |
|
|
Tax expense |
2,571 |
3,766 |
5,596 |
|
|
Foreign exchange (gains)/ losses |
(65) |
67 |
- |
|
|
Fair value gains on investments |
(305) |
(193) |
(58) |
|
|
Adjustment for statement of financial position movements: |
|
|
|
|
|
Decrease in trade and other receivables |
47,672 |
56,871 |
29,534 |
|
|
Decrease in trade and other payables |
(57,750) |
(60,879) |
(35,209) |
|
|
Cash generated from operations |
2,806 |
14,360 |
29,027 |
|
|
Tax paid |
(2,600) |
- |
(8,400) |
|
|
Net cash generated from operating activities |
206 |
14,360 |
20,627 |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
Purchase of property, plant and equipment |
(23) |
(86) |
(592) |
|
|
Purchase of financial assets |
(40) |
(599) |
(599) |
|
|
Sale of financial assets |
2,002 |
3,121 |
3,121 |
|
|
Purchase of seeding investments |
(19) |
(170) |
(783) |
|
|
Sale of seeding investments |
154 |
246 |
2,174 |
|
|
Net cash from investing activities |
2,074 |
2,512 |
3,321 |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
Payment of lease liability |
(535) |
(726) |
(1,293) |
|
|
Share buy-back |
- |
- |
(5,055) |
|
|
Dividends paid |
(31,372) |
(31,956) |
(46,017) |
|
|
Net cash used in financing activities |
(31,907) |
(32,682) |
(52,365) |
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
(29,627) |
(15,810) |
(28,417) |
|
|
Opening cash and cash equivalents |
75,901 |
104,318 |
104,318 |
|
|
Closing cash and cash equivalents |
46,274 |
88,508 |
75,901 |
|
* mLTIP stands for members long term incentive plan.
Cash and cash equivalents consist only of cash balances.
Consolidated Statement of Changes in Equity (unaudited)
Six months ended 30 September 2025
|
|
|
Share |
Capital |
Retained |
Own shares |
Total |
|
|
|
capital |
Redemption reserve |
earnings |
held |
Equity |
|
|
|
|
|
|
|
|
|
|
|
£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
|
|
|
|
|
|
|
|
|
Balance at 1 April 2025 brought forward |
637 |
19 |
150,445 |
(12,939) |
138,162 |
|
|
Profit for the period |
- |
- |
4,698 |
- |
4,698 |
|
|
Total comprehensive income for the period |
- |
- |
4,698 |
- |
4,698 |
|
|
Dividends paid |
|
- |
- |
(31,372) |
- |
(31,372) |
|
Purchase of own shares |
- |
- |
- |
(433) |
(433) |
|
|
Equity share options issued |
- |
- |
1,045 |
- |
1,045 |
|
|
Sale of own shares |
- |
- |
(207) |
- |
(207) |
|
|
Balance at 30 September 2025 |
637 |
19 |
124,609 |
(13,372) |
111,893 |
|
Consolidated Statement of Changes in Equity (unaudited)
Six months ended 30 September 2024
|
|
|
Share |
Capital |
Retained |
Own shares |
Total |
|
|
|
capital |
Redemption reserve |
earnings |
held |
Equity |
|
|
|
£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
|
|
|
|
|
|
|
|
|
Balance at 1 April 2024 brought forward |
648 |
19 |
183,461 |
(12,894) |
171,234 |
|
|
Profit for the period |
- |
- |
8,738 |
- |
8,738 |
|
|
Total comprehensive income for the Period |
- |
- |
8,738 |
- |
8,738 |
|
|
Dividends paid |
|
- |
- |
(31,956) |
- |
(31,956) |
|
Purchase of own shares |
|
- |
- |
- |
(277) |
(277) |
|
Equity share options issued |
- |
- |
1,090 |
- |
1,090 |
|
|
LTIP dividends settled through equity |
- |
- |
(42) |
- |
(42) |
|
|
Sale of own shares |
- |
- |
(528) |
199 |
(329) |
|
|
|
|
|
|
|
|
|
|
Balance at 30 September 2024 |
648 |
19 |
160,763 |
(12,972) |
148,458 |
|
Consolidated Statement of Changes in Equity (audited)
For the year ended 31 March 2025
|
|
|
Share |
Capital |
Retained |
Own shares |
Total |
|
|
|
capital |
Redemption reserve |
earnings |
held |
Equity |
|
|
|
£ '000 |
£ '000 |
£ '000 |
£ '000 |
£ '000 |
|
|
|
|
|
|
|
|
|
Balance at 1 April 2024 brought forward |
648 |
19 |
183,461 |
(12,894) |
171,234 |
|
|
Loss for the period |
- |
- |
16,696 |
- |
16,696 |
|
|
Total comprehensive income for the Period |
- |
- |
16,696 |
- |
16,696 |
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
- |
- |
(46,017) |
- |
(46,017) |
|
Share buyback |
|
(11) |
- |
(4,999) |
- |
(5,010) |
|
Purchase of own shares |
- |
- |
- |
(279) |
(279) |
|
|
Sale of own shares |
- |
- |
1,910 |
- |
1,910 |
|
|
Members' share incentive award exercises |
- |
- |
(43) |
- |
(43) |
|
|
Equity share options issued |
- |
- |
(563) |
234 |
(329) |
|
|
|
|
|
|
|
|
|
|
Balance at 31 March 2025 |
637 |
19 |
150,445 |
(12,939) |
138,162 |
|
Notes to the Financial Statements
1 Principal accounting policies
a) Basis of preparation
The Group financial information for the six months ended 30 September 2025 has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2025, which were prepared in accordance with UK-adopted international financial reporting standards (IFRS) and with the requirements of the Companies Act as applicable to companies reporting under those standards.
The condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement undersection 498(2) or (3) of the Companies Act 2006.
The preparation of financial statements in conformity with IFRS requires the Directors of the Company to make significant estimates and judgements that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported income and expenses during the reporting periods. These estimates and judgements are periodically evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable. Although these judgements and assumptions reflect the Directors' best knowledge of current circumstances, actual results may differ from these estimates.
The accounting policies and methods of computation applied in this financial information are consistent with those applied in the annual financial statements for the year ended 31 March 2025, and all accounting policies have been consistently applied. While there are no significant judgements, the Directors make a number of estimates, including those related to leases (see note 1k in the financial statements for the year ended 31 March 2025) and share-based payments (see note 1p the financial statements for the year ended 31 March 2025), neither of which are considered significant. In addition, estimates are made to support the carrying value of goodwill and intangible assets arising from acquisitions.
b) Going concern
The financial information presented within these financial statements has been prepared on a going concern basis under the historical cost convention (except for the measurement of financial assets at fair value through profit and loss and Deferred Bonus and Variable Allocation Plan ('DBVAP') liability which are held at their fair value). The Group is reliant on cash generated by the business to fund its working capital. The Directors have assessed the prospects of the Group and parent company over the forthcoming 12 months, including an assessment of current trading; budgets, plans and forecasts; the adequacy of current financing arrangements; liquidity, cash reserves and regulatory capital; and potential material risks to these forecasts and the Group strategy. This assessment includes consideration of a severe but plausible downside scenario in which AuMA falls by 20%. The Directors confirm that as a result of this assessment they have a reasonable expectation that the Group and parent company will continue to operate and meet its liabilities as they fall due for at least 12 months from the date of signing these accounts.
c) Accounting estimates and judgements
Goodwill and Intangible assets
Goodwill arising on acquisitions is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to a cash generating unit (CGU) for the purpose of impairment testing, with the allocation to those CGUs that are expected to benefit from the business combination in which the goodwill arose (see note 13 of the Financial Statements to 31 March 2025).
Impairment losses on goodwill, where these are identified, are not reversed. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill. The recoverable amount is the higher of the fair value less costs to sell the CGU and its value in use. Value in use is assessed using a multi-period excess earnings model which requires a number of inputs requiring management estimates and judgements, the most significant of which are: AuMA growth and discount rate.
The costs of acquiring intangible assets such as fund management contracts are capitalised where it is probable that future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The assets are held at cost less accumulated amortisation and impairment. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that the asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use.
Further information on the impairment testing and estimates used are contained in note 10.
The fund management contracts and segregated clients' contracts relating to the assets acquired as part of the acquisitions of Alliance Trust Investments Limited; Neptune Investment Management Limited; Architas Multi-Manager Limited and Architas Advisory Services Limited (together "Architas") and Majedie Investment Management Limited are recorded initially at fair value and recorded in the consolidated financial statements as intangible assets, they are then amortised over their useful lives on a straight-line basis. Management have determined that the useful life of these assets is between 5 and 10 years owing to the nature of the acquired products. Impairment is tested through measuring the recoverable amount against the carrying value of the related intangible asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use. The Directors assess the value in use using a multi-period excess earnings model which requires a number of inputs requiring management estimates, the most significant of which include: future AuMA growth and discount rate. In the current period, there were no impairment triggers for all CGUs (see notes 9 and 10 for further detail).
d) Regulatory capital position (unaudited)
Following the approval of the Group's Internal Capital and Risk Assessment ("ICARA") process in September 2025, the updated capital position for the Group is shown below:
|
|
|
|
|
|
30-Sep-25 |
31-Mar-25 |
|
|
£m |
£m |
|
Capital after regulatory deductions1 |
52.8 |
75.6 |
|
Regulatory capital requirement2 |
18.1 |
18.1 |
|
Surplus capital |
34.7 |
57.5 |
|
Foreseeable dividends3, 4 |
(4.4) |
(31.4) |
|
Surplus capital after foreseeable dividends |
30.3 |
26.1 |
1 Group Capital minus own shares, intangibles and goodwill adjusted for deferred tax liabilities.
2 Group Capital requirement calculated per MiFIDPRU as part of the Internal Capital and Risk Assessment (ICARA) process.
3 For 30 September 2025, first interim dividend of 7.0. pence per share paid in January following the half year end.
4 For 31 March 2025, second interim dividend of 50.0 pence per share paid in August 2025.
2 Alternative performance measures ("APMs")
ADJUSTED PROFIT BEFORE TAX
Definition: Profit before taxation, amortisation, impairment, and non-recurring items (which include: IT restructuring costs; severance compensation related costs and other one-off costs including lease payments and share based payments).
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of non-cash and non-recurring items, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods. Specifically, calculation of Adjusted profit before tax excludes amortisation and impairment expenses, and costs associated with acquisitions, restructuring and severance compensation related costs. It provides shareholders, potential shareholders and financial analysts a consistent year on year basis of comparison of a "profit before tax number", when comparing the current year to the previous year and also when comparing multiple historical years to the current year, of how the underlying ongoing business is performing.
ADJUSTED OPERATING PROFIT
Definition: Operating profit before:
1. Interest received/paid;
2. Taxation;
3. Amortisation of acquisition related intangible assets;
4. Impairment of acquisition related intangible assets and goodwill;
5. Expenses, including professional and other fees relating to acquisitions and potential acquisitions;
6. All employee and member severance compensation related costs;
7. Significant reorganisation expenses related to systems and outsourced services that enhance our target operating model; and
8. Other cash, and non-cash expenses which are non-recurring in nature.
Reconciliation: Note 6.
Reason for use: This is used to present a measure of operating profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of significant acquisitions, financing and capital investment, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods.
ADJUSTED OPERATING MARGIN
Definition: Adjusted operating profit divided by Gross profit.
Reconciliation: Note 6.
Reason for use: This is used to present a consistent year on year measure of Adjusted Operating Profit compared to Gross Profit, identifying the operating gearing within the business.
ADJUSTED DILUTED EARNINGS PER SHARE
Definition: Adjusted profit before tax divided by the diluted weighted average number of shares in issue.
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability per share in line with the adjusted profit as detailed above.
PERFORMANCE FEE REVENUES
Definition: Revenue attributable to performance related fees.
Reconciliation: Note 4.
Reason for use: This is used to identify and distinguish management fee revenues from performance related fees from other revenues.
GROSS PROFIT EXCLUDING PERFORMANCE FEES
Definition: Gross Profit less any revenue attributable to performance related fees.
Reconciliation: Note 4.
Reason for use: This is used to present a consistent year on year measure of gross profits within the business, removing the element of revenue that may fluctuate significantly year-on-year.
REVENUE MARGIN
Definition: Gross Profit excluding performance fees, less cost of sales divided by the average AuMA.
Reconciliation: Note 4.
Reason for use: This is used to present a measure of profitability over average AuMA.
3 Segmental reporting
The Group operates only in one business segment - Investment management.
The Group offers different fund products through different distribution channels. All financial, business and strategic decisions are made centrally by the Board, which determines the key performance indicators of the Group. The Board reviews financial information presented at a Group level. The Board, is therefore, the chief operating decision-maker for the Group. The information used to allocate resources and assess performance is reviewed for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business.
4 Revenue
|
|
Six |
Six |
Year |
|
|
months to |
months to |
ended |
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
Revenue |
|
|
|
|
- Management fee and other revenue |
68,943 |
86,961 |
166,148 |
|
- Performance fee revenue |
199 |
78 |
3,642 |
|
Total Revenue |
69,142 |
87,039 |
169,790 |
|
Cost of sales |
(5,865) |
(5,973) |
(12,088) |
|
Gross Profit |
63,277 |
81,066 |
157,702 |
|
|
|
|
|
|
Gross Profit excluding Performance Fees |
63,078 |
80,988 |
154,060 |
|
Average AuMA (£m) |
22,421 |
26,860 |
25,671 |
|
Revenue Margin (%) |
0.563% |
0.603% |
0.600% |
|
Revenue from customers includes: |
|
|
|
|
− Investment management fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. |
|
||
|
− Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. |
|
||
|
− Fixed administration fees on unit trusts and open-ended investment companies sub-funds. |
|
||
|
− Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts). |
|
||
|
− Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-funds. |
|
||
|
− Box profits on unit trusts - the "at risk" trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts held to help manage client sales into, and redemptions from the trust. |
|
||
|
− Less contractual rebates paid to customers. |
|
||
|
|
|
|
|
|
The cost of sales includes: |
|
|
|
|
− Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and fund auditor fees. |
|
||
|
− Sales commission paid or payable. |
|
|
|
|
− External investment advisory fees paid or payable. |
|
|
|
Performance fee revenue
Performance fee revenue include fees that are subject to arrangements whereby fees are deferred from prior periods but are only recognised and received following another period of outperformance. During the half year £0.2 million of performance fees are recognised. In future periods another £3.6 million may be received. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fee revenue in income only when it is sufficiently certain that they become due and collectable and therefore the element (if any) deferred beyond 30 September 2025 has not been recognised in the results for the period.
5 Administration expenses
|
|
Six |
Six |
Year |
|
|
months to |
months to |
ended |
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
|
|
|
£'000 |
£'000 |
£'000 |
|
Employee related expenses |
|
|
|
|
Wages and salaries |
9,161 |
11,271 |
26,178 |
|
Social security costs |
1,363 |
1,556 |
3,616 |
|
Pension costs |
939 |
1,134 |
2,191 |
|
Share incentivisation expense |
799 |
892 |
1,860 |
|
DBVAP expense |
709 |
940 |
1,855 |
|
Severance compensation |
72 |
2,245 |
2,615 |
|
|
13,043 |
18,038 |
38,315 |
|
Member related expenses |
|
|
|
|
Members' drawings charged as an expense |
14,767 |
19,717 |
33,157 |
|
Members' share incentivisation expense |
149 |
135 |
229 |
|
Members' severance |
- |
142 |
141 |
|
|
14,916 |
19,994 |
33,527 |
|
Total Employee and Member related expenses |
27,959 |
38,032 |
71,842 |
|
|
|
|
|
|
Non-staff related expenses |
|
|
|
|
Professional and other services |
3,791 |
6,393 |
13,663 |
|
Intangible asset amortisation |
4,553 |
4,553 |
9,555 |
|
Depreciation |
591 |
997 |
1,648 |
|
Other administration expenses |
20,070 |
19,834 |
40,925 |
|
|
29,005 |
31,777 |
65,791 |
|
|
|
|
|
|
Total administration expenses |
56,964 |
69,809 |
137,633 |
Analysis of staff costs is set out below:
|
|
Six |
Six |
Year |
|
|
months to |
months to |
ended |
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
£'000 |
£'000 |
£'000 |
|
Direct Employment & Member related Wages, Salaries, Social Security & Pensions |
|
|
|
|
Fund Managers |
15,693 |
20,362 |
40,397 |
|
Other Employees and Members |
10,537 |
13,316 |
24,745 |
|
|
26,230 |
33,678 |
65,142 |
|
|
|
|
|
|
Incentivisation (Share & DBVAP) - Other Employees & Members |
1,657 |
1,967 |
3,944 |
|
Employee and Member severance compensation |
72 |
2,387 |
2,756 |
|
|
27,959 |
38,032 |
71,842 |
Analysis of Professional and other services is set out below:
|
|
Six |
Six |
Year |
|
|
months to |
months to |
ended |
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
Professional and other services |
|
|
|
|
Neptune/Architas/Majedie acquisition related costs1 |
- |
396 |
578 |
|
Business Transformation Programme2 |
3,346 |
5,457 |
12,174 |
|
International Distribution and Product expansion3 |
445 |
540 |
911 |
|
|
3,791 |
6,393 |
13,663 |
1 Other acquisition related costs includes one-off cost of £396k in the prior period relating to disposal of lease.
2 Cost related to the implementation of the Business Transformation Programme as set out above in the Chair's statement.
3 Costs related to the broadening of our international distribution and product range (recruitment of the Global Equity team from GAM Holding AG) which relates to £3m share based payment charge spread across three years in line with service conditions.
6 Adjusted profit before tax
Adjusted profit before tax is reconciled in the table below:
|
|
Six |
Six |
Year |
|
|
months to |
months to |
ended |
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Profit before tax for the period |
7,269 |
12,504 |
22,292 |
|
|
|
|
|
|
Severance compensation and staff reorganisation costs |
72 |
2,387
|
2,756 |
|
Professional and other services1 |
3,791 |
6,393 |
13,663 |
|
Intangible asset amortisation |
4,553 |
4,553 |
9,555 |
|
Adjustments |
8,416 |
13,333 |
25,974 |
|
Adjusted profit before tax |
15,685 |
25,837 |
48,266 |
|
|
|
|
|
|
Interest receivable |
(677) |
(1,121) |
(2,162) |
|
Interest payable |
22 |
42 |
- |
|
Adjusted operating profit |
15,030 |
24,758 |
46,104 |
|
|
|
|
|
|
Adjusted operating margin |
23.8% |
30.5% |
29.2% |
|
|
|
|
|
|
Adjusted diluted earnings per share (excluding performance fees) |
18.68 |
30.28 |
55.56 |
|
Adjusted diluted earnings per share |
18.74 |
30.31 |
56.81 |
1 For further details see note 5 above.
7 Taxation
The half yearly tax charge has been calculated at the estimated full year effective UK corporation tax rate of 25% (30 September 2024: 25%).
8 Earnings per share
The calculation of basic earnings per share is based on profit after taxation and the weighted average number of Ordinary Shares in issue for each period as shown in the table below. Shares held by the Liontrust Asset Management Employee Trust are not eligible for dividends and are treated as cancelled for the purposes of calculating earnings per share.
Diluted earnings per share is calculated on the same bases as set out above, after adjusting the weighted average number of Ordinary Shares for the effect of options to subscribe for new Ordinary Shares that were in existence during the six months ended 30 September 2025 as shown in the table below. This is reconciled to the actual weighted number of Ordinary Shares as follows:
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
|
|
|
|
Weighted average number of Ordinary Shares |
62,732,860 |
63,907,475 |
63,717,195 |
|
|
|
|
|
|
Weighted average number of dilutive Ordinary shares under option: |
|
|
|
|
- to Liontrust Long Term Incentive Plan |
34,395 |
2,067 |
- |
|
- to the Liontrust SAYE |
- |
19,274 |
1,384 |
|
Adjusted weighted average number of Ordinary Shares |
62,767,255 |
63,928,816 |
63,718,579 |
9 Intangible assets
Intangible assets represent investment management contracts that have been capitalised upon acquisition and are amortised on a straight-line basis over their useful economic lives.
The intangible asset on the balance sheet represents investment management contracts as follows:
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Investment management contracts acquired from ATI |
1,800 |
3,000 |
2,400 |
|
Investment management contracts acquired from Neptune |
12,498 |
15,622 |
14,060 |
|
Investment management contracts acquired from Architas |
16,736 |
20,028 |
18,382 |
|
Investment management contracts acquired from Majedie |
2,012 |
2,321 |
2,167 |
|
Segregated client contracts acquired from Majedie |
1,768 |
2,948 |
2,358 |
|
|
34,814 |
43,919 |
39,367 |
The Group recognises five intangible assets relating to investment management contracts and segregated clients arising on business acquisitions. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. With the exception of new business AuMA and the terminal growth rate, the standalone intangible asset models use the same assumptions as those in the goodwill impairment review detailed in note 10.
The assessment made at 30 September 2025 did not indicate any indicators of impairment in the value of the ATI, Neptune, Architas or Majedie intangible assets based on the AuMA and flow of funds being in line with management expectations (31 Mar 2025: no impairment for all CGUs but for Architas and Majedie there were indicators of impairment due to higher than expected fund outflows leading to forecast revenues being lower than originally forecast). The impairment trigger was based on net outflows of 10% or greater than prior reporting period AuMA.
10 Goodwill
Goodwill is allocated to the CGU to which it relates as the underlying funds acquired in each business acquisition are clearly identifiable to the ongoing investment team that is managing them. For all four CGUs, there were no indicators of impairment therefore the next assessment will be performed at year ended 31 March 2026. The impairment trigger was based on net outflows of 10% or greater than prior reporting period AuMA.
|
|
|
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
ATI |
11,873 |
11,873 |
11,873 |
|
Neptune |
7,668 |
7,668 |
7,668 |
|
Architas |
7,951 |
7,951 |
7,951 |
|
Majedie |
4,618 |
4,618 |
4,618 |
|
Total |
32,110 |
32,110 |
32,110 |
For all four CGUs at year ended 31 March 2025, an assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model which used key assumptions such as discount rate and net AuMA growth rate. The projected cash flows used within the goodwill model is based on a 5-year period where the terminal growth is used for years beyond that, and forecasts have been approved by senior management. The discount rate was derived from the Group's weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The net AuMA growth rate is a combination of three variables: AuMA market growth rate, fund flows and fund attrition. The net AuMA growth rate is determined by using external sources to estimate future growth based on historic equities/bonds performances. In addition, the terminal growth rate is also based on external sources too and based on long term inflation expectations. See table below for details.
|
|
Discount Rate |
Terminal Growth Rate |
Net AuMA |
|
|
|
|
|
|
|
|
|
|
|
ATI |
12.50% |
2% |
4.0% |
|
Neptune |
12.50% |
2% |
6.7% |
|
Architas |
12.50% |
2% |
2.7% |
|
Majedie |
12.50% |
2% |
7.1% |
11 Trade and other receivables
|
|
30-Sep-25 |
30-Sep-24 |
31-Mar-25 |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Trade receivables |
|
|
|
|
- Fees receivable |
12,641 |
14,854 |
13,451 |
|
- Unit Trust sales and cancellations |
128,576 |
147,571 |
177,965 |
|
Prepayments and accrued income |
10,884 |
10,291 |
8,359 |
|
Corporation tax receivable |
771 |
- |
1,218 |
|
|
152,872 |
172,716 |
200,993 |
All financial assets listed above are non-interest bearing. The carrying amount of these non-interest bearing trade and other receivables approximates their fair value and their credit risk is considered low.
12 Financial assets
The Group holds financial assets that have been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs into measuring the fair value. These levels are based on the degree to which the fair value is observable and are defined as follows:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets and liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data.
As at the balance sheet date all financial assets are categorised as Level 1.
Under IFRS9 all financial assets are categorised as Assets held at fair value through profit and loss.
The financial assets consist of units held in the Group's collective investment schemes as part of a 'manager's box, assets held by the EBT in respect of the Liontrust DBVAP and assets held in Liontrust Global Funds plc to assist administration. The holdings are valued on a mid or bid basis.
13 Related party transactions
By virtue of the investment management agreements in place between the Group and the investment vehicles it manages, such funds may be considered to be related parties of the Group. Directors and management can invest in funds managed by the Group on commercial terms that are no more favourable than those available to staff in general.
During the six months to 30 September 2025 the Group received fees from unit trusts and ICVCs under management of £60,382,000 (2024: £76,834,000). Transactions with these funds comprised creations of £4,925,700,000 (2024: £5,602,230,000) and liquidations of £3,450,050,000 (2024: £3,357,784,000). As at 30 September 2025 the Group owed the unit trusts £126,847,000 (2024: £147,579,000) in respect of unit trust creations and was owed £139,026,000 (2024: £160,781,000) in respect of unit trust cancellations and fees.
During the six months to 30 September 2025 the Group received fees from offshore funds under management of £7,810,000 (2024: £8,287,000). Transactions with these funds comprised purchases of £nil (2024: £nil) and sales of £nil (2024: £nil). As at 30 September 2025 the Group was owed £849,000 (2024: £55,000) in respect of management fees.
14 Post balance sheet date events
There were no post balance sheet events.
15 Key risks
The Directors have assessed the risks and uncertainties affecting the Group's business during the first half of the year and confirm that these were consistent with those identified in the 2025 Annual Report. Furthermore, the Directors believe that the principal risks and uncertainties for the second half of the year will remain substantially the same as those previously disclosed.
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 reputational 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 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 it 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 40 of the 2025 Annual Report and Note 2 "Financial risk management" on page 150 of the 2025 Annual Report.
16 Directors' responsibilities
The Directors confirm that this condensed set of interim financial statements has been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting', and that the Half Year Report herein includes a true and fair review of the information required by DTR 4.2.7R, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year.
By Order of the Board
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John S. Ions |
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Vinay K. Abrol |
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Chief Executive Officer |
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Chief Financial Officer |
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19 November 2025 |
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Forward Looking Statements
This Half Year Results 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 Conduct Authority). Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.
The release, publication, transmission or distribution of this announcement in 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.
Shareholder services
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