Published 28 September, the report shows half-year profit before tax fell £2.6m year-on-year to £800,000.
As a result, while basic earnings per share climbed from a 6.2p loss a year earlier 0.28p, adjusted earnings per share slid from 1.68p to 0.43p.
Following the results, Miton is set to make a variety of alterations to its product offering, one of which sees a multi-asset mandate converted to a multi-asset income fund.
Currently on the market as the PFS Darwin Multi Asset Fund, from 5 October it will be renamed PFS Miton Cautious Monthly Income Fund in order to reflect the change in investment approach.
The group also plans to merge its CF Miton UK Value Opportunities and FP Miton Undervalued Assets vehicles in Q1 2016, while newly-appointed fund manager Carlos Moreno is to be given a new European equities vehicle, due for launch in Q4.
Ian Dighé, Miton executive chairman, said: “The fall in Miton Group’s half-year profits reflected the operational gearing of the business following the reduction in funds under management compared to last year. Despite this, the group remained profitable and ended the period with renewed momentum in terms of inflows into our funds.”
Q2 saw a reversal of the outflows endured during the previous quarter, with group assets under management rising from £2.05bn to £2.225bn in H1, a trend which has continued into Q3 as AUM climbed a further £139m prior to 31 August.
Net revenue margin rose incrementally from 65 to 66.6 basis points year-on-year as net revenue fell from £9.6m to £7.1m, while costs were reduced by £100,000 to £5.7m in the same period.
Following the distribution of year-end bonuses and shareholders dividends, by H2 end Miton’s total balance stood at £13.6m, having been £15.2m at the turn of the year.
