In a trading update, the AIM-listed asset manager revealed that it has continued to experience positive net inflows over the second half of the year and profits were set to beat analyst consensus.
The prospect of higher profits cheered investors, who pushed the group’s share price 10% higher to £0.35p, the highest price they have fetched in six months.
Miton’s confidence in beating profit forecasts signals an important turnaround for the group under new chairman James Neilson Pettigrew, who replaced Ian Dighe in the role earlier this year.
After the sudden resignation of heavyweight managers George Godber and Georgina Hamilton, the firm suffered £423m worth of redemptions, slicing its assets under management by £530m to £2.5bn at the end of Q2 2016.
While the fund group managed to grow profits for 2016, its adjusted profits before tax dipped more than 17% during the first half of this year.
In its latest update, Miton said unaudited AUM at 31 October 2017 was £3.6bn and average AUM for the first 10 months of the calendar year hovered around the £3.3bn mark.
