(Alliance News) - Tatton Asset Management PLC on Tuesday reported a rise in its assets under management, with yearly profit and revenue also growing.

Tatton Asset Management is a Cheshire-based on-platform discretionary fund management and independent financial adviser support service.

The number of assets under management for the financial year ended March 31 increased by 12% in the year to GBP12.74 billion from GBP11.34 billion the previous year. Organic net inflows rose 16% to GBP1.80 billion, from GBP1.30 billion the prior year.

The rise in assets under management was driven by the acquisition of 50% of the share capital of 8AM Global Ltd in October, which added GBP1.14 billion to assets under influence for the company.

Pretax profit was up 42% to GBP16.0 million from GBP11.3 million the previous year. Revenue grew 10% to GBP32.3 million from GBP29.4 million.

Chief Executive Officer Paul Hogarth said: "Whilst it has been a difficult and volatile year for asset managers and businesses, we have continued to execute our strategy and build on our strengths."

The company's total dividend rose 16% to 14.5 pence per share, from 12.5p the prior year. Tatton Asset Management's final dividend increased by 18% to 10.0p per share from 8.5p the prior year.

Tatton Asset Management said it is confident it will increase its market share in the year ahead.

"As we look forward, we are mindful that we remain in uncertain times, both from an economic and geo-political standpoint. While not unaffected by these conditions, despite this uncertainty we are optimistic about the group's prospects," said CEO Hogarth.

Shares in Tatton Asset Management increased by 2.8% to 467.00 pence in London on Tuesday morning.

By Will Neill, Alliance News reporter

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