- Premier Miton Group has announced that Premier Asset Management saw net outflows of £233m for the year ended 30 September 2019, after a 'more difficult year for the business'.

Premier's assets under management ended the year at £6.6bn, down from £6.9bn at the end of September 2018.

The outflows compared to net inflows of £734m in 2018.

In its annual results for the year ended 30 September 2019, Premier reported a 13.8% decrease in profit before tax to £13.7m, from £15.9m in the previous year.

Adjusted profit before tax of £19m was up from £18.9m in 2018, while adjusted EBITDA of £19.2m was broadly in line with the previous year.

Chief executive Mike O'Shea said: 'This has been a more difficult year for the business and indeed for the UK funds industry generally, with investment decisions largely on hold while investors wait for clarity over Brexit.

'As confidence returns to the UK market, we believe that our focus on delivering good client outcomes and our relevant product range mean we are well placed for future growth.'

He added: 'We are very pleased that the shareholders of Premier and Miton have approved the all‐share merger between the two companies and we are excited about the opportunities for the new enlarged Premier Miton Group.'

At 8:24am: [LON:PMI] share price was -1.5p at 167p

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