The Tatton Asset Management Board is to recommend an interim dividend of 4.0p per share, an increase of 14.3% on the prior period interim dividend. This level of dividend reflects their cash performance and underlying confidence in the business, while at the same time ensuring that appropriate levels of capital resources are maintained within the Group. On 1 January 2022, the FCA is introducing a new prudential regime for MiFID investment firms, the Investment Firms Prudential Regime ("IFPR"). As a result of these new rules, the Group will face an increased level of requirement as to the level of capital resources held across the Group, with restrictions in utilising cash or debt to fund acquisitions.
The interim dividend of 4.0p per share, totalling £2.4 million, will be paid on 17 December 2021 to shareholders on the register at close of business on 26 November 2021 and will have an ex-dividend date of 25 November 2021. In accordance with International Financial Reporting Standards ("IFRSs"), the interim dividend has not been included as a liability in this interim statement.
Other financial highlights include:
- Group revenue increased 26.4% to £13.8m (Sep 2020: £11.0m)
- Adjusted operating profit up 37.9% to £6.9m (Sep 2020: £5.0m)
- Adjusted operating profit margin 50.1% (Sep 2020: 45.9%)
- Adjusted fully diluted EPS increased 33.7% to 8.76p (Sep 2020: 6.55p)
- Strong financial liquidity position, with net cash of £14.7m
- Strong balance sheet - Net assets increased 37.5% to £27.5m (Sep 20: £20.0m)