Final Results

Liontrust Asset Management PLC
22 May 2002

LIONTRUST ASSET MANAGEMENT PLC



Embargoed until 0700 hours, Wednesday 22nd May 2002


                          STOCK EXCHANGE ANNOUNCEMENT


                         LIONTRUST ASSET MANAGEMENT PLC


                     PRELIMINARY RESULTS FOR THE YEAR ENDED

                                31ST MARCH 2002

Liontrust Asset Management PLC ('Liontrust' or 'the Group'), the independent
specialist UK equities fund management group, today announces its preliminary
results for the year ended 31st March 2002. The results cover the Group's third
year since its flotation on the main market of the London Stock Exchange in July
1999.


Highlights are as follows:


  • Funds under management stand at £2.101 billion as at 20th May 2002 with
    39% growth in last financial year.

  • £645 million new pension fund mandates won during year.

  • 15% growth in core operating profits to £3.215 million (7.52 pence
    earnings per share).

  • Overall profits before tax (including performance related earnings) grew
    to £5.51 million (11.52 pence earnings per share) from last year's £5.4
    million.

  • Greatly increased dividends proposed: 2.5 pence per share core dividend
    (total for year 3.0 pence) and 4.5 pence per share special performance fee
    related dividend against last year's total of 0.5 pence per share.

LIONTRUST ASSET MANAGEMENT PLC

Commenting on the results, Nigel Legge, Joint Chief Executive, said:

Our 39% growth in funds under management compares with a fall in the market of
6% and shows the progress we continued to make this year.

We have controlled our costs effectively, attracted substantial new clients by
our investment performance, delivered improved results and rewarded shareholders
by greatly increasing their dividends.

Last year's experience convinces us that we can be successful by concentrating
on our specialised area, working hard to maintain a friendly but challenging
environment and rewarding and incentivising all our people appropriately.

We look forward to continuing progress in the coming year.'



                                      - ENDS -




For further information please contact:

Liontrust Asset Management:

Nigel Legge, Joint Chief Executive         Tel: [phone]



Cazenove & Co.:

Richard Locke                              Tel: [phone]



LIONTRUST ASSET MANAGEMENT PLC

Chairman's Statement

We have now been a public company for three years and I am delighted to report
good results for the third time. Our investment processes have continued to
deliver above average investment performance and this, coupled with the
simplicity of our business model, has allowed us to prosper in a difficult year
for the fund management industry.

Our core profits, earned on the recurring fees that make up our core revenues,
are up 15% to £3.2m compared with £2.8m a year ago. Despite the difficult market
conditions, with the FTSE All-Share Index 6% lower than a year ago, our control
over costs has allowed us to maintain our core cost: income ratio at 69%. Core
earnings per share have increased by 14% from 6.59p to 7.52p and as a result of
the further strengthening of our balance sheet your board has decided to
recommend a final core dividend of 2.5p per share, payable on 17th July 2002 to
shareholders on the register at 21st June 2002. With the 0.5p interim dividend
already paid, the core dividend for the full year amounts to 3.0p per share and
is covered more than 2.5 times by core earnings per share. This compares with
the 0.5p per share maiden dividend paid last year.

Total profits include exceptional costs and performance fees which, as I have
previously stated, are likely to fluctuate. This year performance fees were a
little below those booked a year ago but our total profits before taxation still
increased by 2% to £5.5m from £5.4m last year. Following the exercise of an
option during the year, basic earnings per share remained static at 11.52 p per
share. In addition to the core dividend, your board has decided that, barring
unforeseen circumstances, it is appropriate annually to distribute to
shareholders all of those earnings relating to performance fees by way of a
special dividend. Accordingly, your board now also recommends a special dividend
of 4.5p per share, payable at the same time as the core final dividend. It is
important for shareholders to appreciate that because performance fees will
fluctuate, these special dividends will vary: in some years we might not earn
any performance related fees, in which case no special dividend would be paid.

Our funds under management have increased over the year by 39%. On 31st March
2002 they stood at £1.768 billion with a further £500 million in transition. At
the same time last year they stood at £1.276 billion with £142 million in
transition. Since our year-end, funds under management as at 20th May 2002 have
increased to £2.101 billion with £229 million in transition. As these figures
show, the current year has started well. We have won a number of new funds and
continue to be invited to pitch for new mandates.




LIONTRUST ASSET MANAGEMENT PLC

Chairman's Statement

New business in the reporting period was strong. The total value of new pension
funds won was £645 million (£338 million last year) and we have lost no
accounts. Our unit trusts have also sold well. In particular, the Liontrust
First Income Fund grew from £20 million in July last year, when we first
published its investment process, The Value Dynamic, to £153 million as at 20th
May.

Each portfolio is managed in accordance with one or other of our four
proprietary processes and performance has been good. Our Income Fund
outperformed the FTSE All-Share Index by 24.1% during the year making it the
best performing unit trust of its kind in the UK. Liontrust First Growth Fund,
run in accordance with The Lang Approach, outperformed its benchmark (the FTSE
All-Share Index) for the sixth calendar year in succession. Portfolios run in
accordance with The Large Cap. Process outperformed the FTSE All-Share Index
while portfolios run in accordance with The Cross Report were slightly behind
their benchmark (the FTSE Small Cap. (excluding Investment Trusts) Total Return
Index) but ahead of the peer group.

Our staff have continued to work efficiently and enthusiastically. It is a
pleasure for me to chair a company with such motivated and professional people.
I cannot thank them enough. Retention and appropriate motivation of our
employees, in what remains a competitive environment, are key to our continued
success. Accordingly, we are seeking shareholder approval for the adoption of
the Liontrust Enterprise Management Incentive Scheme. We are determined to
maintain the happy, stimulating and rewarding environment that has made us
successful so far.

Our prospects remain excellent. Smaller fund management companies with
specialist skills are increasingly in demand and continue to find favour among
professional advisers. UK equities remain the largest proportion of UK based
portfolios so there is enormous scope for us to grow.

We know the market is highly competitive. However, we have confidence in our
business model and believe our culture, employee equity participation and
well-defined products will continue to give us a competitive advantage. We look
forward to the challenges ahead and continue to see a bright future for the
company and all those associated with it.

Our Annual General Meeting will be held in the Beaufort Room at The Savoy Hotel,
Strand, London WC2R 0EU at 11.00 am on Monday 8th July 2002.


Ellen Winser, Chairman.

22nd May 2002.




LIONTRUST ASSET MANAGEMENT PLC

Unaudited Consolidated Profit and Loss account
for the Year Ended 31st March 2002

                                                                           Year ended                      Year ended
                                                                      31st March 2002                 31st March 2001

                                                         Notes                  £'000                           £'000

Turnover (Gross Profit)                                                        15,191                          14,835

Staff costs                                                                   (6,803)                         (7,034)

Exceptional staff costs                                                         (244)                           (126)

Total staff costs                                                             (7,047)                         (7,160)

Total operating charges                                                       (3,041)                         (2,560)

Operating Profit                                                                5,103                           5,115

Interest receivable                                                               404                             301

Profit on ordinary activities before taxation                                   5,507                           5,416

Tax on profit on ordinary activities                                          (1,700)                         (1,624)

Profit on ordinary activities after taxation                                    3,807                           3,792

Dividends paid and proposed                                  3                (2,494)                           (165)

Profit for the financial period transferred to reserves                         1,313                           3,627



                                                                                  Pence                         pence

Basic earnings per share                                     2                    11.52                         11.52

Basic earnings per share (adjusted)                          2                    12.03                         11.79

Basic earnings per share (core)                              2                     7.52                          6.59


Diluted earnings per share                                   2                    11.10                         11.01

Diluted earnings per share (adjusted)                        2                    11.60                         11.27

Diluted earnings per share (core)                            2                     7.25                          6.30



LIONTRUST ASSET MANAGEMENT PLC


Unaudited Consolidated Balance Sheet
as at 31st March 2002
                                                                   31st March 2002                 31st March 2001

                                                                 £'000          £'000           £'000           £'000
Fixed assets

Tangible assets                                                                   310                             316

Current assets

Short-term investments                                             114                             61

Debtors                                                         14,939                          6,623

Cash at bank and in hand                                         9,560                         11,625

                                                                24,613                         18,309

Creditors: (amounts falling due within                         (17,781)                       (13,120)
one year)

Net current assets                                                              6,832                           5,189

Total assets less current liabilities                                           7,142                           5,505

Provisions for liabilities and charges                                              -                           (235)


                                                                                7,142                           5,270
Capital and reserves

Called up share capital                                                           333                             329

Share premium account                                                           2,098                           1,543

Profit and loss account                                                         4,711                           3,398

Shareholders' funds (all equity interest)                                       7,142                           5,270



LIONTRUST ASSET MANAGEMENT PLC


Consolidated Cash Flow Statement
for the Year Ended 31st March 2002


Reconciliation of operating profit to net cash inflow from operating activities

                                                                        Year ended                    Year ended
                                                                   31st March 2002               31st March 2001
                                                                             £'000                         £'000

Operating profit                                                             5,103                         5,115

Exceptional staff costs                                                        244                           126

Operating profit before exceptional items                                    5,347                         5,241

Depreciation charges                                                           104                           103

(Increase)/ decrease in short term investments                                (53)                            31

(Increase) in debtors                                                      (8,316)                       (1,853)

Increase in creditors                                                        2,671                         2,139

Net cash (outflow)/ inflow from operating activities                         (247)                         5,661

Cash Flow Statement
                                                                             £'000                         £'000


Net cash (outflow)/ inflow from operating activities                         (247)                         5,661

Returns on investment and servicing of finance                                 404                           301

Taxation                                                                   (2,352)                         (771)

Capital expenditure and financial investment                                  (98)                          (81)

Equity dividends paid                                                        (331)                             -

                                                                           (2,624)                         5,110

Financing                                                                      559                             -

(Decrease)/ increase in cash                                               (2,065)                         5,110



LIONTRUST ASSET MANAGEMENT PLC


Notes to the Financial Statements

1.          Accounting policies


            The accounting policies are consistent with those set out in the
            Group's last audited accounts.

2.          Earnings per share


            The calculation of basic earnings per share is based on profit after
            taxation and the weighted average number of Ordinary Shares in issue
            for each period. The weighted average number of Ordinary Shares for
            the year was 33,057,365 (2001: 32,927,459).

            Basic earnings per share (adjusted) are calculated after removing
            the exceptional items and associated tax credit. Basic earnings per
            share (core) are calculated after removing the exceptional items,
            the performance related fees and costs and related tax charges.

            Diluted earnings per share are calculated on the same bases as set
            out above, after adjusting the weighted average number of Ordinary
            Shares for the effect of options to subscribe for new Ordinary
            Shares that were in existence at 31st March 2002. The adjusted
            weighted average number of Ordinary Shares so calculated for the
            year was 34,303,129 (2001: 34,442,526)

3.          Proposed dividend


            The Board will propose a final dividend of 7 pence per share,
            payable on 17th July 2002 to all shareholders on the register at
            21st June 2002. This comprises a core dividend of 2.5 pence and a
            special dividend of 4.5 pence.

                                                             Year                         Year
                                                            Ended                        Ended
                                                  31st March 2002              31st March 2001

                                          Pence per         £'000       Pence per        £'000
                                              share                         share

Interim dividend paid (core)                    0.5           166               -            -

Final dividend proposed (core)                  2.5           831             0.5          165

Total core dividend                             3.0           997             0.5          165

Special dividend proposed                       4.5         1,497               -            -

Total dividend                                  7.5         2,494             0.5          165



This preliminary announcement constitutes non-statutory accounts under section
240 of the Companies Act 1985. The results for the year ended 31st March 2002
are unaudited. The results for the year to 31st March 2001 have been extracted
from the Group's statutory accounts for that period, which have been filed with
the Registrar of Companies, the audit report on which was not qualified and did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.





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