Full Year Results

RNS Number : 3407H

Liontrust Asset Management PLC

19 June 2013

 



LIONTRUST ASSET MANAGEMENT PLC

FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2013

Liontrust Asset Management Plc ("Liontrust", the "Company", or the "Group"), the independent fund management group, today announces its results for the year ended 31 March 2013.

Results:

·     Revenues from Continuing Operations up 49% compared to the same period last year

·     Adjusted profit before tax of £3.8 million (2012: £1.0 million)

·     Adjusted diluted earnings per share of 7.3 pence per share (2012: 2.3 pence per share)

·     Loss before tax from Continuing operations of £3.9 million (2012: £1.6 million), includes costs of £7.7 million (2012: £0.7 million) relating to the acquisition of Walker Crips Asset Managers Limited, amortisation of the related intangible asset, and other non-cash and non-recurring costs (see note 4 below)

Dividend:

·     Dividend of 1.0 pence per share payable on 26 July 2013 (2012: nil pence per share)

Assets under management:

·     On 31 March 2013, assets under management were £3.0 billion (2012: £1.5 billion)

·     Close of business on 17 June 2013, assets under management were £3.3 billion

Flows:

·     Net inflows for the year to 31 March 2013 of £514 million (2012: £152 million)

Commenting on the results, John Ions, Chief Executive, said:

"This has been a year when the hard work of employees and members of Liontrust has begun to bear significant fruit. The business is now in control of its own destiny and well positioned to carry on growing. It is particularly pleasing to see the faith our customers have shown by placing assets with us and that our success has been recognised by the many independent awards for Liontrust's funds and the business over the past year.

"The environment remains challenging but we relish the opportunity to do what we do best. Quite simply, this is generating strong long-term performance for our clients."

For further information please contact:

Liontrust Asset Management                                                     020 7412 1700

John Ions, Vinay Abrol                                                                   www.liontrust.co.uk

Simon Hildrey - Head of Marketing & Communications

Numis Securities Limited                                                             020 7260 1000

Charles Farquhar, Andrew Holloway

Chairman's Statement

Introduction

I am delighted to report on a year of significant growth and development for Liontrust at a time when the asset management industry has been facing a number of challenges. I will return to the challenges later but let me start with our successes.

We delivered another four quarters of net inflows of £514 million in the financial year and this contributed to Liontrust nearly doubling our assets under management ("AuM") to £3 billion.  

A key factor behind this growth, as ever, is having excellent fund management teams and investment performance. We expanded the number of teams to five during the last financial year through the acquisition of Walker Crips Asset Managers Limited in April 2012 and the recruitment of the Global Credit team at the start of 2013. The launch of the Liontrust GF Global Strategic Bond Fund on 6 February 2013 has been a great success, with the Fund's assets reaching £263 million by 31 March 2013.

The quality of our fund management teams is shown by the fact that eight out of nine of our actively managed UK retail funds were in the first quartile of their respective IMA sectors from launch or manager inception to 31 March 2013.

Another key factor behind the growth in the business has been the continued broadening of our client base in the UK and internationally and striving to raise our profile further among professional and private investors. The success of this strategy can be seen in our net inflows, Funds being included on more buy lists and the independent recognition we have been granted through awards and fund ratings. For example, readers of Shares magazine voted Liontrust the "Fund Management Group of the Year" in November 2012 and we won "Best Specialist Fund Group" at the MoneyMarketing Awards in March 2013.

Having a strong and high-profile brand has become even more important following the implementation of RDR (Retail Distribution Review) at the end of 2012. We expect an even greater amount of fund flows to be controlled by fewer and more powerful distributors in the future and for an increasing number of private investors to make their own investment decisions. All asset managers are going to have to learn to adapt to this changing landscape and the demands of some of the larger distributors.     

The successes I have highlighted above have resulted in an adjusted profit before tax of £3.766 million. It has enabled the Board to declare a dividend of 1.0 pence per share, which is the first dividend the Company has paid since December 2009.

As I have suggested, the asset management industry is facing a number of challenges. As well as the evolving distribution landscape, these include further regulatory changes and the continued uncertain economic and market outlook despite the strong start to 2013 for equities.

What is unquestionably true is that governments all over the world have thrown all the fiscal landmines into the long grass in the hope that time will wash them away. Whether we can mow the lawn in the years to come without hitting one is pure conjecture. Meanwhile, we get on with the day job and try to continue to deliver superior investment returns to our customers and grow the profitability of your company.

I would like to thank all our customers and shareholders for the support they have shown us and members and employees at Liontrust for their hard work and contribution to the growth of the company over the past three years.

Results

Adjusted profit before tax was £3.766 million (2012: £1.001 million) an increase of 276%, see note 4 below for a definition and reconciliation of adjusted profit before tax.             

Adjusted basic earnings per share of 8.11 pence (2012: 2.30 pence per share) an increase of 253% and Adjusted diluted earnings per share of 7.27 pence per share (2012: 2.28 pence per share) an increase of 219%.

Loss before tax from Continuing Operations of £3.935 million (2012: £1.573 million) includes a loss of £7.701 million (2012: £0.717 million) of Adjustments.

Revenues from Continuing Operations increased by 49% to £20.341 million (2012: £13.638 million). Performance fees of £1.303 million were earned in the financial year to 31 March 2012 (2012: £3.383 million).

Dividend

The Board has considered the current market environment, the financial performance for the Group in the financial year and its cash generation abilities in future years and has decided that a dividend should be reinstated. The Company last paid a dividend to shareholders in December 2009 and is declaring an interim dividend of 1.0 pence per share (2012: nil), which will be payable on 26 July 2013 to shareholders who are on the register as at 28 June 2013, the shares going ex-dividend on 26 June 2013. The total dividend for the financial year ending 31 March 2013 is, therefore, 1.0 pence per share (2012: nil).

Adrian Collins

Chairman

Chief Executive's Statement

Introduction

I said last year that the prospects for raising assets were healthy. Tripling net fund flows from £152 million to £514 million backed this up. Total AuM has risen from £1.5 billion to £3 billion.

This growth in assets is in no small part due to the extensive restructuring of previous years to create a more focused and organised business. The foundations are well set on which to continue this growth. Our strategy remains to focus on organic growth, acquiring new teams and acquisitions.

At the core of our business is an unwavering dedication to investment process which in a challenging investment environment has enabled us to maintain excellent long-term performance. This combined with an ever broader client base and first rate communication and marketing skills puts us in a great position to continue our growth.

Assets under Management

On 31 March 2013, our assets under management ("AuM") stood at £3,039 million (2012: £1,529 million) an increase of 99%, and were broken down by type and process as follows:-

Process	Total (£m)	Institutional (£m)	UK Retail (£m)	Offshore Funds (£m)
Cashflow Solution	828	415	407	6
Economic Advantage	1,377	-	1,371	6
Macro Thematic	503	86	417	-
Asia	12	-	12	-
Global Credit	263	-	-	263
Indexed	56	-	56	-
Total	3,039	501	2,263	275

AuM as at close of business on 17 June 2013 were £3.265 billion.

Fund Flows

Liontrust has recorded net inflows of £514 million in the year (2012: £152 million) an increase of 238%. A reconciliation of fund flows and AuM over the year is as follows:-

	Total	Institutional	UK Retail	Offshore Funds
	£m	£m	£m	£m
Opening AuM - 1 April 2012	1,529	388	1,088	53
Net flows	514	(126)	418	222
Acquisition of Walker Crips Asset Managers Ltd *	581	160	421	-
Market and investment performance	415	79	336	-
Closing AuM - 31 March 2013	3,039	501	2,263	275
* - Completed on 12 April 2012

Outlook

I am confident we will continue to grow Liontrust's AuM and therefore profitability because of the excellent fund management teams we have assembled, the distinct investment processes they apply to the management of our Funds and the distribution capability we have been developing. We are continually being presented with new challenges but focusing on those asset classes where we have the expertise to add value for investors and having robust investment processes enable us to remain constant in our investment stance and outperform over the long term.

John Ions

Chief Executive

Extracts from the Chief Executive's Business review

UK Retail fund performance

Detailed quartile rankings by fund over one, three and five years and since launch or the fund manager was appointed are shown in the table below:

	Quartile ranking - 1 year	Quartile ranking - 3 year	Quartile ranking - 5 year	Quartile ranking - Since Manager tenure	Launch / Manager appointed
Liontrust Income Fund	2	2	-	1	25/03/2009
Liontrust UK Growth Fund	3	1	-	1	25/03/2009
Liontrust Special Situations Fund	1	1	1	1	11/11/2005
Liontrust UK Smaller Companies Fund	1	1	1	1	08/01/1998
Liontrust European Absolute Return Fund	4	3	-	4	09/07/2009
Liontrust European Growth Fund	4	1	1	1	15/11/2006
Liontrust Asia Income Fund	1	-	-	1	05/03/2012
Liontrust Macro Equity Income Fund	3	3	1	1	31/10/2003
Liontrust Macro UK Growth Fund	4	3	2	1	01/08/2002

Source: Financial Express, total return, bid to bid, to 31 March 2013 unless otherwise stated.  The above funds are all UK authorised unit trusts (retail share class).  Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed.

Dividend policy

Our policy is to grow our dividend progressively in line with our view of the underlying adjusted earnings per share on a diluted basis (excluding performance fees) and cash flow of Liontrust;

When setting the dividend, the Board looks at a range of factors, including:

·     the macro environment;

·     the current balance sheet; and

·     future plans.

It is our intention that dividends will be declared and paid half yearly.

Distribution review

We made good progress in distribution during the financial year. The Group generated net inflows in every quarter, which led to a third successive year of net positive flows, and our AuM increased to £3,039 million from £1,529 million. The higher inflows have come from a wider number of customers. Of the Group's AuM, 74.5% come from the UK retail intermediary and private investor market while the rest is from institutional and international investors.

The growth in AuM is a testament to our commitment to delivering performance across our investment teams and the tremendous progress made in distribution and raising the profile of Liontrust. Our long-term fund performance is impressive: since launch or fund manager change to 31 March 2013, eight of our nine actively managed unit trusts were in the first quartile of their respective IMA sectors. Having consistent and transparent investment processes across all our fund management teams enables them to remain constant in their investment stance and not be blown off course by short-term reactions. We believe this is why we have demonstrated such good performance over the longer term.

We have enhanced our level of engagement with institutional and intermediary clients and continued to broaden our client base over the past year. This has come through our proactive sales and marketing strategy, including regular client communications, advertising, press coverage and fund manager presentations. The Liontrust Annual Conference at the end of January 2013, for example, attracted over 140 financial intermediaries and discretionary portfolio managers.

This activity contributed to the successful launch of the Dublin-based Liontrust GF Global Strategic Bond fund in February 2013. Investors have been attracted by the flexible mandate of the Fund which allows it to alter asset allocation between different segments of the global credit, bond and currency markets.

The profile of Liontrust and our fund performance continues to grow among private investors and institutional and intermediary clients. This is reflected in the independent recognition we have received over the past year through awards for both individual funds and the company as a whole. The latter include Liontrust being named Fund Management Group of the Year by readers of Shares magazine in November 2012 and winning Best Specialist Fund Group of the Year at the MoneyMarketing Awards in March 2013. 

We are well positioned following the implementation of the RDR (Retail Distribution Review) on 31 December 2012. Strong relationships with institutional and intermediary clients will take on even greater importance as fewer and more powerful distributors emerge who will control ever increasing amounts of fund flows. Fund managers who understand their clients' needs and are able to meet them over the long term through clearly defined investment processes have a great opportunity ahead.

Awards

We are proud to announce the following awards for Liontrust in the period from 1 April 2012 to 18 June 2013:

·     Liontrust has been named the "Best UK Equity Group" by Money Observer magazine in May 2012.

            ·     Liontrust Special Situations Fund won the "Best UK Equity Growth Fund" Award from What   
                 Investment magazine in May 2012.

            ·     The Liontrust Special Situations Fund won the "Best UK Growth Fund" at the Investment Week
                 Fund Manager of the Year Awards in July 2012 for the second year running.

            ·     Readers of Shares magazine voted Liontrust the "Fund Management Group of the Year" at the 
                Shares 2012 Awards in November 2012.

            ·     Liontrust Special Situations was named "Best Fund in the UK All Companies sector" at the 
                 Moneywise 2012 Fund Awards in November 2012.

            ·     Liontrust Special Situations was named "Best UK Equity Fund" at the Portfolio Adviser Awards 
                 in January 2013.

·     Liontrust won "Best Specialist Fund Group" at the MoneyMarketing Awards, voted for by 1,000 financial advisers who were asked to name, unprompted, the best asset manager in March 2013.

·     Liontrust Asia Income Fund has been named Best Newcomer at the What Investment Awards in May 2013

·     Liontrust UK Smaller Companies Fund won the Best Smaller Fund Award in the UK Smaller/Mid Cap category in the Money Observer Awards in May 2013.

·     Liontrust UK Smaller Companies Fund won the UK Small Cap Equity Award at the Morningstar Awards in May 2013.

·     Liontrust Special Situations Fund won the UK Flex Cap Equity Award at the Morningstar Awards in May 2013.

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2013

			Year	Year
			ended	ended
			31-Mar-13	31-Mar-12
		Notes	£'000	£'000
Continuing Operations
Revenue			20,446	13,714
Cost of sales			(105)	(76)
Gross profit			20,341	13,638
Realised (loss)/gain on sale of financial assets			(6)	212
Administration expenses		3	(24,051)	(15,445)
Operating loss from Continuing Operations			(3,716)	(1,595)
Interest receivable			9	-
Interest payable			(228)	22
Loss before tax from Continuing Operations			(3,935)	(1,573)
Taxation			(19)	(250)
Loss for the period from Continuing Operations			(3,954)	(1,823)
Discontinued Operations
Realised gain on sale of credit business			-	1,569
Profit after tax for the period from Discontinued Operations (attributable to equity holders of the Company)			-	17
Loss for the period			(3,954)	(237)
Other comprehensive income:
Net (losses)/gains on available-for-sale financial assets net of tax			(6)	61
Amounts recycled through the Consolidated Statement of Comprehensive Income			6	(212)
Other Comprehensive income for the period, net of tax			-	(151)
Total comprehensive income			(3,954)	(388)
			Pence	Pence
Continuing operations
Basic earnings per share		5	(11.20)	(5.65)
Diluted earnings per share		5	(10.04)	(5.62)
Total
Basic earnings per share		5	(11.20)	(0.73)
Diluted earnings per share		5	(10.04)	(0.73)
The notes 1 to 6 form an integral part of this condensed consolidated interim financial information.

Consolidated Balance Sheet

As at 31 March 2013

			31-Mar-13	31-Mar-12
		Notes	£'000	£'000
Assets
Non current assets
Intangible assets			10,098	1,100
Property, plant and equipment			184	121
Deferred tax assets			1,757	1,638
Total Non current assets			12,039	2,859
Current assets
Trade and other receivables			31,123	18,462
Financial assets			131	295
Cash and cash equivalents			10,483	12,388
Total current assets			41,737	31,145
Liabilities
Non current liabilities
Convertible unsecured loan stock - Loan component		6	(2,621)	-
Total Non current liabilities			(2,621)	-
Current liabilities
Trade and other payables			(33,994)	(17,165)
Total current liabilities			(33,994)	(17,165)
Net current assets			7,743	13,980
Net assets			17,161	16,839
Shareholders' equity
Ordinary shares			398	371
Share premium			14,692	11,552
Capital redemption reserve			15	15
Convertible unsecured loan stock - Equity component		6	479	-
Retained earnings			13,779	17,073
Own shares held			(12,202)	(12,172)
Total equity			17,161	16,839

The notes 1 to 6 form an integral part of this condensed consolidated interim financial information.

Consolidated Cash Flow Statement

For the year ended 31 March 2013

				Year	Year
				ended	ended
				31-Mar-13	31-Mar-12
				£'000	£'000
Cash flows from operating activities
Cash inflow from operations				27,782	14,351
Cash outflow from operations				(26,592)	(15,914)
Cash inflow/(outflow) from changes in unit trust receivables and payables				3,153	(754)
Net cash used in operations				4,343	(2,317)
Interest received				9	22
Tax received				-	1,035
Net cash used in operating activities				4,352	(1,260)
Cash flows from investing activities
Purchase of property and equipment				(97)	(41)
Sale of credit business				-	2,434
Acquisitions				(12,240)	(2,166)
Sale of seeding investments				(267)	7,966
Purchase of seeding investments				308	-
Net cash (used in)/from investing activities				(12,296)	8,193
Cash flows from financing activities
Issue of new shares				3,167	1,298
Issue of Convertible unsecured loan stock				4,000	-
Conversion of Convertible unsecured loan stock				(900)	-
Interest on Convertible unsecured loan stock				(228)	-
Net cash from financing activities				6,039	1,298
Net (decrease)/increase in cash and cash equivalents				(1,905)	8,231
Opening cash and cash equivalents*				12,388	4,157
Closing cash and cash equivalents				10,483	12,388

* Cash and cash equivalents consists only of cash balances.

Consolidated Statement of Change in Equity

Years ended 31 March 2013

		Share	Share	Capital	Convertible	Retained	Own shares	Total
		capital	premium	redemption	Loan Equity	earnings	held	Equity
					Element
		£ '000	£ '000	£ '000	£ '000	£ '000	£ '000	£ '000
Balance at 1 April 2012 brought forward		371	11,552	15	-	17,073	(12,172)	16,839
Loss for the period		-	-	-	-	(3,954)	-	(3,954)
Total comprehensive income for the period		-	-	-	-	(3,954)	-	(3,954)
Addition of Convertible unsecured loan stock -  Equity component		-	-	-	479	-	-	479
Shares issued		27	3,140	-	-	-	-	3,167
Purchase of own shares		-	-	-	-	-	(30)	(30)
Equity share options issued		-	-	-	-	660	-	660
Balance at 31 March 2013		398	14,692	15	479	13,779	(12,202)	17,161

Consolidated Statement of Change in Equity

Year ended 31 March 2012

		Share	Share	Capital	Re-	Retained	Own shares	Total
		capital	premium	redemption	valuation	earnings	held	Equity
		£ '000	£ '000	£ '000	£ '000	£ '000	£ '000	£ '000
Balance at 1 April 2011 brought forward		353	10,272	15	151	16,703	(12,172)	15,322
Loss for the period		-	-	-	-	(237)	-	(237)
Net gains on available-for-sale financial assets net of tax		-	-	-	61	-	-	61
Amounts recycled through the Consolidated Statement of Comprehensive Income		-	-	-	(212)	-	-	(212)
Total comprehensive income for the year		-	-	-	(151)	(237)	-	(388)
Shares issued		18	1,280	-	-	-	-	1,298
Equity share options issued		-	-	-	-	607	-	607
Balance at 31 March 2012		371	11,552	15	-	17,073	(12,172)	16,839

Notes to the Financial Statements

1.    Accounting policies

The Group's accounting policies are consistent with those set out in the Report and Accounts for the year ended 31 March 2012.    

2.    Segmental reporting

The Group's operates only in one business segment - Investment management.                                            

The Group offers different fund products through different distribution channels. All financial, business and strategic decisions are made centrally by the Board, which determines the key performance indicators of the Group. The Group reviews financial information presented at a Group level. The Board, is therefore, the chief operating decision-maker for the Group. The information used to allocate resources and assess performance is reviewed for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business.                                           

3.    Administration expenses from Continuing Operations

	Year ended	Year ended
	31-Mar-13	31-Mar-12
	£'000	£'000
Employee related expenses
Director and employee costs	1,860	4,533
Pensions	27	-
Share incentivisation expense	722	621
Severance compensation	191	147
	2,800	5,301
Non employee related expenses
Members drawings charged as an expense	10,127	3,458
Restructuring (member related)	572	-
Restructuring (acquisition related and other)	598	515
Acquisition related expenses	1,738	690
Depreciation and Intangible asset amortisation	3,276	1,109
Financial Services Compensation Scheme Levy	73	-
Other administration expenses	4,867	4,372
Total administration expenses	24,051	15,445

4.    Adjusted profit before tax

Adjusted profit before tax is disclosed in order to give shareholders an indication of the profitability of the Group excluding the gain on the sale of the credit business, non-cash (depreciation, intangible asset amortisation and share incentivisation related) expenses and non-recurring (acquisition, cost reduction, restructuring, share incentivisation and severance compensation related) expenses ("Adjustments"), and is reconciled in the table below.

	Year ended	Year ended
	31-Mar-13	31-Mar-12
	(unaudited)	(audited)
	£'000	£'000
Loss for the period	(3,954)	(237)
Taxation on Continuing Operations	19	250
Taxation on Discontinued Operations	-	271
(Loss)/Profit before tax from Continuing and Discontinued Operations	(3,935)	284
Share incentivisation expense	722	621
Severance compensation	191	147
Gain on sale of credit business	-	(1,834)
Restructuring (member related)	572	-
Restructuring (acquisition related and other)	598	515
Acquisition related costs	1,738	690
Financial Services Compensation Scheme Levy	73	-
Members' advance drawings	531	(531)
Depreciation and intangible asset amortisation	3,276	1,109
Adjustments	7,701	717
Adjusted profit before tax	3,766	1,001
Adjusted basic earnings per share *	8.11	2.30
Adjusted diluted earnings per share *	7.27	2.28

* Assumes a tax rate of 24% (2012: 26%)

5.    Earnings per share

The calculation of basic earnings per share is based on profit after taxation for the year and the weighted average number of Ordinary Shares in issue for each period. The weighted average number of Ordinary Shares was 35,289,555 for the year (2012:32,268,104). Shares held by the Liontrust Asset Management Employee Trust are not eligible for dividends and are treated as cancelled for the purposes of calculating earnings per share.                                                                              

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 or Ordinary Shares held in the Liontrust Asset Management Employee Trust that were in existence during the year ended 31 March 2013. The adjusted weighted average number of Ordinary Shares so calculated for the year was 39,385,949 (2012: 32,465,594). This is reconciled to the actual weighted number of Ordinary Shares as follows:                                                                           

		31-Mar-13	31-Mar-12
Weighted average number of Ordinary Shares		35,289,555	32,268,104
Weighted average number of dilutive Ordinary shares under option:
- to Liontrust Senior Incentive Plan		99,153	-
- to Liontrust Incentive Plan		198,305	197,490
- to Liontrust Option Plan		4,415	-
Dilutive effect of shares from Convertible unsecured loan stock		3,794,521
Adjusted weighted average number of Ordinary Shares		39,385,949	32,465,594

6.    Convertible unsecured loan stock

On 12 April 2012, as part of the consideration for the acquisition of Walker Crips Asset Managers Limited,  the Company issued £4 million of Convertible unsecured loan stock (the "Stock"), which may convert into 4 million new Ordinary Shares limited to the total quantity being issued is no more than 4.99% of the number of Ordinary Shares already admitted to trading on a regulated market situated or operated in the United Kingdom at that time in the first year after issuing and no more than 9.99% per year thereafter until the maturity date, being 5 years at the Stockholder's option. The annual coupon rate of the stock is 6%. The Directors have chosen to present the Stock, in accordance with IAS 32 (Financial Instruments: Presentation), as a financial instrument that contains both a liability and equity component. The liability component has been determined as £3.521 million and is shown as a financial liability; the balance of £0.479 million, being the equity component, is treated as an equity instrument.                                          

Forward Looking Statements                                                                                    

This preliminary announcement constitutes non-statutory accounts under section 435 of the Companies Act 2006. The financial information for the year ended 31 March 2012 has been abridged from the financial statements which received an unqualified audit report and which has been filed with the Registrar of Companies and did not contain a statement under section 498(2) or (3) of the Companies Act, 2006.

The Annual Report is expected to be posted to shareholders on or around 5 July 2013.

The release, publication, transmission or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

This Full Year Results announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of the Group. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

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