Half-year Report for 6 months to 30 September 2023

Liontrust Asset Management PLC

16 November 2023

 

LEI: 549300XVXU6S7PLCL855

Embargoed until 0700 hours, Thursday 16 November 2023

LIONTRUST ASSET MANAGEMENT PLC

HALF YEAR REPORT FOR THE SIX MONTHS ENDED

30 SEPTEMBER 2023       

Liontrust Asset Management Plc ("Liontrust", the "Company", or the "Group"), the independent fund management group, today announces its Half Year Report for the six months ended 30 September 2023.

Results:

·    Gross Profit of £98.6 million (2022: £108.8 million), a decrease of 9% when compared to the same period last year. Gross Profit excluding Performance Fees¹ of £92.5 million (2022: £108.8 million), a decrease of 15% when compared to the same period last year.

·    £6.0 million of performance fee revenues (2022: £nil).

·    Adjusted profit before tax¹ of £36.0 million (2022: £42.9 million), a decrease of 16% when compared to the same period last year.

·    Adjusted diluted earnings per share¹ of 42.32 pence per share (2022: 53.87 pence per share), a decrease of 21% when compared to the same period last year.

·    Statutory loss before tax of £10.1 million (2022: profit £14.1 million). This includes charges of £46.2 million (2022: £28.8 million) relating to acquisitions and associated restructuring costs (£8.1 million); the non-cash amortisation and impairment of the related intangible assets and goodwill (amortisation: £7.0 million, impairment: £29.9 million); and other non-cash and non-recurring costs (£1.1 million). See note 6 below for further detail and a reconciliation to Adjusted profit before tax.

Dividend:

·    First Interim dividend per share of 22.0 pence (2022: 22.0 pence).

Assets under management and advice:

​       ·    On 30 September 2023, assets under management and advice ("AuMA") were £27.7 billion, a decrease of  12% over for the six months ended 30 September 2023.

·    AuMA as at 9 November 2023 were £26.6 billion.

Flows:

·    Net outflows of £3.2 billion in the six months ended 30 September 2023 (2022: £2.2 billion outflows).

¹ This is an Alternative Performance Measure, see note 2 below.

Commenting, John Ions, Chief Executive, said:

"This has been a challenging period for the asset management sector, including Liontrust. This is shown by the fact that the industry experienced net retail outflows in the UK in September of £1.4 billion, according to the Investment Association ("IA"), and asset managers only required net retail sales of £7.4 million in the UK in the 3^rd quarter of 2023 to make it into the top 10 list of sellers (Source: The Pridham Report). 

It is in this context that we need to view Liontrust's net outflows and the impairment of recent acquisitions. The majority of Liontrust's assets are invested in UK equities, which is an asset class that continues to be out of favour with investors. UK All Companies was the worst selling sector for net retail sales yet again in September 2023 (with net retail outflows of £884 million), which has been the case for 10 out of the past 11 months.

The impairment of recent acquisitions, which does not affect our net cash, reflects the sentiment towards UK equities, especially among institutional investors, which has negatively impacted the funds and mandates we inherited from the acquisition of Majedie Asset Management.

Liontrust has partly grown through acquisitions and they have made it a better business by broadening the pool of talent, and enhancing product development and the infrastructure of the business, including client service. 

Our focus is clear and we are committed to navigating the current headwinds and emerging with the business stronger than ever. There are a number of areas we are prioritising to achieve our strategic objectives.

We are seeking to further broaden our investment talent and product offering, which follows an optimisation of the current fund range. We have closed and merged a number of funds, launched the GF Sustainable Future US Growth Fund and will offer an Irish-domiciled version of the European Dynamic Fund in the first quarter of 2024.

Both fund launches are in response to client demand; the European Dynamic Fund is the best performer in its IA sector over the last five years and is in the 1^st quartile over one and three years and since launch (Source: Financial Express, as at 31.10.23, total return, bid-to-bid, net of fees, income reinvested, share class I). There is also increasing interest from Europe in the Cashflow Solution team's long/short European Strategic Equity Fund that has delivered 81.1% over the past three years (Source: Financial Express, as at 31.10.23, total return, net of fees, income reinvested, share class C3).

A key part of our strategy is to broaden distribution internationally. This requires not only having the appropriate infrastructure but also the product range to meet demand, which will benefit from further diversification of asset classes. One area of strong demand in Europe is for SFDR Article 9 funds. Given all our Irish-domiciled Sustainable Future funds are in this category, this positions them well for the future.

All four UK-domiciled Economic Advantage funds are in the 1^st quartile of their respective IA sectors since launch or since the team started managing them but have been facing the headwind of falling demand (Source: Financial Express). However, this negative sentiment does present opportunities to investors in the form of attractive valuations. The Economic Advantage team argues that the UK market as a whole represents a 32% discount to intrinsic value and this rises to 49% for small caps (Source: Liontrust, Canaccord Genuity Quest, 06.09.23.).

In the current environment, it is more important than ever that our investment teams explain the drivers of performance and how their portfolios are positioned for the future. We have interacted extensively with our client base over the autumn, including through a series of Liontrust and partner events. This is in conjunction with the strong engagement our communications continue to generate, including more than 1.7 million views of our fund manager videos from the start of 2023 to November.

To support the investment and distribution teams we have been reviewing our operating model and are investing in the operational infrastructure of the business. We want to ensure Liontrust has an efficient and scalable platform to support the growth of the Group going forward.

While we continue to invest in selected areas of the Group for future growth, we are also concentrating on managing costs and driving efficiencies across the business. This is to ensure we have a lean, efficient and focused operation, underpinned by a resilient balance sheet, both now and for the future.

All of these developments and initiatives are building on the strong foundations that we already have through the investment teams, brand, distribution and business processes. They give me great confidence we will emerge stronger from the current environment."

For further information please contact:

Teneo (Tel: [phone], Email: [e-mail])

Tom Murray, Colette Cahill

Liontrust Asset Management Plc (Tel: [phone], Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

Singer Capital Markets (Tel: [phone])

Corporate Broking: Charles Leigh-Pemberton

Corporate Finance: Justin McKeegan

Panmure Gordon (Tel: [phone])

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

HSBC Bank plc (Tel: [phone])

Corporate Broking: Sam McLennan, James Hopton

Corporate Advisory: Alexander Paul

Chair's Statement

No company enjoys linear growth over many years. There will inevitably be bumps, twists and turns along the way. While Liontrust has been going through a less comfortable part of the journey after delivering many years of rapid growth, the Group has a robust strategy and a clear plan for how management intends to deliver it.

We understand the reasons for the net outflows of £3.2 billion over the first half of the financial year. Key drivers are Liontrust's bias towards quality growth investing and small and mid caps, along with a significant proportion of our AuMA being invested in the UK stock market, which have all been negatively impacted by investor sentiment. In the first nine months of 2023, for example, UK All Companies was the worst selling IA sector in eight of those months.  

The question we often get asked by investors is when will this sentiment change, which is especially significant now as our fund managers are telling us that the share prices of the companies they hold in their portfolios are at historically low levels. There is usually never a simple catalyst, other than time. We believe in the teams' investment processes and their ability to deliver for investors over the long term - this unwavering focus on process has historically rewarded our investors.

Liontrust is not waiting passively for the cycle to change, however. The Group is focused on broadening the fund range and investment teams, expanding the asset classes and investment styles managed by Liontrust, increasing global distribution, enhancing further the investor experience and strengthening the operating model and infrastructure.

It was in pursuing this strategy that we made the decision to seek to acquire GAM. Having carefully considered the proposed acquisition, we decided it was the right deal to accelerate our stated strategy, especially in broadening our fund range and global distribution and enhancing our business infrastructure. The Board is pleased that Liontrust attempted to acquire GAM and then remained resolute in sticking to a price that we believe was fair for the value of the business, recognising the costs it would have entailed. This is a better outcome than completing a deal for the wrong price for Liontrust.

Liontrust has announced costs related to the impairment of the related intangible assets and goodwill on past acquisitions. These costs do not impact the Group's cash position and Liontrust continues to be in a strong financial position, supported by its robust balance sheet. This is shown by the fact that Liontrust's first interim dividend has been maintained at 22.0p, the same as we announced at the Half Year Results in 2022.

The strategy of Liontrust has not changed. Our management and staff are working hard to continue to pursue this strategy including the expansion of investment teams and distribution, enhancing the investor experience and improving the efficiency of the operating model.  

We have always considered it vital to put our investors first and our rigorous investment processes have been a key part of delivering the outcomes expected by investors. We seek to provide value for money, exceptional service and support, be as transparent as possible, and communicate clearly and frequently. Consumer Duty is therefore welcome and prompts us all to ensure we are delivering the best outcomes possible. 

Through continual development of the business and our offering to investors, we believe Liontrust will become an even stronger Group.           

Results

Adjusted profit before tax² is £36.035 million (2022: £42.867 million), a decrease of 16% compared to last year. Adjusted profit before tax² is disclosed in order to give shareholders an indication of the profitability of the Group excluding non-cash (intangible asset amortisation and impairment) expenses and non-recurring (professional fees relating to acquisition, cost reduction, restructuring and severance compensation related) expenses, see note 6 below for a reconciliation of adjusted profit before tax².

² This is an Alternative Performance Measure, see note 2 below.

Dividend

In accordance with the Company's longstanding progressive dividend policy, which remains unchanged, the Board is declaring a first Interim dividend of 22.0 pence per share (2022: 22.0 pence) which will be payable on 5 January 2024 to shareholders who are on the register as at 24 November 2023, the shares going ex-dividend on 23 November 2023. Last day for Dividend Reinvestment Plan elections is 12 December 2023.

Looking forward

While the asset management industry is facing a number of headwinds and Liontrust has been through a challenging period for net outflows, the Board is optimistic about the outlook for the Group. This is based on the strategy for the business and the excellence of the investment teams, their processes, the brand, client relationships and financial strength of the Group.

Assets under management and advice

On 30 September 2023, our AuMA stood at £27,650 million and were broken down by type and investment process as follows:

Process	Total	Institutional Accounts & Funds	Investment Trusts	UK Retail Funds & MPS	Alternative Funds	International Funds & Accounts
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Sustainable Investment	9,985	269	-	9,221	-	495
Economic Advantage	7,181	440	-	6,553	-	188
Multi-Asset	4,466	-	-	4,310	156	-
Global Innovation	642	-	-	642	-	-
Cashflow Solution	1,620	542	-	936	136	6
Global Fundamental	3,518	681	1,122	1,675	-	40
Global Fixed Income	238	-	-	56	-	182
Total	27,650	1,932	1,122	23,393	292	911

AuMA as at 9 November 2023 were £26,576 million.

Flows

The net outflows over the six-month period to 30 September 2023 were £3,213 million (2022: £2,187 million). A reconciliation of fund flows and AuMA over the six-month period to 30 September 2023 is as follows:

	Total	Institutional Accounts & Funds	Investment Trusts	UK Retail Funds & MPS	Alternative Funds	International Funds & Accounts
	(£m)	(£m)	(£m)	(£m)	(£m)	(£m)
Opening AuMA - 1 April 2023	31,430	2,394	1,139	25,721	1,084	1,092
Net flows	(3,213)	(524)	(33)	(1,760)	(748)	(148)
Market and Investment performance	(567)	62	16	(568)	(44)	(33)
Closing AuMA - 30 September 2023	27,650	1,932	1,122	23,393	292	911

UK Retail Fund Performance (Quartile ranking)

	Quartile ranking - Since Launch/Manager Appointed	Quartile ranking - 5 year	Quartile ranking - 3 year	Quartile ranking - 1 year	Launch Date/ Manager Appointed
Economic Advantage funds
Liontrust UK Growth Fund	1	1	2	3	25/03/2009
Liontrust Special Situations Fund	1	2	3	4	10/11/2005
Liontrust UK Smaller Companies Fund	1	1	3	4	08/01/1998
Liontrust UK Micro Cap Fund	1	1	1	2	09/03/2016
Sustainable Future funds
Liontrust SF Monthly Income Bond Fund	1	2	2	1	12/07/2010
Liontrust SF Managed Growth Fund	2	1	4	3	19/02/2001
Liontrust SF Corporate Bond Fund	1	3	3	1	20/08/2012
Liontrust SF Cautious Managed Fund	2	3	4	4	23/07/2014
Liontrust SF Defensive Managed Fund	1	3	4	4	23/07/2014
Liontrust SF European Growth Fund	3	4	4	4	19/02/2001
Liontrust SF Global Growth Fund	3	2	4	4	19/02/2001
Liontrust SF Managed Fund	2	1	4	3	19/02/2001
Liontrust UK Ethical Fund	3	4	4	4	01/12/2000
Liontrust SF UK Growth Fund	3	4	4	4	19/02/2001
Global Innovation funds
Liontrust Global Dividend Fund	2	1	3	2	20/12/2012
Liontrust Global Innovation Fund	1	4	4	3	31/12/2001
Liontrust Global Technology Fund	3	2	2	2	15/12/2015
Global Fundamental Global Equity funds
Liontrust Balanced Fund	1	1	3	2	31/12/1998
Liontrust China Fund	4	3	3	2	31/12/2004
Liontrust Emerging Market Fund	3	4	3	4	30/09/2008
Liontrust Global Smaller Companies Fund	1	3	4	3	01/07/2016
Liontrust Global Alpha Fund	1	1	4	2	31/12/2001
Liontrust India Fund	4	3	1	2	29/12/2006
Liontrust Japan Equity Fund	2	1	1	3	22/06/2015
Liontrust Latin America Fund	3	4	4	4	03/12/2007
Cashflow Solution funds
Liontrust European Dynamic Fund	1	1	1	1	15/11/2006
Global Fixed Income funds
Liontrust Strategic Bond Fund	3	3	3	3	08/05/2018
Global Fundamental funds
Liontrust UK Equity Fund	1	3	2	1	27/03/2003
Liontrust UK Focus Fund	1	3	3	1	29/09/2003
Liontrust Income Fund	1	1	3	2	31/12/2002
Liontrust UK Equity Income Fund	2	4	3	1	19/12/2011
Liontrust US Opportunities Fund	2	3	4	4	31/12/2002
Edinburgh Investment Trust Plc	1	-	1	1	27/03/2020
Liontrust Global Equity Fund	2	1	2	2	30/06/2014
Liontrust Global Focus Fund	2	2	2	2	30/06/2014
Liontrust GF US Equity Fund	3	1	2	1	26/06/2014
Liontrust GF UK Equity Fund	3	3	2	1	03/03/2014
Liontrust GF International Equity Fund	4	-	4	4	17/12/2019

Source: Financial Express to 30 September 2023 as at 4 October 2023, bid-bid, total return, net of fees, based on primary share classes. Past performance is not a guide to future performance, investments can result in total loss of capital. The above funds are all UK authorised unit trusts, OEICs, Irish authorised OEICs (primary share class) or UK listed investment trusts. Liontrust Russia Fund is not included as it is currently suspended and in an IA sector that is not rankable (e.g., Specialist) so it would not be a fair comparison to make. The onshore and offshore Tortoise funds are not included as they are not in IA sectors. Edinburgh Investment Trust Plc uses the IT UK Equity Income sector.

Alastair Barbour

Non-executive Chair

15 November 2023

Consolidated Statement of Comprehensive Income

Six months ended 30 September 2023

		Six	Six	Year
		months to	months to	ended
		30-Sep-23	30-Sep-22	31-Mar-23
		(unaudited)	(unaudited)	(audited)
	Notes	£'000	£'000	£'000
Revenue	4	104,547	116,785	243,339
Cost of sales	4	(5,979)	(7,984)	(13,569)
Gross profit		98,568	108,801	229,770
Realised profit on sale of financial assets		12	-	-
Gain on write back of Majedie acquisition provision		-	-	1,848
Unrealised (loss)/gain on financial assets		(132)	465	618
Administration expenses	5	(109,164)	(95,204)	(183,210)
Operating (loss)/profit		(10,716)	14,062	49,026
Interest receivable		642	45	358
Interest payable		(52)	(41)	(83)
(Loss)/Profit before tax		(10,126)	14,066	49,301
Taxation credit/(charge)	7	796	(1,290)	(9,973)
(Loss)/Profit for the period		(9,330)	12,776	39,328
Other comprehensive income		-	-	-
Total comprehensive income		(9,330)	12,776	39,328
		Pence	Pence	Pence
Basic earnings per share	8	(14.61)	19.93	61.45
Diluted earnings per share	8	(14.61)	19.82	61.21

Consolidated Balance Sheet

As at 30 September 2023

					30-Sep-23		30-Sep-22		31-Mar-23
					(unaudited)		(unaudited)		(audited)
				Notes	£'000		£'000		£'000
Assets
Non current assets
Intangible assets				10	58,233		97,648		90,629
Goodwill				11	34,052		38,584		38,586
Property, plant and equipment					2,600		5,115		3,378
					94,885		141,347		132,593
Current assets
Trade and other receivables				12	194,665		218,612		241,682
Financial assets				13	9,710		8,461		9,921
Cash and cash equivalents					96,932		109,012		121,037
Total current assets					301,307		336,085		372,640
Liabilities
Non current liabilities
Deferred tax liability					(13,393)		(21,425)		(21,493)
Lease liability					(1,684)		(4,269)		(2,168)
Total non current liabilities					(15,077)		(25,694)		(23,661)
Current liabilities
Trade and other payables					(199,884)		(232,702)		(255,460)
Corporation tax payable					(1,208)		(9,508)		(5,131)
Total current liabilities					(201,092)		(242,210)		(260,591)
Net current assets					100,215		93,875		112,049
Net assets					180,023		209,528		220,981
Shareholders' equity
Ordinary shares					648		647		648
Share premium					-		112,510		112,510
Capital redemption reserve					19		19		19
Retained Earnings					190,685		107,907		121,341
Own shares held					(11,329)		(11,555)		(13,537)
Total equity					180,023		209,528		220,981
Consolidated Cash Flow Statement Six months ended 30 September 2023
						Six		Six		Year
						months to		months to		ended
						30-Sep-23		30-Sep-22		31-Mar-23
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
Cash flows from operating activities
Cash inflow from operations						102,302		109,827		236,362
Cash outflow from operations						(82,626)		(91,314)		(174,437)
Cash outflow from changes in unit trust receivables and payables						(401)		(1,659)		(1,387)
Net cash generated from operations						19,275		16,854		60,538
Interest received						642		45		358
Tax paid						(11,143)		(2,616)		(17,479)
Net cash from operating activities						8,774		14,283		43,417
Cash flows from investing activities
Purchase of property, plant and equipment						(23)		(135)		(253)
Acquisition of Majedie net of cash acquired						-		13,598		13,596
Gain on liquidation of Architas						-		-		827
Purchase of financial assets						-		(2,701)		(2,701)
Sale of financial assets						-		-		-
Purchase of seeding investments						(30)		(88)		(2,193)
sale of seeding investments						16		270		1,990
Net cash (used in)/from investing activities						(37)		10,944		11,266
Cash flows from financing activities
Payment of lease liabilities						(744)		(817)		(1,328)
Purchase of own shares						-		(4,250)		(7,100)
Sale of own shares						-		-		-
Issue of shares						-		-		-
Dividends paid						(32,098)		(32,000)		(46,070)
Net cash used in financing activities						(32,842)		(37,067)		(54,498)
Net (decrease)/increase in cash and cash equivalents						(24,105)		(11,840)		185
Opening cash and cash equivalents						121,037		120,852		120,852
Closing cash and cash equivalents						96,932		109,012		121,037

Consolidated Statement of Change in Equity (unaudited)

Six months ended 30 September 2023

		Share	Share	Capital	Retained	Own shares	Total
		capital	premium	redemption	earnings	held	Equity
		£ '000	£ '000	£ '000	£ '000	£ '000	£ '000
Balance at 1 April 2023 brought forward		648	112,510	19	121,341	(13,537)	220,981
Profit for the period		-	-	-	(9,330)	-	(9,330)
Total comprehensive income for the period		-	-	-	(9,330)	-	(9,330)
Dividends paid		-	-	-	(32,098)	-	(32,098)
Shares issued		-	-	-	-	-	-
Cancellation of share premium account		-	(112,510)	-	112,510	-	-
Purchase of own shares		-	-	-	-	-	-
Equity share options issued		-	-	-	959	-	959
Sale of own shares		-	-	-	(2,697)	2,208	(489)
Balance at 30 September 2023		648	-	19	190,685	(11,329)	180,023

Consolidated Statement of Change in Equity (unaudited)

Six months ended 30 September 2022

		Share		Share		Capital		Retained		Own shares		Total
		capital		premium		redemption		earnings		held		Equity
		£ '000		£ '000		£ '000		£ '000		£ '000		£ '000
Balance at 1 April 2022 brought forward		612	64,370		19		128,859		(9,692)		184,168
Profit for the period		-	-		-		12,776		-		12,776
Total comprehensive income for the period		-	-		-		12,776		-		12,776
Dividends paid		-		-		-		(32,000)		-		(32,000)
Shares issued		35		48,140		-		-		-		48,175
Purchase of own shares		-	-		-		-		(4,250)		(4,250)
Equity share options issued		-	-		-		964		-		964
LTIP dividends settled through equity		-	-		-		(305)		-		(305)
Sale of own shares		-	-		-		(2,387)		2,387		-
Balance at 30 September 2022		647	112,510		19		107,907		(11,555)		209,528

Consolidated Statement of Change in Equity (audited)

Year ended 31 March 2023

		Ordinary	Share	Capital	Retained	Own shares	Total
		shares	premium	redemption	earnings	held	Equity
		£ '000	£ '000	£ '000	£ '000	£ '000	£ '000
Balance at 1 April 2022 brought forward		612	64,370	19	128,859	(9,692)	184,168
Profit for the year		-	-	-	39,328	-	39,328
Total comprehensive income for the year		-	-	-	39,328	-	39,328
Dividends paid		-	-	-	(46,070)	-	(46,070)
Shares issued		36	48,140	-	-	-	48,176
Purchase of own shares		-	-	-	-	(7,100)	(7,100)
Sale of own shares		-	-	-	(2,692)	3,255	563
Equity share options issued		-	-	-	1,916	-	1,916
Balance at 31 March 2023		648	112,510	19	121,341	(13,537)	220,981

Notes to the Financial Statements

1 Principal accounting policies

a)    Basis of preparation

The Group financial information for the six months ended 30 September 2023 has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2023, which were prepared in accordance with UK-adopted international financial reporting standards (IFRS) and with the requirements of the Companies Act as applicable to companies reporting under those standards.

The condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the half years ended 30 September 2023 and 2022 has not been audited by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information. KPMG reported on the 31 March 2023 financial statements, and their report was unmodified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006 in the UK.

The preparation of financial statements in conformity with IFRS requires the Directors of the Company to make significant estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial information and the reported income and expense during the reporting periods. Although these judgements and assumptions are based on the Directors' best knowledge of the amount, events or actions, actual results may differ from these estimates. The accounting policies set out below have been used to prepare the financial information. All accounting policies have been consistently applied.

b)    Going concern

The financial information presented within these financial statements has been prepared on a going concern basis under the historical cost convention (except for the measurement of financial assets at fair value through profit and loss and Deferred Bonus and Variable Allocation Plan ('DBVAP') liability which are held at their fair value). The Group is reliant on cash generated by the business to fund its working capital. The Directors have assessed the prospects of the Group and parent company over the forthcoming 12 months, including an assessment of current trading; budgets, plans and forecasts; the adequacy of current financing arrangements; liquidity, cash reserves and regulatory capital; and potential material risks to these forecasts and the Group strategy. This assessment includes consideration of a severe but plausible downside scenario in which AuMA falls by 20%. The Directors confirm that as a result of this assessment they have a reasonable expectation that the Group and parent company will continue to operate and meet its liabilities as they fall due for at least 12 months from the date of signing these accounts.

c)    Accounting estimates and judgements

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting accounting estimates may not equal the related actual results. There are no significant judgements. The Directors make a number of estimates, these include leases (note 1k in the financial statements for the year ended 31 March 2023) and share based payments (see note 1p in the financial statements for the year ended 31 March 2023), neither of which are considered to be significant. In addition, the Directors make estimates to support the carrying value of goodwill and intangibles that arise on acquisition.

Goodwill and Intangible assets

Goodwill arising on acquisitions is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to a cash generating unit (CGU) for the purpose of impairment testing, with the allocation to those CGUs that are expected to benefit from the business combination in which the goodwill arose (see note 14 of the Financial Statements to 31 March 2023).

The costs of acquiring intangible assets such as fund management contracts are capitalised where it is probable that future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The assets are held at cost less accumulated amortisation and impairment. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that the asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use.

Further information on the impairment testing and estimates used are contained in note 10.

The fund management contracts and segregated clients' contracts relating to the assets acquired as part of the acquisitions of Alliance Trust Investments Limited; Neptune Investment Management Limited; Architas Multi-Manager Limited and Architas Advisory Services Limited (together "Architas") and Majedie Investment Management Limited are recorded initially at fair value and recorded in the consolidated financial statements as intangible assets, they are then amortised over their useful lives on a straight-line basis. Management have determined that the useful life of these assets is between 5 and 10 years owing to the nature of the acquired products. Impairment is tested through measuring the recoverable amount against the carrying value of the related intangible asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use. The Directors assess the value in use using a multi-period excess earnings model which requires a number of inputs requiring management estimates, the most significant of which include: future AuMA growth, useful economic life and discount rate. In the current period, significant estimates were only required for the intangible assets in relation to Architas and Majedie (see notes 10 and 11 for further detail).

Impairment losses on goodwill, where these are identified, are not reversed. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill. The recoverable amount is the higher of the fair value less costs to sell the CGU and its value in use. Value in use is assessed using a multi-period excess earnings model which requires a number of inputs requiring management estimates and judgements, the most significant of which are: future new business, AuMA growth, discount rate and terminal growth rate.

In the current period, significant estimates were only required to be reassessed for the goodwill assets in relation to Architas and Majedie (see notes 10 and 11 for further details). Due to the strong performance and growth of the Sustainable Investment team (acquired as part of the ATI acquisition) and the Global Equity team (acquired as part of the Neptune acquisition) since acquisition there is no significant estimation in relation to the impairment of the related goodwill allocated to the Sustainable and Global Equity Investment teams' CGU.

d)    Regulatory capital position

Following the approval of the Group's Internal Capital and Risk Assessment ("ICARA") process in September 2023, the updated capital position for the Group is shown below:

	30-Sep-23	31-Mar-23	31-Mar-22
	£m	£m	£m
		(re-presented)	(re-presented)
Capital after regulatory deductions1	101.1	113.3	98.0
Regulatory capital requirement2	23.6	26.8	39.6
Surplus capital	77.5	86.5	58.4
Foreseeable dividends3, 4	(14.1)	(32.5)	(32.0)
Surplus capital after foreseeable dividends	63.4	54.0	26.4

Note, the capital position for the Group as at 30 September 2023 (unaudited) includes the impairment of the intangible assets and goodwill.

¹ Group Capital minus own shares, intangibles and goodwill adjusted for deferred tax liabilities

² Group Capital requirement calculated per MiFIDPRU as part of the Internal Capital and Risk Assessment (ICARA) process

³ For 30 September 2023, first interim dividend of 22.0 pence per share paid in January following the half year end

⁴ For 31 March 2023 and 31 March 2022, second interim dividend of 50.0 pence per share paid in August following financial year end

The ICARA process included a review of the capital calculation shown above. The Group had previously not adjusted the intangibles for related deferred tax liabilities as part of the capital calculation believing it was more prudent not to do so, however the review suggested it was market practice to deduct them and so we have now done so. The figures for financial year ended 31 March 2022 ("FY22") have been similarly adjusted to give correct comparable for FY22 The table above shows the represented information.

2 Adjusted performance measures ("APMs")

ADJUSTED PROFIT BEFORE TAX
Definition: Profit before taxation, amortisation, impairment, and non-recurring items (which include: professional fees relating to acquisitions; restructuring and severance compensation related costs).
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of non-cash and non-recurring items, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods. Specifically, calculation of Adjusted profit before tax excludes amortisation and impairment expenses, and costs associated with acquisitions and their integration into the Group. It provides shareholders, potential shareholders and financial analysts a consistent year on year basis of comparison of a "profit before tax number", when comparing the current year to the previous year and also when comparing multiple historical years to the current year, of how the underlying ongoing business is performing.
ADJUSTED OPERATING PROFIT
Definition: Operating profit before interest and amortisation, impairment and non-recurring items (which include: professional fees relating to acquisitions; restructuring and severance compensation related costs).
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability of the Group which is aligned to the requirements of shareholders, potential shareholders and financial analysts, and which removes the effects of financing and capital investment, which eases the comparison with the Group's competitors who may use different accounting policies and financing methods. Specifically, calculation of Adjusted operating profit before tax excludes amortisation and impairment expenses, and costs associated with acquisitions and their integration into the Group. It provides shareholders, potential shareholders and financial analysts a consistent year on year basis of comparison of a "operating profit", when comparing the current year to the previous year and also when comparing multiple historical years to the current year, of how the underlying business is performing.
ADJUSTED OPERATING MARGIN
Definition: Adjusted operating profit divided by Gross profit.
Reconciliation: Note 6.
Reason for use: This is used to present a consistent year on year measure of adjusted operating profit compared to gross profits, identifying the operating gearing within the business.
GROSS PROFIT EXCLUDING PERFORMANCE FEES
Definition: Gross Profit less any revenue attributable to Performance Fees.
Reconciliation: Note 4.
Reason for use: This is used to present a consistent year on year measure of gross profits within the business, removing the element of revenue that may fluctuate significantly year-on-year.
ADJUSTED DILUTED EARNINGS PER SHARE (EXCLUDING PERFORMANCE FEES)
Definition: Adjusted profit before tax minus (performance fees revenues multiplied by the Adjusted Operating Margin) divided by the weighted average number of shares in issue.
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability per share excluding performance fee revenues in line with the adjusted profit as detailed above.
ADJUSTED DILUTED EARNINGS PER SHARE
Definition: Adjusted profit before tax divided by the diluted weighted average number of shares in issue.
Reconciliation: Note 6.
Reason for use: This is used to present a measure of profitability per share in line with the adjusted profit as detailed above.

PERFORMANCE FEES

Definition: Revenue attributable to performance related fees.

Reconciliation: Note 4.

Reason for use: This is used to identify distinguish revenues from performance related fees from other revenues.

3 Segmental reporting

The Group 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.

4 Revenue

	Six	Six	Year
	months to	months to	ended
	30-Sep-23	30-Sep-22	31-Mar-23
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Revenue
- Revenue	98,505	116,785	224,855
- Performance fee revenue1	6,042	-	18,484
Total Revenue	104,547	116,785	243,339
Cost of sales	(5,979)	(7,984)	(13,569)
Gross Profit	98,568	108,801	229,770

¹ September 2023 performance fees generated on redemptions from the Tortoise funds.

Revenue from earnings includes:
− Investment management fees on unit trusts, open-ended investment companies' sub-funds, portfolios and segregated accounts.
− Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts.
− Fixed administration fees on unit trusts and open-ended investment companies sub-funds.
− Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts).
− Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-funds.
− Box profits on unit trusts - the "at risk" trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts held to help manage client sales into, and redemptions from, the trust.
− Foreign currency gains and losses.
− Less contractual rebates paid to customers.
Cost of sales includes:
− Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and auditors.
− Sales commission paid or payable to third parties.
− External investment advisory fees paid or payable.

5 Administration expenses

	Six	Six	Year
	months to	months to	ended
	30-Sep-23	30-Sep-22	31-Mar-23
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Employee related expenses
Wages and salaries	13,257	13,541	30,178
Social security costs	1,704	1,912	4,105
Pension costs	1,277	1,176	2,388
Share incentivisation expense	1,194	1,304	2,354
DBVAP expense	1,310	1,263	2,777
Severance compensation	1,092	3,522	3,995
	19,834	22,718	45,797
Non-employee related expenses
Members' drawings charged as an expense	20,862	24,549	59,507
Members' share incentivisation expense	235	228	1,225
Members' severance	-	35	-
Professional services1	8,139	4,654	8,026
Depreciation	1,257	970	3,884
Intangible asset amortisation	7,018	9,640	14,792
Intangible asset and Goodwill impairment	29,912	10,950	12,816
Other administration expenses	21,907	21,460	37,163
Total administration expenses	109,164	95,204	183,210

¹ Includes acquisition related and restructuring costs for Majedie/GAM.

Note, although a proportion of the projected costs associated with the proposed acquisition of GAM were negotiated on a contingent basis, there is a one-off exceptional charge of not more than £11 million of which approximately £2 million was incurred in the financial year ended 31 March 2023 and £8 million was incurred in the 6 months ended 30 September 2023, with further costs expected in the second half of the current financial year.  These fees and costs relate primarily to Corporate Finance, Target Operating Model design, Class 1 Circular and Swiss Offer documents and Legal.           

6 Adjusted profit before tax

Adjusted profit before tax is reconciled in the table below:

	Six	Six	Year
	months to	months to	ended
	30-Sep-23	30-Sep-22	31-Mar-23
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
(Loss)/profit before tax for the period	(10,126)	14,066	49,301
Severance compensation and staff reorganisation costs	1,092	3,557	2,148
Professional services1	8,139	4,654	8,026
Intangible asset amortisation	7,018	9,640	14,792
Intangible asset and Goodwill impairment	29,912	10,950	12,816
Adjustments	46,161	28,801	37,782
Adjusted profit before tax	36,035	42,867	87,083
Interest receivable	(642)	(45)	(358)
Interest payable	-	-	-
Adjusted operating profit	35,393	42,822	86,725
Adjusted operating margin	35.9%	39.4%	37.7%
Adjusted diluted earnings per share (excluding performance fees)	39.77	53.87	100.98
Adjusted diluted earnings per share	42.32	53.87	109.78

¹ Includes acquisition related and restructuring costs for Majedie/GAM.

7 Taxation

The half yearly tax charge has been calculated at the estimated full year effective UK corporation tax rate of 25% (30 September 2022: 19%).

8 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 as shown in the table below. 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 is 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 during the six months ended 30 September 2023 as shown in the table below. This is reconciled to the actual weighted number of Ordinary Shares as follows:

	30-Sep-23	30-Sep-22	31-Mar-23
Weighted average number of Ordinary Shares	63,846,985	64,099,257	63,998,999
Weighted average number of dilutive Ordinary shares under option:
- to Liontrust Long Term Incentive Plan	17,032	352,420	247,003
- to the Liontrust CSOP	-	2,500	4,559
Adjusted weighted average number of Ordinary Shares	63,864,017	64,454,177	64,250,561

9 Neptune deferred consideration

On 1 October 2019 ("Completion Date") the Company acquired the entire issued share capital of Neptune Investment Management Limited. The Share Purchase Agreement in relation to the acquisition provided that an earnout of 661,813 Liontrust Shares ("Tranche Two Consideration Shares") was payable if the AuMA managed by the acquired team exceeded £4bn on the 3rd anniversary of the Completion Date. The seller could extend this term if the MSCI World Index fell by 10% or more in the preceding 12 months prior to the 3rd anniversary of the completion date. As at 1 October 2022 the MSCI World Index had fallen by more than 10% and therefore the earnout provision was retested at 1 October 2023. At 1 October 2023 the AuMA of the acquired team did not meet the threshold and the Tranche Two Consideration was not payable.

10 Intangible assets

Intangible assets represent investment management contracts that have been capitalised upon acquisition and are amortised on a straight-line basis over their useful economic lives.

The intangible asset on the balance sheet represents investment management contracts as follows:

	30-Sep-23	30-Sep-22	31-Mar-23
	£'000	£'000	£'000
Investment management contracts acquired from ATI	4,200	5,400	4,800
Investment management contracts acquired from Neptune	18,168	21,196	19,682
Investment management contracts acquired from Architas	23,320	34,955	32,793
Investment management contracts acquired from Majedie	6,652	20,087	20,546
Segregated client contracts acquired from Majedie	5,893	16,010	12,808
	58,233	97,648	90,629

Impairment of intangible assets

ATI

There were no indicators of impairment for ATI intangible asset as at 30 September 2023 based on the AuM and flow of funds being in line with management expectations.

Neptune

There were no indicators of impairment for Neptune intangible asset as at 30 September 2023 based on the AuM and flow of funds being in line with management expectations.

Architas

Indicators of impairment were identified for the Architas investment management contract intangible due to higher than expected fund outflows and negative market returns leading to forecast revenues being lower than originally forecast. The value of the intangible assets have therefore been retested as at 30 September 2023 which has resulted in an impairment of the Architas investment management contract intangible of £7.311 million.

Majedie

Indicators of impairment were identified for the Majedie investment management contracts and segregated clients intangible assets as at 30 September 2023 due to the current macroeconomic and geopolitical climate and its resultant impact on outflows. The value of the intangible assets have therefore been retested as at 30 September 2023 which has resulted in an impairment of the Majedie investment management contract intangible of £12.753 million and Majedie Segregated Clients intangible of £5.314 million.

Intangible assets impaired in the period:

	Architas	Majedie		Total
		Funds	Segregated
	£'000	£'000	£'000	£'000
Intangible asset at 1 April 2023	32,793	20,546	12,808	66,147
Amortisation	(2,162)	(1,141)	(1,601)	(4,904)
Impairment loss	(7,311)	(12,753)	(5,314)	(25,378)
Intangible asset at 30 September 2023	23,320	6,652	5,893	35,865
Discount rate	13.80%	13.80%	13.80%

The discount rate used in the intangible models was a market participant weighted average cost of capital, determined using the capital asset pricing model (post-tax) and calibrated using current assessments of market equity risk premium, company risk / beta, small company premium, tax rates and gearing; and specific risk premium for the relevant intangible asset. The appropriate discount rate is appraised at the date of the relevant transaction and then also at the reporting date to enable impairment reviews and testing.

11 Goodwill

Goodwill is allocated to the CGU to which it relates as the underlying funds acquired in each business acquisition are clearly identifiable to the ongoing investment team that is managing them. The ATI Goodwill on acquisition is allocated to the Sustainable Funds team CGU and at 30 September 2023 was £11,873,000 (31 March 2023: £11,873,000). An assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model which used key assumptions such as the discount rate (13.8%, 31 March 2023: 13.8%), terminal growth rate (2%, 31 March 2023: 2%) and net AuMA growth (0.9%, 31 March 2023: 7%). Based on these reasonable estimates there was no indication of impairment.

The Neptune Goodwill on acquisition is allocated to the Global Equities team CGU and at 30 September 2023 was £7,753,000 (31 March 2023: £7,753,000). At 30 September 2023 an assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model with reference to the projected cashflows relating to the CGU over a period of 5 years, which used key assumptions such as net AuMA growth (0.5%, 31 March 2023: 5.5%), terminal growth rate (2%, 31 March 2023: 2%) and a discount rate (13.8%, 31 March 2023: 13.8%). Based on these reasonable estimates there was no indication of impairment.

The Architas Goodwill on acquisition is allocated to the Multi Asset team CGU and at 30 September 2023 was £7,951,000 (31 March 2023: £7,951,000). At 30 September 2023 an assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model with reference to the projected cashflows relating to the CGU over a period of 5 years, which used key assumptions such as net AuMA growth rates (-3.0%, 31 March 2023: 0.2%), terminal growth rate (2%, 31 March 2023: 2%) and a discount rate (13.8%, 31 March 2023: 13.8). Based on this assessment there was no indication of impairment.

Sensitivity analysis was carried out on this model which included changing the discount rate and reducing new business to nil. The discount rate could be increased by 1%  without impacting goodwill and headroom above impairment was £1.251 million. Net new business flows could be reduced to nil without impacting goodwill and headroom above impairment was £2.590 million.  Given the headroom in our base forecasts management have concluded that no impairment of the goodwill is required.  An assessment of the goodwill will be reperformed at the financial year end.

The Majedie goodwill on acquisition is allocated to the Global Fundamental team CGU and at 30 September 2023 was £6,475,000 (31 March 2023: £11,009,000).  At 30 September 2023 an assessment was made in relation to impairment of the goodwill where the recoverable amount, based on a value in use, was calculated using an earnings model with reference to the projected cashflows relating to the CGU over a period of 5 years, which used key assumptions such as net AuMA growth rates (-2.6%, 31 March 2023: 3.5%), terminal growth rate (2%, 31 March 2023: 2%) and a discount rate (13.8%, 31 March 2023: 13.8%).  The carrying amount of the CGU has been reduced to its recoverable amount through the recognition of an impairment loss of £4.534 million against goodwill. This is largely attributable to net outflows and current macroeconomic conditions.

Sensitivity analysis was carried out on this model which included changing the discount rate and reducing the new business to nil. When increasing the discount rate by 1%, this results in a further £1.116 million impairment. When reducing the new business flows to nil this results in a £0.247 million impairment. Management consider this to be a reasonably possible scenario, however the five year modelling timeframe would give ample time for management action. Given the impairment recognised in the period and our base forecasts management have concluded that no further impairment of the goodwill is required.  An assessment of the goodwill will be reperformed at the financial year end.

	31-Mar-23	Goodwill impairment recognised in the period	30-Sep-23
	£'000	£'000	£'000
ATI - Sustainable investment team	11,873	-	11,873
Neptune - Global Equity team	7,753	-	7,753
Architas - Multi-Asset team	7,951	-	7,951
Majedie - Global Fundamental team	11,009	(4,534)	6,475
	38,586	(4,534)	34,052

12 Trade and other receivables

	30-Sep-23	30-Sep-22	31-Mar-23
	£'000	£'000	£'000
Trade receivables
- Fees receivable	16,614	19,325	20,732
- Unit Trust sales and cancellations	168,682	190,656	212,001
Prepayments and accrued income	9,369	8,631	8,949
	194,665	218,612	241,682

All financial assets listed above are non-interest bearing. The carrying amount of these non-interest bearing trade and other receivables approximates their fair value and their credit risk is considered low.

13 Financial assets

The Group holds financial assets that have been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs into measuring the fair value. These levels are based on the degree to which the fair value is observable and are defined as follows:

- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets and liabilities;

- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data.

As at the balance sheet date all financial assets are categorised as Level 1.

Under IFRS9 all financial assets are categorised as Assets held at fair value through profit and loss.

The financial assets consist of units held in the Group's collective investment schemes as part of a 'manager's box, assets held by the EBT in respect of the Liontrust DBVAP and assets held in Liontrust Global Funds plc to assist administration. The holdings are valued on a mid or bid basis.

14 Related party transactions

During the six months to 30 September 2023 the Group received fees from unit trusts and ICVCs under management of £89,248,000 (2022: £102,678,000). Transactions with these funds comprised creations of £1,501,150 (2022: £1,953,952,000) and liquidations of £3,432,573,000 (2022: £2,878,294,000). As at 30 September 2023 the Group owed the unit trusts £168,071,000 (2022: £190,172,000) in respect of unit trust creations and was owed £183,123,000 (2022: £204,931,000) in respect of unit trust cancellations and fees.

During the six months to 30 September 2023 the Group received fees from offshore funds under management of £4,882,000 (2022: £3,869,000). Transactions with these funds comprised purchases of £nil (2022: £88,000) and sales of £nil (2022: £57,000). As at 30 September 2023 the Group was owed £490,000 (2022: £606,000) in respect of management fees.

Directors and management can invest in funds managed by the Group on commercial terms that are no more favourable than those available to staff in general.

15 Post balance sheet date event

There were no post balance sheet events.

16 Key risks

The Directors have identified the risks and uncertainties that affect the Group's business and believe that they will be substantially the same for the second half of the year as the current risks as identified in the 2023 Annual Report.  These can be broken down into risks that are within the management's influence and risks that are outside it.

Risks that are within management's influence include areas such as the expansion of the business, prolonged periods of under-performance, loss of key personnel, human error, poor communication and service leading to reputational damage and fraud.

Risks outside the management's influence include falling markets, terrorism, a deteriorating UK economy, investment industry price competition and hostile takeovers.

Management monitor all risks to the business, they record how each risk is mitigated and have warning flags to identify increased risk levels. Management recognise the importance of risk management and view it as an integral part of the management process which is tied into the business model and is described further in the Risk management and internal control section on page 48 of the 2023 Annual Report and Note 2 "Financial risk management" on page 152 of the 2023 Annual Report.

17 Contingent assets and liabilities

The Group can earn performance fees on some of the segregated and fund accounts that it manages. In some cases a proportion of the fee earned is deferred until the next performance fee is payable or offset against future underperformance on that account. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fees in revenue only when they become due and collectable and therefore the element (if any) deferred beyond 30 September 2023 has not been recognised in the results for the period.

18 Directors' responsibilities

The Directors confirm that this condensed set of interim financial statements has been prepared in accordance with UK-adopted IFRS, and that the Half Year  Report herein includes a fair review of the information required by DTR 4.2.7, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year.

By Order of the Board

John S. Ions					Vinay K. Abrol
Chief Executive					Chief Operating Officer
					and Chief Financial Officer
15 November 2023

Forward Looking Statements

This Half 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.

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.

Shareholder services

Equiniti Limited, our registrar, may be able to provide you with a range of services relating to your shareholding. If you have questions about your shareholding or dividend payments, please contact Equiniti Limited by calling [phone] or visit www.shareview.co.uk. Telephone lines are open between 08:30 - 17:30, Monday to Friday excluding public holidays in England and Wales.

END

 

END