PREMIER MAJON INVESTORS ![img-0.jpeg](img-0.jpeg) # Accessing growth opportunities through active investment management Interim Report and Financial Statements 2025 --- Our purpose is to actively and responsibly manage our clients' investments for a better financial future. Premier Miton is a genuinely active investment firm with a unique point of view. We believe in giving our fund managers a blank sheet of paper to work from to express their ideas and couple that with a strong governance framework. ## What's inside ### Overview 01 2025 Interim highlights 02 Chair's statement 06 Chief Executive's statement 09 Investment team 12 Product overview 16 Financial review ### Financial Statements 21 Independent Review Report to Premier Miton Group plc 22 Condensed Consolidated Financial Statements 27 Notes to the Condensed Consolidated Financial Statements ### Shareholder Information 35 Shareholder information 36 Corporate information --- 01 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # 2025 Interim highlights A foundation of original thinking aimed at delivering strong customer outcomes and straightforward products. | Product performance^{1} **69%** of funds and investment trusts are first or second quartile at 31 March 2025 since launch/tenure (2024 HY: 68%) | Products managed **54** as at 31 March 2025 (2024 HY: 54) | Assets under Management ('AuM')^{2} **£10.2bn** closing AuM (£10.7bn at 30 September 2024 and 31 March 2024) | | --- | --- | --- | | Net outflows of **£(254)m** across the product range for the period (2024 HY: £46m outflows) | Profit before tax **£1.1m** (2024 HY: £0.6m) | Adjusted profit before tax^{3} **£5.4m** (2024 HY: £5.7m) | 1. See footnotes 7 and 8 on page 14. 2. This is an Alternative Performance Measure ('APM'). See page 20 for further detail. --- 02 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Chair's statement ## Active investing underpinned by original thinking. > We aim to deliver strong customer outcomes through clear, straightforward products, powered by original thinking. > > Robert Colthorpe > Chair ## Results Our financial results for the first half year 2025 reflect the ongoing challenges facing investment markets in general and the UK's savings industry in particular, as well as our efforts to implement our strategic plans. I am particularly pleased by the strong performance and growth of the funds we acquired with Tellworth which is showing itself to be a well-timed and attractive addition to our business. The financial review section contains more detailed commentary on our half year results. The operating model we use and the capacity we have built to manage a range of attractive funds and grow assets under management put us in an excellent position to succeed. At 31 March 2025 our AuM was £10.2 billion, the Group had a cash position of £31.2 million and our adjusted profit before tax for the half year was £5.4 million. --- 03 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Chair's statement continued ## Sector background Savings and investment markets are changing at pace, both internationally and in the UK, reflecting a large range of factors, including politics, regulation and technology. This is driving the structural evolution of our industry alongside the impact of more cyclical changes in the market such as the interest rate environment. We continue to pay close attention to the matters that affect our business and involve ourselves where we can in the debate and creation of public policy in the UK. There are encouraging signs that positive changes are being considered, although the deep reforms that would strongly benefit our domestic market and investment strategies have yet to secure full political traction. Nevertheless, this period is having a material impact on many market participants, large and small, and creating interesting opportunities as well as challenges for us. We face all of these with clear thinking, ambition and confidence. We are pleased that in November 2024 the UK Government identified financial services as one of its eight sectors which are the focus of its industrial strategy and which they believe offer the highest growth opportunity for the UK's economy and business. The UK's domestic asset management industry is a core, valuable and critical part of our financial services sector and as the Government unfolds this year its more detailed plans and ambitions for the overall sector, we anticipate further confidence building support. Recent political and market events have emphasised the critical nature of maintaining strong domestic capital markets, savings and investment intermediation industries. Equally and importantly, if we are to benefit from these shifting times, as I firmly believe we can and must, we need to do our part in creating a business that is high performing, resilient and capable of adding significant value to our clients. This way we will play a positive, even if minor, part in the overall financial ecosystem that is vital for the UK's future. This means being thoughtful and strategic about how we grow and evolve Premier Miton to create a valuable and attractive business. ## Strategy At our annual Board strategy day in March 2025, we reviewed our responses in this sector context and against the backdrop of a continuing deeply challenging operating environment for UK asset management firms. We reconfirmed our overall strategic ambitions and plans which we have previously set out to deliver long term value for our clients and shareholders. We agreed decisions on the operational infrastructure review which we flagged in December 2024 and have identified operational efficiencies across our business which are expected to reduce our annual run-rate costs by approximately 6% or £3 million annually. We remain fully focused on managing our portfolio of products, operating model and our cost base to optimise the prospects of success for our key stakeholders. Whilst market conditions remain difficult, we continue to believe that running a well-diversified portfolio of highly active strategies which are sold into a range of domestic and international capital and savings pools is the right long term approach for the business. We also reviewed the potential for value additive M&A activity in our sector. Given our strong acquisition track record, we remain alert to further potential strategic and tactical opportunities which have the scope to add significant value to the business. We are mindful of managing our financial resources to maintain a strong capital position which means we are focusing on those opportunities where we can use our publicly traded share capital as a valuable currency to secure the commercial and strategic benefits from any transaction. At the same time, we continue seeking to build valuable commercial arrangements and partnerships which do not involve M&A or share issuance. Interim dividend per share **3.0p** 2024 HY: 3.0p Adjusted EPS **2.65p** 2024 HY: 3.21p. --- 04 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Chair's statement continued ## Dividend Recent trading has shown the benefits of our resilient business model alongside challenging near term operating conditions and we maintain a cautious and balanced view of the outlook in the short term while more positive about the longer term. Our approach to dividends in this environment will be pragmatic to reflect a mix of factors including balance sheet prudence and maintaining the support and confidence of our shareholders in our ambition to create an increasingly valuable business. Over time we anticipate returning to our stated dividend policy of paying a dividend in the range of 50-65% of adjusted profit after tax. Accordingly, we are paying an interim dividend of 3.0p a share, unchanged from last year's interim and final dividends. We will of course consider all relevant circumstances when we decide on the overall level of dividend for this year. ## People I know that our people are highly capable and hard working and they continue to drive the business for the benefit of clients and shareholders. These are challenging yet professionally interesting times where our full attention, resilience and effective use of skills and experience are all essential for success. Our reward and retention model also drives success by aligning effectively with client and shareholder interests. I believe that we have the talent, culture and leadership to achieve our business ambitions and we are continuing to evolve our reward and retention framework to reflect our long term needs. ## Outlook Since the end of the period, market volatility has increased, driven by fears for the global economy following the introduction of US tariffs and what seems increasingly to be the early stages of a major geopolitical and economic reset with deep consequences yet to be clearly understood. Looking forward, we know from experience that market volatility and such a significant change creates positive opportunities for active fund managers. Despite the short term challenges, we are also encouraged by the strong new business pipeline across our fixed income, absolute return and several of our equity strategies and so are confident in our ability to navigate successfully through this period. We anticipate more encouraging times as investor confidence returns and we are particularly well positioned to secure positive net inflows including from the newer markets we are targeting. Robert Colthorpe Chair 28 May 2025 --- 05 Premier Miten Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information In a volatile landscape, our commitment to active, responsible investing continues to drive meaningful outcomes for our clients. Miko O'Shea Chief Executive Officer --- 06 Premier Milan Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information ## Chief Executive’s statement **We remain committed to maintaining our strategic focus amid market challenges.** In the wake of recent market volatility, there has been a notable shift in market leadership, creating a fertile ground for active equity managers to demonstrate their prowess. This dynamic environment offers opportunities to capitalise on emerging trends and sectors, highlighting the value of strategic stock selection and agile portfolio management. Mike O’Shea Chief Executive Officer ## Performance The first half of our 2025 financial year has been characterised by challenging market conditions and increased volatility. Despite these headwinds, we have maintained our strategic focus on delivering strong long term investment performance, enhancing our distribution capabilities and optimising our operational efficiency. In the six months ended 31 March 2025 we reported net management fees of £30.2 million unchanged from the comparative period. The adjusted profit before tax of £5.4 million is broadly in line with what we achieved in the same period last year. --- 07 Premier Milan Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information # Chief Executive’s statement continued ## AuM and flows The Group’s Assets under Management (AuM) ended the half-year at £10.2 billion, a decrease of 5% from the £10.7 billion at 30 September 2024. This reduction was driven by net outflows of £254 million and negative market/investment performance of £228 million. Our experience during the period reflects the broader market dynamics, with continued investor caution particularly toward UK and European equity strategies. Our European Opportunities fund experienced outflows of £175 million during the second quarter, driven by shorter term relative underperformance. However, we maintain our conviction in this fund’s long term focus on growth-oriented European companies with high returns on capital. Encouragingly, we saw strong inflows into our absolute return strategies, which attracted £280 million of net inflows during the half-year period. This growth demonstrates the appeal of these strategies in volatile market conditions and the strength of our investment approach in this area. A reconciliation of AuM and flows over the six-month period to 31 March 2025 is below: | | Equity UK £m | Equity International £m | Multi-asset Multi Manager £m | Multi-asset Direct and Diversified £m | Fixed Income £m | Absolute Return £m | Total £m | | --- | --- | --- | --- | --- | --- | --- | --- | | AuM at 1 October 2024 | 1,910 | 3,274 | 1,132 | 1,727 | 2,062 | 578 | 10,683 | | Net flows | (185) | (189) | (121) | (39) | - | 280 | (254) | | Market/investment performance | (57) | (172) | 7 | (49) | 38 | 5 | (228) | | AuM at 31 March 2025 | 1,668 | 2,913 | 1,018 | 1,639 | 2,100 | 863 | 10,201 | ## Investment performance Delivering strong investment performance remains our primary focus. As of 31 March 2025, 69% of our funds and investment trusts were in the first or second quartile of their respective sectors since launch or fund manager tenure. This represents a slight increase from the 68% reported at 30 September 2024 and demonstrates the strength of our active management approach in these challenging markets. We have seen particularly strong performance in our absolute return strategies. This has driven the significant inflows into these products. Our fixed income offerings have also demonstrated resilience, delivering positive returns in a challenging environment for the asset class. Whilst we do not generally place too much emphasis on short term performance numbers, it is pleasing to note that our managers have coped well during recent market volatility with 71% of our funds performing ahead of median to 30 April 2025, and approximately half in the first quartile. We have argued for some time that a reversal of fortune for the small number of very large US based stocks that have been driving market returns for much of the last year would be beneficial for active managers such as us. We take comfort from seeing this beginning to play out, albeit in the very short term. Cross fund flows **£1.7bn** 2024 HY: £2.1bn¹ Net fund flows **£(254)m** 2024 HY: £(46)m¹ outflows 1 includes acquired assets. --- 08 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information # Chief Executive's statement continued ## Strategic progress We continue to make progress against our strategic objectives. Following the successful integration of Tellworth and the establishment of our Irish UCI's platform last year, we are now focused on optimising our operational infrastructure. We have completed a comprehensive review of our operations and have identified efficiencies which will be implemented while maintaining our core capabilities and ensuring we are well-positioned for future growth. Our distribution reach continues to develop, with increased traction in the institutional market and we have also enhanced our digital capabilities to better serve our clients and distribution partners. ## Outlook While market conditions remain challenging, with increased volatility following the introduction of US tariffs, we know from experience that such environments create opportunities for active fund managers. We are hopeful that market conditions will stabilise over the remainder of the year. Indeed we have seen some tentative signs of progress recently on trade which has been positively received by markets. Further stability should allow us to convert our strong new business pipeline across fixed income, absolute return and several of our equity strategies into positive flows. Our diverse product range, experienced investment team and robust balance sheet provide a strong foundation for navigating the current environment and capitalising on opportunities as they arise. We also remain alert to the possibilities for further M&A activity following the successful integration of the Tellworth business last year. In our view, market conditions are conducive to ongoing consolidation and M&A activity within the sector. I am pleased to head a management team that has gained considerable experience of successful M&A activity in the sector as I believe this will serve us well in the current environment. Above all, we remain focused on our core purpose: to actively and responsibly manage our clients' investments for a better financial future. Mike O'Shea Chief Executive Officer 28 May 2025 --- 09 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information # Investment team ## Our investment teams at a glance. We offer clients a broad range of investment capabilities, covering all the major asset classes including equities, fixed income, multi-asset and absolute return. Total AuM at 31 March 2025 **£10.2bn** ### Chief Investment Officer We aim to attract high quality investment managers and build experienced teams. Neil Birrell CIO & Fund Manager ### Responsible Investing Team Providing responsible investing and ESC advice and guidance to the investment teams. Helene Winch Head of Responsible Investing Ben Briceno Responsible Investing Analyst ### Elerging Market Equities Investment team focused on sustainable investing across emerging markets. Fiona Manning Fund Manager Will Scholes Fund Manager ### Global Equities An experienced team managing investments worldwide and including enhanced income, listed infrastructure and sustainable strategies. Tina Shah Investment Analyst Duncan Goodwin Fund Manager Imogen Harris Fund Manager ### Investment Trusts Highly experienced investment trust specialist, supporting the three investment trusts. Claire Long Head of Investment Trusts Alan Rowsell Fund Manager James Smith Fund Manager Luke Smith Assistant Fund Manager Jim Wright Fund Manager ### Derivatives A specialist enhanced income strategy manager. Geoff Kirk Fund Manager --- 10 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information # Investment team continued | **UK Equities** UK income, value and growth equity managers, covering the UK market. | | | | --- | --- | --- | | Gervais Williams Head of Equities | Martin Turner Fund Manager | | | Benji Dawes Fund Manager | Mike Shrives Assistant Fund Manager | | | Jon Hudson Fund Manager | Mahgul Ansari Assistant Fund Manager | | | Emma Mogford Fund Manager | Paul Marriage Fund Manager | | | Matthew Tillett Fund Manager | James Gerlis Fund Manager | | | **European Equities** An experienced team who have been managing the European strategy for a decade. | | | | --- | --- | --- | | Carlos Moreno Head of European Equities | | Thomas Brown Fund Manager | | **US Equities** Experienced US equity managers identifying opportunities across the US market cap spectrum. | | | | --- | --- | --- | | Hugh Grieves Fund Manager | | Alex Knox Fund Manager | | **Property Companies** Specialist and experienced property company investors. | | | | --- | --- | --- | | Kirsty Riddle-Turner Fund Manager | | Alex Ross Fund Manager | --- 11 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview * Financial Statements Shareholder Information # Investment team continued | **Fixed Income** A highly respected team covering a broad range of fixed income products. | | **Sean Duff** Credit Analyst | | | --- | --- | --- | --- | | | Joyd Harris Head of Fixed Income | | Joe Macland Credit Analyst | | | Simon Prior Fund Manager | | Kishan Paun Assistant Fund Manager | | | Hoy Wan Fund Manager | | Tobias Williams Credit Analyst | | **Macro Thematic** Experienced multi-asset, directly invested, income and growth managers with a proven long term track record. | | | --- | --- | | | David Zane Fund Manager | | | Anthony Rayner Fund Manager | | **Multi-Manager** An established team who have managed multi-manager funds at Premier Milton for three decades. | | | --- | --- | | Chris Robinson MPS Investment Director | Mark Rimmer Fund Manager | | Ian Rees Head of Multi-Manager Funds | David Thornton Fund Manager | | David Hambidge Multi-Manager Advisor | Nick Kelsall Fund Manager | | **Absolute Return** Highly specialist managers providing differentiated alternative investment strategies. | | | --- | --- | | Daniel Hughes Fund Manager | John Warren Fund Manager | | Robin Willis Fund Manager | Johnnie Smith Fund Manager | --- 12 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview • Financial Statements Shareholder Information # Product overview ## Premier Miton is a UK-based asset management group, with a strong heritage dating back to the 1980s. We have experienced investment teams offering clients a broad range of investment capabilities, covering major asset classes including equities, fixed income, multi-asset and absolute return. As at 31 March 2025 we manage 44 mutual funds and three investment trusts as well as offering a model portfolio service and segregated mandate management. ### Relevant products for current and future investors | Equity UK | AuM 31 Mar 2024 £m | AuM 30 Sept 2024 £m | AuM 31 Mar 2025 £m | Fund manager(s) | Year of launch/ tenure | Quartile** | | --- | --- | --- | --- | --- | --- | --- | | Premier Miton UK Multi Cap Income Fund | 422 | 396 | 335 | G Williams/M Turner | 2011 | 1 | | Premier Miton UK Smaller Companies Fund | 55 | 51 | 40 | G Williams/M Turner | 2012 | 2 | | Premier Miton UK Value Opportunities Fund | 368 | 241 | 191 | M Tillett/M Shrives | 2022 | 3 | | Premier Miton Monthly Income Fund | 411 | 416 | 397 | E Mogford/M Ansari | 2020 | 2 | | Premier Miton Optimum Income Fund | 74 | 73 | 69 | E Mogford/G Kirk | 2020 | 3 | | Premier Miton Responsible UK Equity Fund | 150 | 136 | 118 | J Hudson/B Dawes | 2019 | 2 | | Premier Miton UK Growth Fund | 172 | 173 | 168 | J Hudson/B Dawes | 2017 | 1 | | Premier Miton Tellworth UK Smaller Companies Fund^{2} | 124 | 127 | 88 | P Marriage/J Warren/J Gerlis | 2018 | 2 | | TM Tellworth UK Income & Growth Fund^{3} | 19 | 3 | | | 2024 | | | Premier Miton UK Focus Fund | 52 | 22 | 13 | M Tillett/M Shrives | 2024 | 4 | | Premier Miton Opportunities Fund | 1 | | | | | | | The Diverse Income Trust plc | 291 | 233 | 227 | G Williams/M Turner | 2011 | 1 | | Miton UK MicroCap Trust plc | 43 | 40 | 22 | G Williams/M Turner | 2015 | 4 | | | 2,182 | 1,910 | 1,668 | | | | --- 13 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Product overview continued | Equity International £2.9bn | AuM 31 Mar 2024 £m | AuM 30 Sept 2024 £m | AuM 31 Mar 2025 £m | Fund manager(s) | Year of launch/ tenure | Quantile* | | --- | --- | --- | --- | --- | --- | --- | | Premier Miton US Opportunities Fund | 1,635 | 1,653 | 1,654 | H Grieves/A Knox | 2013 | 3 | | Premier Miton (Ireland) US Opportunities Fund^{a} | | | | H Grieves/A Knox | 2025 | n/a | | Premier Miton US Smaller Companies Fund | 35 | 33 | 30 | H Grieves/A Knox | 2018 | 3 | | Premier Miton European Opportunities Fund | 1,264 | 1,244 | 933 | C Moreno/T Brown | 2015 | 1 | | Premier Miton European Sustainable Leaders Fund | 6 | | | | | | | Premier Miton Global Infrastructure Income Fund | 82 | 78 | 72 | J Wright | 2017 | 3 | | Premier Miton Pan European Property Share Fund | 78 | 79 | 61 | A Ross/K Riddle-Turner | 2005 | n/a | | Premier Miton Global Sustainable Growth Fund | 95 | 88 | 77 | D Goodwin | 2020 | 4 | | Premier Miton Global Sustainable Optimum Income Fund | 25 | 20 | 13 | D Goodwin/G Kirk | 2020 | 4 | | Premier Miton Global Smaller Companies Fund | 26 | 31 | 30 | A Rowsell/I Harris | 2021 | 4 | | Premier Miton Emerging Markets Sustainable Fund | 7 | 7 | 7 | F Manning/W Scholes | 2023 | 2 | | Premier Miton Global Renewables Trust plc | 37 | 40 | 36 | J Smith | 2012 | 2 | | | 3,290 | 3,274 | 2,915 | | | | # A diversified product mix - Absolute Return **8%** - Fixed Income **21%** - Multi-Asset Direct and Diversified **16%** ![img-1.jpeg](img-1.jpeg) Equity UK **16%** - Equity International **29%** - Multi-Asset Multi-Manager **10%** We develop investment solutions by empowering our teams to think originally. Neil Birrell C/O & Fund Manager --- 14 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview ♦ Financial Statements Shareholder Information # Product overview continued | Multi-Asset Multi-Manager | AuM 31 Mar 2024 £m | AuM 30 Sept 2024 £m | AuM 31 Mar 2025 £m | Fund manager(s) | Year of launch/ tenure | Quartile* | | --- | --- | --- | --- | --- | --- | --- | | Premier Miton Multi-Asset Monthly Income Fund | 324 | 299 | 268 | Multi-manager team | 2009 | 1 | | Premier Miton Multi-Asset Distribution Fund | 598 | 536 | 478 | Multi-manager team | 1999 | 2 | | Premier Miton Multi-Asset Global Growth Fund | 89 | 80 | 73 | Multi-manager team | 2012 | 1 | | Premier Miton Liberation No. IV Fund | 70 | 68 | 61 | Multi-manager team | 2012 | 1 | | Premier Miton Liberation No. V Fund | 91 | 87 | 81 | Multi-manager team | 2012 | 1 | | Premier Miton Liberation No. VI Fund | 48 | 43 | 40 | Multi-manager team | 2012 | 2 | | Premier Miton Liberation No. VII Fund | 19 | 18 | 16 | Multi-manager team | 2012 | 3 | | Premier Portfolio Management Service | 1 | 1 | 1 | PPMS Investment Committee | | | | | 1,240 | 1,132 | 1,018 | | | | | Multi-Asset Direct and Diversified | AuM 31 Mar 2024 £m | AuM 30 Sept 2024 £m | Fund manager(s) | Year of launch/ tenure | Quartile* | | --- | --- | --- | --- | --- | --- | | Multi-Asset Direct and Diversified | | | | | | | £1.6bn | | | | | | | Premier Miton Cautious Multi-Asset Fund | 284 | 274 | 261 | Macro thematic team | 2014 | 1 | | --- | --- | --- | --- | --- | --- | --- | | Premier Miton Defensive Multi-Asset Fund | 94 | 90 | 82 | Macro thematic team | 2014 | 1 | | Premier Miton Cautious Monthly Income Fund^{3} | 145 | 167 | 174 | Macro thematic team | 2011 | 1 | | Premier Miton Multi-Asset Growth & Income Fund | 275 | 243 | 217 | Macro thematic team | 2021 | 4 | | Premier Miton Diversified Responsible Growth Fund^{6} | 38 | 29 | 24 | Diversified team | 2021 | 4 | | Premier Miton Diversified Growth Fund | 451 | 468 | 433 | Diversified team | 2013 | 1 | | Premier Miton Diversified Income Fund | 98 | 103 | 95 | Diversified team | 2017 | 1 | | Premier Miton Diversified Balanced Growth Fund | 135 | 158 | 159 | Diversified team | 2019 | 2 | | Premier Miton Diversified Cautious Growth Fund | 92 | 108 | 107 | Diversified team | 2019 | 1 | | Premier Miton Diversified Dynamic Growth Fund | 78 | 87 | 87 | Diversified team | 2019 | 1 | | | 1,690 | 1,727 | 1,639 | | | | --- 15 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Product overview continued | Fixed Income £2.1bn | AuM 31 Mar 2024 £m | AuM 30 Sept 2024 £m | AuM 31 Mar 2025 £m | Fund manager(s) | Year of launch/ tenure | Quartile* | | --- | --- | --- | --- | --- | --- | --- | | Premier Miton Corporate Bond Monthly Income Fund | 295 | 430 | 474 | L Harris/S Prior | 2020 | 1 | | Premier Miton UK Money Market Fund^{1} | 345 | 343 | 318 | L Harris/H Wan | 2019 | 1 | | Premier Miton Financials Capital Securities Fund | 57 | 60 | 12 | L Harris | 2020 | n/a | | Premier Miton Strategic Monthly Income Bond Fund | 441 | 396 | 418 | L Harris/S Prior | 2020 | 1 | | Premier Miton (Ireland) Global Dynamic Credit Fund^{4} | | | | L Harris/S Prior | 2025 | 1 | | Segregated Mandates (aggregated) | 679 | 833 | 878 | | | | | | 1,817 | 2,062 | 2,100 | | | | | Absolute Return £0.9bn | | | | | | | | Premier Miton Tellworth UK Select Fund^{3} | 143 | 235 | 473 | J Warren/J Smith | 2019 | n/a | | Premier Miton Multi-Asset Absolute Return Fund | 79 | 62 | 46 | Multi-manager team | 2009 | n/a | | Premier Miton Alternative Investments Fund^{5} | 82 | 77 | 81 | R Willis/D Hughes | 2019 | n/a | | Segregated Mandates (aggregated) | 189 | 204 | 263 | | | | | | 493 | 578 | 863 | | | | | TOTAL AuM | 10,712 | 10,683 | 10,201 | | | | AuM is presented after the removal of AuM invested in other funds managed by the Group. 1. Denotes a unit trust. 2. On 1 March 2025 Premier Portfolio Managers Limited took on the role of authorised corporate director (ACD), at the same time the TM Tellworth UK Smaller Companies Fund and the TM Tellworth UK Select Fund changed their names to Premier Miton Tellworth UK Smaller Companies Fund and Premier Miton Tellworth UK Select Fund. 3. TM Tellworth Income & Growth Fund was closed on 9 December 2024. 4. Premier Miton (Ireland) US Opportunities Fund and Premier Miton (Ireland) Global Dynamic Credit Fund were launched on 18 February 2025. 5. Premier Miton Defensive Growth Fund changed its name to Premier Miton Alternative Investments Fund on 6 January 2025. 6. Premier Miton Diversified Sustainable Growth Fund changed its name to Premier Miton Diversified Responsible Growth Fund on 2 December 2024. 7. The quantile performance rankings are based on investment association sector classifications where applicable, with data sourced from FE Analytics FinAL using the main representative post-ROM share class, based on a total return, UK Sterling, mid-to-mid basis for GISC funds and bid-to-bid for unit trusts (Premier Miton Cautious Monthly Income Fund and Premier Miton UK Money Market Fund). All data is as at 31 March 2025 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s). 8. Performance for investment trusts is calculated on Net Asset Value (NAV), ranked against the relevant Association of Investment Companies (AIC) sector for each trust, apart from Premier Miton Global Renewables Trust plc which is ranked according to its relevant Morningstar category, sourced from Morningstar Direct. --- 16 Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information Financial review **Streamlining operations.** During the period we completed a review of our operations which identified cost efficiencies whilst maintaining a resilient and scalable platform for future growth. Piers Harrison Chief Financial Officer Profit before tax **£1.1m** 2024 HY: £0.6m AuM* **£10.2bn** 2024 HY: £10.7bn * This is an Alternative Performance Measure (APM’). See page 20. --- 17 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Financial review continued ## Financial performance Profit before tax was £1.1 million (2024 HY: £0.6 million). The profit for the year is after charging £0.4 million of non-operating restructuring costs (see note 5). Adjusted profit before tax*, which is after adjusting for amortisation, share-based payments and non-recurring items, was £5.4 million (2024 HY: £5.7 million). ### Adjusted profit* and profit before tax | | Unaudited six months to 31 March 2025 £m | Unaudited six months to 31 March 2024 £m | % Change | | --- | --- | --- | --- | | Gross profit | 32.4 | 30.2 | | | Administration expenses | (27.7) | (25.3) | | | Finance income | 0.3 | 0.4 | | | Non-recurring items (see note 5) | 0.4 | 0.5 | | | Adjusted profit before tax* | 5.4 | 5.7 | (5) | | Adjusted operating margin* | 16.7% | 18.9% | (12) | | Amortisation | (2.6) | (2.5) | | | Share-based payments | (1.3) | (2.1) | | | Non-recurring items (see above) | (0.4) | (0.5) | | | Profit before tax | 1.1 | 0.6 | 83 | ## Assets under Management* ("AuM") AuM ended the period at £10,201 million (2024 HY: £10,712 million). Net outflows for the six months were £254 million (2024 HY: £486 million outflows which were offset by £440 million of net inflows from fund acquisitions and disposals). ![img-2.jpeg](img-2.jpeg) ## Gross profit, net management fees and net management fee margin* The Group's revenue represents management and performance fees generated on the assets being managed by the Group net of rebates paid to customers. The Group's net management fee margin for the period was 57bps. The decrease on the comparative period continues to be driven by the changing business mix. | | Unaudited six months to 31 March 2025 £m | Unaudited six months to 31 March 2024 £m | % Change | | --- | --- | --- | --- | | Management fees | 30.9 | 30.6 | | | Other income | 0.1 | 0.4 | | | Cost of sales | (0.8) | (0.8) | | | Net management fees* | 30.2 | 30.2 | - | | Performance fees | 2.1 | - | | | Gross profit (see note 4) | 32.4 | 30.2 | 7 | | Average AuM* | 10,601 | 10,034 | 6 | | Net management fee margin* (bps) | 57.0 | 59.3 | (4) | * These are APMs. See page 20. --- 18 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Financial review continued ## Administration expenses Administration expenses totalled £27.7 million (2024 HY: £25.3 million). Staff costs remain the largest component of administration expenses. The fixed staff costs increased to £11.2 million (2024 HY: £10.8 million) reflecting staff salary increases and a full six months of post Tellworth acquisition salary costs. The average headcount for the period increased from 155 to 164. Variable staff costs totalled £5.7 million (2024 HY: £4.1 million). The increase was primarily driven by performance fee shares in the period. Adjusting for these, the variable staff costs were broadly unchanged from the prior period reflecting comparable levels of net revenues and underlying profitability of the Group. Overheads and other costs increased by £0.5 million to £10.5 million. This increase predominantly relates to increased marketing activities and the launch of the Group's new visual identity in February (and the associated advertising costs) along with a full period of Tellworth related costs. During the period we completed a comprehensive review of our operations and identified efficiencies that are expected to reduce our annual run-rate costs by approximately £3 million, or 6%. | | Unaudited six months to 31 March 2025 £m | Unaudited six months to 31 March 2024 £m | % Change | | --- | --- | --- | --- | | Fixed staff costs | 11.2 | 10.8 | | | Variable staff costs | 5.7 | 4.1 | | | Overheads and other costs | 10.5 | 10.0 | | | Depreciation – fixed assets | 0.1 | 0.1 | | | Depreciation – leases | 0.2 | 0.3 | | | Administration expenses | 27.7 | 25.3 | 9 | ## Share-based payments The share-based payment charge for the period was £1.3 million (2024 HY: £2.1 million). Of this charge, £0.9 million related to nil cost contingent share rights ('NCCSRs') (2024 HY: £1.7 million). At 31 March 2025 the Group's Employee Benefit Trusts ('EBTs') held 5,704,204 ordinary shares representing 3.5% of the issued ordinary share capital (2024 HY: 7,429,544 shares). See note 12 for further detail. ## Balance sheet and cash Total shareholders' equity as at 31 March 2025 was £115.8 million (2024 HY: £120.7 million). At the period end the cash balances of the Group totalled £31.2 million (2024 HY: £30.7 million). The Group has no external bank debt (2024 HY: £nil). ## Capital management Dividends totalling £4.6 million were paid in the period (2024 HY: £4.4 million). See note 3 for further detail. The Board has approved an interim dividend payment of 3.0p per share (2024 HY: 3.0p). The dividend will be paid on 1 August 2025 to shareholders on the register at the close of business on 4 July 2025. The Group's dividend policy is unchanged and remains to target an annual ordinary dividend pay-out of approximately 50 to 65% of profit after tax, adjusted for non-recurring items, share-based payments and amortisation. --- 19 Premier Miton Group plc Interim Report and Financial Statements 2015 www.premiermiton.com Overview Financial Statements Shareholder Information # Financial review continued ## Regulatory capital The Group continues to maintain a strong capital base to support the future development of the business whilst ensuring compliance with regulatory capital and liquidity requirements. | | 31 March 2025 £m | | --- | --- | | Equity | 115.8 | | Non-qualifying assets^{1} | (84.5) | | Qualifying capital | 31.3 | | Regulatory capital requirement | (13.8) | | Foreseeable dividends^{1} | (4.7) | | Regulatory capital surplus | 12.8 | 1. Goodwill, intangible assets and associated deferred tax liabilities. 2. Approved interim dividend to be paid in August following the financial period end. **Piers Harrison** Chief Financial Officer 28 May 2025 ## Forward looking statements These interim unaudited Condensed Consolidated Financial Statements are made by the Directors in good faith based on information available to them at the time of their approval of the accounts. Forward looking statements should be treated with caution due to the inherent uncertainties, including economic, regulatory and business risk factors underlying any such statement. The Directors undertake no obligation to update any forward looking statement whether as a result of new information, future events or otherwise. The interim unaudited Condensed Consolidated Financial Statements have been prepared to provide information to the Group's shareholders and should not be relied upon by any other party or for any other purpose. --- 20 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Financial review continued ## Alternative Performance Measures ('APMs') The Directors use the following APMs in evaluating the performance of the Group and for planning, reporting and incentive-setting purposes. | | Unit | Reconciliation | | --- | --- | --- | | Adjusted profit before tax | | | | Definition: Profit before taxation, amortisation, share-based payments and non-recurring items. | | | | Purpose: Except for the noted costs, this encompasses all operating expenses in the business, including fixed and variable staff cash costs, except those incurred on a non-cash, non-business as usual basis. Provides a proxy for cash generated and is the key measure of profitability for management decision making. | £ | Pages 17 and 29 | | Adjusted operating margin | | | | Definition: Adjusted profit before tax (as above) divided by net revenue. | % | Page 17 | | Purpose: Used to determine the efficiency of operations and the ratio of operating expenses to revenues generated in the year. | | | | Cash generated from operations | | | | Definition: Profit before taxation adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals and items of income or expense associated with investing or financing cash flows. | £ | Page 34 | | Purpose: Provides a measure in demonstrating the amount of cash generated from the Group's ongoing regular business operations. | | | | AuM | | | | Definition: The value of external assets that are managed by the Group. | £ | Pages 7 and 12 to 15 | | Purpose: Management fee income is calculated based on the level of AuM managed. The AuM managed by the Group is used to measure the Group's size relative to the industry peer group. | | | | Average AuM | | | | Definition: The average value of external assets that are managed by the Group. | | | | Purpose: Average AuM removes volatility of short term net flows. | £ | Page 17 | | Reconciliation: Average AuM for the year is calculated using the daily AuM adjusted for the monthly closing AuM invested in other funds managed by the Group. | | | | | Unit | Reconciliation | | --- | --- | --- | | Net management fee | | | | Definition: The net management fee revenues of the Group. Calculated as gross management fee income, excluding performance fees, less rebates paid to customers and after the deduction of cost of sales. | £ | Page 17 | | Purpose: Provides a consistent measure of the profitability of the Group. | | | | Net management fee margin | | | | Definition: Net management fees divided by the average AuM. | | | | Purpose: A measure used to demonstrate the blended fee rate earned from the AuM managed by the Group. | bps | Page 17 | | A basis point ('bps') represents one hundredth of a percent. This measure is used within the asset management sector and provides comparability of the Group's net revenue generation. | | | | Net flows | | | | Definition: Total aggregate external sales/inflows into funds and mandates managed by the Group less the total external redemptions/outflows from the same funds and mandates. Where positive, these are 'Net inflows' and where negative as 'Net outflows'. | £ | Pages 7 and 17 | | Purpose: Net flows is a key performance indicator for management and is used both internally and externally to assess the organic growth of the business. | | | | Adjusted earnings per share (basic) | | | | Definition: Adjusted profit after tax divided by the weighted average number of shares in issue in the year. | | | | Purpose: Provides a clear measure to shareholders of the operating profitability and cash generation of the Group from its underlying operations at a value per share. The exclusion of amortisation, share-based payments and non-recurring costs provides a consistent basis for comparability of results year on year. | p | Page 29 and 30 | --- 21 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Independent Review Report to Premier Miton Group plc ## Conclusion We have been engaged by Premier Miton Group plc (“the Group”) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2025 which comprises the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Financial Position and the Condensed Consolidated Statement of Cash Flows and the related explanatory notes 1 to 15 (together the ‘condensed set of financial statements’). We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34. ## Basis for Conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, “Interim Financial Reporting”. ## Conclusions Relating to Going Concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern. ## Responsibilities of the Directors The Directors are responsible for preparing the half-yearly financial report in accordance with UK adopted International Accounting Standard 34. In preparing the half-yearly financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. ## Auditor’s Responsibilities for the review of the financial information In reviewing the half-yearly report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. ## Use of our report This report is made solely to the Group in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our work, for this report, or for the conclusions we have formed. Ernst & Young LLP London, United Kingdom 28 May 2025 --- 22 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermlton.com Overview Financial Statements Shareholder Information # Unaudited Condensed Consolidated Statement Of Comprehensive Income for the six months ended 31 March 2025 | | Notes | Unaudited six months to 31 March 2025 £000 | Restated¹ unaudited six months to 31 March 2024 £000 | Audited² year to 30 September 2024 £000 | | --- | --- | --- | --- | --- | | Revenue | 4 | 33,136 | 30,956 | 64,041 | | Cost of sales | 4 | (786) | (806) | (2,045) | | Gross profit | 4 | 32,350 | 30,150 | 61,996 | | Administration expenses² | 5 | (27,718) | (25,281) | (51,174) | | Share-based payments | 12 | (1,268) | (2,135) | (3,361) | | Amortisation of intangible assets | 8 | (2,603) | (2,487) | (5,098) | | Operating profit | | 761 | 247 | 2,363 | | Finance income | | 333 | 366 | 804 | | Profit for the period before taxation | | 1,094 | 613 | 3,167 | | Taxation | 6 | (573) | (556) | (1,283) | | Profit for the period after taxation attributable to equity holders of the Parent | | 521 | 57 | 1,884 | | | | pence | pence | pence | | --- | --- | --- | --- | --- | | Basic earnings per share | 7(a) | 0.34 | 0.04 | 1.24 | | Diluted basic earnings per share | 7(a) | 0.32 | 0.04 | 1.19 | ¹ Revenue and cost of sales have been restated to align with the requirements of IFRS 13, see note 2.6 (c) to the Group’s Annual Report for the year ended 30 September 2024. In the comparative period, revenues have been reduced by £2.2 million with a corresponding decrease in fees and commission expenses which have been renamed as cost of sales. ² Merger related costs and exceptional items have been presented within administration expenses, see note 5. No other comprehensive income was recognised during 2025 or 2024. Therefore, the profit for the period is also the total comprehensive income. All of the amounts relate to continuing operations. The notes on pages 27 to 34 form an integral part of these unaudited Condensed Consolidated Interim Financial Statements. --- 23 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Unaudited Condensed Consolidated Statement of Changes in Equity for the six months ended 31 March 2025 | | Notes | Share capital £000 | Share premium £000 | Merger reserve £000 | Own shares held by EBTs £000 | Capital redemption reserve £000 | Retained earnings £000 | Total equity £000 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | At 1 October 2024 | | 61 | 2,639 | 94,312 | (8,731) | 4,532 | 26,201 | 119,014 | | Profit for the period | | - | - | - | - | - | 521 | 521 | | Issue of share capital | 11 | - | 681 | - | - | - | - | 681 | | Own shares purchased | 12(d) | - | - | - | (954) | - | - | (954) | | Exercise of options | | - | - | - | 5,152 | - | (5,152) | - | | Share-based payments | 12 | - | - | - | - | - | 1,268 | 1,268 | | Other amounts direct to equity | | - | - | - | - | - | (71) | (71) | | Dividends | 3 | - | - | - | - | - | (4,648) | (4,648) | | At 31 March 2025 (Unaudited half year) | | 61 | 3,320 | 94,312 | (4,533) | 4,532 | 18,119 | 115,811 | | At 1 October 2023 | | 60 | - | 94,312 | (12,668) | 4,532 | 34,827 | 121,063 | | Profit for the period | | - | - | - | - | - | 57 | 57 | | Issue of share capital | 11 | 1 | 2,639 | - | - | - | - | 2,640 | | Own shares purchased | 12(d) | - | - | - | (760) | - | - | (760) | | Exercise of options | | - | - | - | 4,697 | - | (4,697) | - | | Share-based payments | 12 | - | - | - | - | - | 2,135 | 2,135 | | Other amounts direct to equity | | - | - | - | - | - | (60) | (60) | | Dividends | 3 | - | - | - | - | - | (4,413) | (4,413) | | At 31 March 2024 (Unaudited half year) | | 61 | 2,639 | 94,312 | (8,731) | 4,532 | 27,849 | 120,662 | | At 1 October 2023 | | 60 | - | 94,312 | (12,668) | 4,532 | 34,827 | 121,063 | | Profit for the year | | - | - | - | - | - | 1,884 | 1,884 | | Issue of share capital | | 1 | 2,639 | - | - | - | - | 2,640 | | Own shares purchased | | - | - | - | (760) | - | - | (760) | | Exercise of options | | - | - | - | 4,697 | - | (4,697) | - | | Share-based payments | | - | - | - | - | - | 3,361 | 3,361 | | Other amounts direct to equity | | - | - | - | - | - | (121) | (121) | | Dividends | | - | - | - | - | - | (9,053) | (9,053) | | At 30 September 2024 (Audited) | | 61 | 2,639 | 94,312 | (8,731) | 4,532 | 26,201 | 119,014 | The notes on pages 27 to 34 form an integral part of these unaudited Condensed Consolidated Interim Financial Statements. --- 24 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Unaudited Condensed Consolidated Statement of Financial Position for the six months ended 31 March 2025 | | Notes | Unaudited*31 March2025 | Unaudited31 March2024 | Audited30 September2024 | | --- | --- | --- | --- | --- | | | | £000 | £000 | £000 | | Non-current assets | | | | | | Goodwill | 8 | 75,124 | 73,331 | 74,086 | | Intangible assets | 8 | 12,476 | 17,689 | 15,079 | | Other investments | | 100 | 100 | 100 | | Property and equipment | | 580 | 690 | 576 | | Right-of-use assets | | 1,872 | 2,364 | 2,108 | | Deferred tax asset | | 341 | 522 | 756 | | Trade and other receivables | | 325 | 235 | 204 | | | | 90,818 | 94,931 | 92,909 | | Current assets | | | | | | Financial assets at fair value through profit and loss | 13 | 165 | 26 | 22 | | Trade and other receivables | | 135,471 | 137,417 | 95,491 | | Cash and cash equivalents | 9 | 31,150 | 30,689 | 35,912 | | | | 166,786 | 168,132 | 131,425 | | Total assets | | 257,604 | 263,063 | 224,334 | | Current liabilities | | | | | | Trade and other payables | | (136,243) | (135,354) | (98,930) | | Lease liabilities | | (531) | (203) | (461) | | | | (136,774) | (135,557) | (99,391) | | Non-current liabilities | | | | | | Provisions | 10 | (374) | (374) | (374) | | Deferred tax liability | | (3,056) | (4,348) | (3,701) | | Lease liabilities | | (1,589) | (2,122) | (1,854) | | Total liabilities | | (141,793) | (142,401) | (105,320) | | Net assets | | 115,811 | 120,662 | 119,014 | --- 25 Premier Mton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Unaudited Condensed Consolidated Statement of Financial Position continued for the six months ended 31 March 2025 | | Notes | Unaudited 31 March 2025 £000 | Unaudited 31 March 2024 £000 | Audited 30 September 2024 £000 | | --- | --- | --- | --- | --- | | Equity | | | | | | Share capital | 11 | 61 | 61 | 61 | | Share premium | 11 | 3,320 | 2,639 | 2,639 | | Merger reserve | | 94,312 | 94,312 | 94,312 | | Own shares held by Employee Benefit Trusts | (2(d)) | (4,533) | (8,731) | (8,731) | | Capital redemption reserve | | 4,532 | 4,532 | 4,532 | | Retained earnings | | 18,119 | 27,849 | 26,201 | | Total equity shareholders’ funds | | 115,811 | 120,662 | 119,014 | Mike O’Shea Chief Executive Officer 28 May 2025 The notes on pages 27 to 34 form an integral part of these unaudited Condensed Consolidated Interim Financial Statements. --- 26 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Unaudited Condensed Consolidated Statement of Cash Flows for the six months ended 31 March 2025 | | Notes | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | --- | | Net cash flow from operating activities | 14 | 2,165 | (1,525) | 7,945 | | Cash flows from investing activities: | | | | | | Interest received | | 336 | 388 | 837 | | Purchase of Tellworth Investment LLP | 8 | (1,112) | (1,666) | (1,666) | | Acquisition of financial assets | | (158) | – | (150) | | Disposal of financial assets | | – | 1,218 | 1,373 | | Purchase of property and equipment | | (127) | (283) | (282) | | Net cash flow from investing activities: | | (1,061) | (343) | 112 | | Cash flows from financing activities: | | | | | | Lease payments | | (264) | (212) | (274) | | Purchase of own shares | 12(d) | (954) | (760) | (760) | | Dividends paid | 3 | (4,648) | (4,413) | (9,053) | | Net cash flow from financing activities | | (5,866) | (5,385) | (10,087) | | Decrease in cash and cash equivalents | | (4,762) | (7,253) | (2,030) | | Opening cash and cash equivalents | 9 | 35,912 | 37,942 | 37,942 | | Closing cash and cash equivalents | 9 | 31,150 | 30,689 | 35,912 | --- 27 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements for the six months ended 31 March 2025 ## 1. Basis of accounting These interim unaudited Condensed Consolidated Financial Statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. They have been prepared on the basis of the accounting policies as set out in the Group's Annual Report for the year ended 30 September 2024. They do not include all the information and disclosures required in annual financial statements and therefore should be read in accordance with the Group's Annual Report for the year ended 30 September 2024. The interim unaudited Condensed Consolidated Financial Statements to 31 March 2025 have been prepared in accordance with UK-adopted International Accounting Standard 34 'Interim Financial Reporting' and the Listing Rules of the Financial Conduct Authority. Premier Miton Group plc (the 'Group') is the Parent Company of a group of companies which provide a range of investment management services in the United Kingdom and Ireland. The Group's 2024 Annual Report is prepared in accordance with UK-adopted International Accounting Standards, and is available on the Premier Miton Group plc website (www.premiermiton.com). These interim unaudited Condensed Consolidated Financial Statements were approved and authorised for issue by the Board acting through a duly authorised committee of the Board of Directors on 28 May 2025. The full-year accounts to 30 September 2024 were approved by the Board of Directors on 3 December 2024 and have been delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. The figures for the six months ended 31 March 2025 and the six months ended 31 March 2024 have not been audited. The interim unaudited Condensed Consolidated Financial Statements are presented in Sterling and all values are rounded to the nearest thousand pounds (£000) except where otherwise indicated. ## Going concern The Group has considerable financial resources and ongoing investment management contracts. As a consequence, the Directors believe that the Group demonstrates the financial resilience required to manage its business risks successfully. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of 12 months after the date the interim financial statements are signed. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the interim unaudited Condensed Consolidated Financial Statements. The Directors note that the Group has no external borrowings and maintains significant levels of cash reserves. The Group has conducted financial modelling at materially lower levels of AuM with the business remaining cash generative. The Directors have also reviewed and examined the financial stress testing inherent in the Internal Capital Adequacy and Risk Assessment ('ICARA'). ## 2. Segmental reporting The Group has only one business operating segment, asset management for reporting and control purposes. IFRS 8 'Operating Segments' requires disclosures to reflect the information which the Group's management uses for evaluating performance and the allocation of resources. The Group is managed as a single asset management business and as such, there are no additional operating segments to disclose. Under IFRS 8, the Group is also required to make disclosures by geographical segments. As Group operations are solely in the UK and Ireland, there are no additional geographical segments to disclose. ## 3. Dividend The final dividend for the year ended 30 September 2024 of 3.0p per share was paid on 14 February 2025 resulting in a distribution of £4,647,584. This is reflected in the unaudited Condensed Consolidated Statement of Changes in Equity (2024 HY: £4,413,155). --- 28 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 4. Revenue and cost of sales Revenue and gross profit recognised in the unaudited Condensed Consolidated Statement of Comprehensive Income is analysed as follows: | | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 restated £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Management fees | 32,423 | 32,812 | 67,015 | | Rebates paid to customers | (1,517) | (2,232) | (4,476) | | Performance fees | 2,125 | – | 1,129 | | Commissions | 1 | 2 | 3 | | Other income | 104 | 374 | 370 | | Revenue | 33,136 | 30,956 | 64,041 | | Cost of sales | (786) | (806) | (2,045) | | Gross profit | 32,350 | 30,150 | 61,996 | All revenue is derived from the United Kingdom and Ireland. Cost of sales includes the costs of external Authorised Corporate Directors, Ongoing Charges Figure ('OCF') capping costs, direct research costs and corporate access charges. ## 5. Administration expenses Administration expenses for the period totalled £27,718,000 (2024 HY: £25,281,000), these included the following non-recurring and/or non-operating items recognised in arriving at operating profit from continuing operations: | | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Acquisition and restructuring costs | 381 | 483 | 482 | | Merger related professional fees | 25 | 25 | 51 | | Total adjusting items | 406 | 508 | 533 | Adjusted profit is an APM (see page 20 for explanation). The above items are removed from the statutory measures when calculating adjusted profit. A reconciliation of the adjusted amounts to the IFRS reported amounts is shown on pages 17 and 29. Acquisition and restructuring costs relate to operational efficiency initiatives completed in the period (2024 HY: corporate finance, due diligence and legal fees associated with acquisitions completed in the period). ## 6. Taxation | | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Corporation tax charge | 803 | 552 | 2,161 | | Deferred tax (credit)/charge | (230) | 4 | (878) | | Tax charge reported in the unaudited Condensed Consolidated Statement of Comprehensive Income | 573 | 556 | 1,283 | --- 29 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 7. Earnings per share Basic earnings per share is calculated by dividing the profit for the period attributable to ordinary equity shareholders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. The weighted average of issued ordinary share capital of the Parent Company is reduced by the weighted average number of shares held by the Group's Employee Benefit Trusts ('EBTs'). Dividend waivers are in place over shares held in the Group's EBTs. In calculating diluted earnings per share, IAS 33 'Earnings Per Share' requires that the profit is divided by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares during the period arising from the Group's share option schemes. ### (a) Reported earnings per share Reported basic and diluted earnings per share has been calculated as follows: | | Unaudited six months to 31 March 2025 £0000 | Unaudited six months to 31 March 2024 £0000 | Audited year to 30 September 2024 £0000 | | --- | --- | --- | --- | | Profit attributable to ordinary equity shareholders of the Parent Company for basic earnings | 521 | 57 | 1,884 | | | Number 000 | Number 000 | Number 000 | | Issued ordinary shares at 1 October | 162,081 | 157,913 | 157,913 | | - Effect of own shares held by an EBT | (6,738) | (10,302) | (8,865) | | - Effect of shares issued | 139 | 1,389 | 2,778 | | Weighted average shares in issue | 155,482 | 149,000 | 151,826 | | - Effect of movement in share options | 5,930 | 8,381 | 6,951 | | Weighted average shares in issue – diluted | 161,412 | 157,381 | 158,777 | | Basic earnings per share (pence) | 0.34 | 0.04 | 1.24 | | Diluted earnings per share (pence) | 0.32 | 0.04 | 1.19 | ### (b) Adjusted earnings per share Adjusted earnings per share is based on adjusted profit after tax, where adjusted profit is stated after charging interest but before amortisation, share-based payments and non-recurring items. Adjusted profit for calculating adjusted earnings per share: | | Notes | Unaudited six months to 31 March 2025 £0000 | Unaudited six months to 31 March 2024 £0000 | Audited year to 30 September 2024 £0000 | | --- | --- | --- | --- | --- | | Profit before taxation | | 1,094 | 613 | 3,167 | | Add back: | | | | | | - Share-based payments | 12 | 1,268 | 2,135 | 3,361 | | - Amortisation of intangible assets | 8 | 2,603 | 2,487 | 5,098 | | - Adjusting items | 5 | 406 | 508 | 533 | | Adjusted profit before tax | | 5,371 | 5,743 | 12,159 | | Taxation: | | | | | | - Tax in the unaudited Condensed Consolidated Statement of Comprehensive Income | 6 | (573) | (556) | (1,283) | | - Tax effect of adjustments | | (678) | (410) | (1,277) | | Adjusted profit after tax for the calculation of adjusted earnings per share | | 4,120 | 4,777 | 9,599 | --- 30 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 7. Earnings per share continued (b) Adjusted earnings per share continued Adjusted earnings per share was as follows using the number of shares calculated at note 7(a): | | Unaudited six months to 31 March 2023 pence | Unaudited six months to 31 March 2024 pence | Audited year to 30 September 2024 pence | | --- | --- | --- | --- | | Adjusted earnings per share | 2.65 | 3.21 | 6.32 | | Diluted adjusted earnings per share | 2.55 | 3.04 | 6.05 | ## 8. Goodwill and other intangible assets Cost, amortisation and net book value of goodwill are as follows: | Goodwill | Unaudited six months to 31 March 2023 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Cost: | | | | | At 1 October | 81,325 | 77,927 | 77,927 | | Additions | 1,038 | 2,643 | 3,398 | | At 31 March / 30 September | 82,363 | 80,570 | 81,325 | | Amortisation and impairment: | | | | | At 1 October | 7,239 | 7,239 | 7,239 | | Impairment during the period | - | - | - | | At 31 March / 30 September | 7,239 | 7,239 | 7,239 | | Carrying amount: | | | | | At 31 March / 30 September | 75,124 | 73,331 | 74,086 | Cost, amortisation and net book value of intangible assets are as follows: | Other intangible assets | Unaudited six months to 31 March 2023 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Cost: | | | | | At 1 October | 83,547 | 81,025 | 81,025 | | Additions | - | 2,521 | 2,522 | | At 31 March / 30 September | 83,547 | 83,546 | 83,547 | | Accumulated amortisation and impairment: | | | | | At 1 October | 68,468 | 63,370 | 63,370 | | Amortisation during the period | 2,603 | 2,487 | 5,098 | | At 31 March / 30 September | 71,071 | 65,857 | 68,468 | | Carrying amount: | | | | | At 31 March / 30 September | 12,476 | 17,689 | 5,079 | Other intangible assets relate to the investment management agreements acquired in business combinations between the funds to which they were the investment manager and the value arising from the underlying client relationships. The addition to goodwill in the period relates to additional consideration paid upon the anniversary of the acquisition of Tallworth Investments LLP ('Tallworth') completed on 30 January 2024. This additional consideration was payable depending on AuM growth between completion and the first anniversary of completion. --- 31 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 8. Goodwill and other intangible assets continued The Group has determined that it has a single cash-generating unit ('CGU') for the purpose of assessing the carrying value of goodwill. Impairment testing is performed at least annually whereby the recoverable amount is calculated as the higher of value-in-use versus fair value less costs to sell. During the period no impairment was identified. ## 9. Cash and cash equivalents | | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Cash at bank and in hand | 31,150 | 30,689 | 35,912 | ## 10. Provisions | | £000 | | --- | --- | | At 1 October 2024 | 374 | | Movement in the period | - | | At 31 March 2025 (Unaudited) | 374 | | Current | - | | Non-current | 374 | | | 374 | | At 1 October 2023 | 374 | | Movement in the period | - | | At 31 March 2024 (Unaudited) | 374 | Provisions relate to dilapidations for the offices at 6th Floor, Paternoster House, London. The lease on this property runs to 28 November 2028. This provision is based on prices quoted at the time of the lease being taken on. --- 32 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 11. Share capital | Allotted, called-up and fully paid: Number of shares | Ordinary shares 0.02 pence each Number | Deferred shares Number | | --- | --- | --- | | At 1 October 2024 | 162,080,567 | 1 | | Issued | 1,205,392 | – | | At 31 March 2025 (Unaudited) | 163,285,959 | 1 | | At 1 October 2023 | 157,913,035 | 1 | | Issued | 4,167,532 | – | | At 31 March 2024 (Unaudited) | 162,080,567 | 1 | | Allotted, called up and fully paid: Value of shares | Ordinary shares 0.02 pence each £000 | Deferred shares £000 | Total £000 | | --- | --- | --- | --- | | At 1 October 2024 | 32 | 29 | 61 | | Issued | – | – | – | | At 31 March 2025 (Unaudited) | 32 | 29 | 61 | | At 1 October 2023 | 31 | 29 | 60 | | Issued | 1 | – | 1 | | At 31 March 2024 (Unaudited) | 32 | 29 | 61 | Following the first anniversary of the completion of the acquisition of Tellworth, the Company issued 1,205,392 new ordinary shares of 0.02 pence on 14 March 2025 in fulfilment of the additional consideration each ranked pari passu in all respects with the Company's existing shares in issue. The fair value of the shares issued over their nominal value of 0.02 pence per share has been reflected as share premium in the unaudited Condensed Consolidated Statement of Changes in Equity and the unaudited Condensed Consolidated Statement of Financial Position. ## 12. Share-based payment The total expense recognised for share-based payments in respect of employee services received during the period to 31 March 2025 was £1,267,569 (2024 HY: £2,135,071), of which £945,914 related to nil cost contingent share rights (2024 HY: £1,675,512). ### (a) Nil cost contingent share rights ("NCCSRs") During the period 1,331,000 (2024 HY: £85,000) NCCSRs over ordinary shares of 0.02p in the Company were granted to 26 employees (2024 HY: 22 employees). Of the total award, nil (2024 HY: nil) NCCSRs were awarded to Executive Directors. The awards will be satisfied from the Group's EBTs. The share-based payment expense is calculated in accordance with the fair value of the NCCSRs on the date of grant. The price per right at the date of grant was £0.64 on 12 December 2024 resulting in a fair value of £851,840 to be expensed over the relevant vesting period of three to five years. The key features of the awards include: automatic vesting at the relevant anniversary date with the delivery of the shares to the participant within 30 days of the relevant vesting date. During the period 3,127,151 NCCSRs over ordinary shares of 0.02p in the Company were exercised over 53 awards. Of the total, 375,000 were exercised by Executive Directors. ### (b) Long-Term Incentive Plan ('LTIP') On 20 December 2024 the Group granted 3,325,000 LTIP awards (2024 HY: 3,717,669). Of the total award, 1,225,000 were awarded to Executive Directors (2024 HY: 1,385,467). Vesting of awards is subject to continued employment and performance conditions based on Total Shareholder Return ('TSR'), Earnings Per Share ('EPS'), fund performance and other operational conditions, all measured over a three-year performance period. The cost of the awards is the estimated fair value at the date of grant of the estimated entitlement to ordinary shares of 0.02p in the Company. At 20 December 2024 the cost was estimated at £468,360 and is to be expensed over the vesting period of three years. At each reporting date the estimated number of ordinary shares that may be ultimately issued is assessed. --- 33 Premier Miton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 12. Share-based payment continued The fair value of the LTIP awards was estimated using a Monte Carlo Simulation (MCS) and the prepaid forward share price, adjusting the loss of dividends over the vesting period. The following table lists the inputs to the model used for the period ended 31 March 2025. | | 20 December 2024 | | --- | --- | | Dividend yield (%) | 9.0 | | Nominal risk-free rate (%) | 4.1 | | Expected share price volatility (%) | 39.0 | | Discount for lack of marketability ('DLOM') (%) | 11.0 | | Share price (£) | 0.60 | | Performance period (months) | 36 | | Holding period post-vesting (months) | 24 | The 2022 LTIP award vested on 14 December 2024. The operational performance conditions were met and subsequently 10% of the original award vested and automatically exercised. The exercised awards totalled 343,570 of which, 199,171 related to Executive Directors. The shares were satisfied from the Group's EBTs. ### (c) Legacy share incentive schemes #### (i) Management Equity Incentive ('MEI') There were no movements in the period (2024 HY: MEI awards over 226,395 ordinary 0.02p shares in the Company lapsed). At 31 March 2025 there were 241,488 (2024 HY: 754,650) outstanding MEI awards which had vested. #### (ii) Management Incentive Plan ('MIP') There were no movements in the period (2024 HY: MIP award over 60,372 ordinary 0.02p shares in the Company lapsed). At 31 March 2025 there were nil (2024 HY: nil) outstanding MIP awards. #### (d) Employee Benefit Trusts ('EBTs') Premier Miton Group plc established an EBT on 25 July 2016 to purchase ordinary shares in the Company to satisfy share awards to certain employees. During the period 1,745,381 (2024 HY: 1,382,687) shares were acquired and held by the Group's EBTs at a cost of £954,439 (2024 HY: £760,478). At 31 March 2025 5,704,204 (2024 HY: 7,429,544) shares are held by the Group's EBTs. At the period-end the cost of the shares held by the EBTs of £4,533,050 (2024 HY: £8,730,410) has been disclosed as own shares held by EBTs in the unaudited Condensed Consolidated Statement of Changes in Equity and the unaudited Condensed Consolidated Statement of Financial Position. ## 13. Financial Instruments Financial assets at fair value through profit and loss The financial instruments carried at fair value are analysed by valuation method. | | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | | Other investments | | | | | Quoted – Level 1 | 165 | 26 | 22 | | Total | 165 | 26 | 22 | ### Quoted investments – Level 1 The Group holds shares and units in a number of funds for which quoted prices in an active market are available. The fair value measurement is based on Level 1 in the fair value hierarchy. --- 34 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Notes to the Unaudited Condensed Consolidated Financial Statements continued for the six months ended 31 March 2025 ## 14. Reconciliation of net cash from operating activities This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, which is based on accounting rules, translates to cash flows. | | Notes | Unaudited six months to 31 March 2025 £000 | Unaudited six months to 31 March 2024 £000 | Audited year to 30 September 2024 £000 | | --- | --- | --- | --- | --- | | Profit for the period | | 521 | 57 | 1,884 | | Adjustments to reconcile profit to net cash flow from operating activities: | | | | | | - Tax on continuing operations | 6 | 573 | 556 | 1,283 | | - Finance income | | (333) | (366) | (804) | | - Interest payable on leases | | 71 | 35 | 86 | | - Depreciation - fixed assets | | 120 | 120 | 233 | | - Depreciation - leases | | 236 | 258 | 514 | | - Loss on disposal of fixed assets | | 4 | - | - | | - Loss/(gain) on revaluation of financial assets at fair value through profit and loss | | 15 | (37) | (37) | | - Amortisation of intangible assets | 8 | 2,603 | 2,487 | 5,098 | | - Share-based payments | 12 | 1,268 | 2,135 | 3,361 | | Working capital changes: | | | | | | - (Increase)/decrease in trade and other receivables | | (40,509) | (10,452) | 29,294 | | - Increase/(decrease) in trade and other payables | | 39,420 | 5,035 | (32,363) | | Cash generated from operations | | 3,989 | (172) | 8,549 | | Tax paid | | (1,824) | (1,353) | (604) | | Net cash flow from operating activities | | 2,165 | (1,525) | 7,945 | ## 15. Subsequent events At 28 May 2025 there were no other subsequent events to report. --- 35 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Shareholder Information ## Financial calendar | 2025 full-year results announced | December 2025 | | --- | --- | | Annual General Meeting | February 2026 | | 2026 half-year results announced | May 2026 | | Closing share price on 31 March 2025 | 49.8p | | Stock code | PMI | | Listing details | The Company's ordinary shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. | --- 36 Premier Milton Group plc Interim Report and Financial Statements 2025 www.premiermiton.com Overview Financial Statements Shareholder Information # Corporate Information ## Directors - Robert Colthorpe, Non-Executive Chair - Mike O'Shea, Chief Executive Officer - Piers Harrison, Chief Financial Officer - Alison Fleming, Senior Independent Director - Sarah Mussenden, Non-Executive Director - Sarah Walton, Non-Executive Director ## Company Secretary and Registered Office - Gregor Craig - Premier Milton Group plc - Eastgate Court - High Street - Guildford - Surrey GU1 3DE ## Registered number 06306664 ## Auditor - Ernst & Young LLP - 25 Churchill Place - London E14 5EY ## Registrar - MUFC Corporate Markets - Central Square - 29 Wellington Street - Leeds LS1 4DL ## Bankers - Bank of Scotland plc - 33 Old Broad Street - London EC2N 1HW - Barclays Bank plc - 1 Churchill Place - London E14 5HP - HSBC - 165 Fleet Street - London EC4A 2DY - Lloyds Bank plc - City Office - PO Box 72 - Bailey Drive - Gillingham Business Park - Kent ME8 0LS - Coutts & Co - 440 Strand - London WC2R 0Q5 ## Nominated adviser and broker - Investec Bank plc - 30 Gresham Street - London EC2V 7QP --- MIX Paper / Supporting responsible brands FSC® C031785 Print product with financial climate contribution ClimatePartner.com/12/NA-2006-0081 1 Printed by a carbon neutral company to the EMAS standard and Environmental Management System certified to ISO 14001. This document is printed on paper made of material from well-managed, FSC®-certified forests and other controlled sources. This publication has been manufactured using 100% offshore wind electricity sourced from UK wind. 100% of the inks used are HP Indigo Electronic which complies with RoHS legislation and meets the chemical requirements of the Nordic Ecotided (Nordic Swart) for printing companies; 95% of press chemicals are recycled for further use and, on average 95% of any waste associated with this production will be recycled and the remaining 1% used to generate energy. This is a certified climate neutral print product for which carbon emissions have been calculated and offset by supporting recognised carbon offset projects. The carbon offset projects are audited and certified according to international standards and demonstrably reduce emissions. The climate neutral label includes a unique ID number specific to this product which can be tracked at www.climatepartner.com, giving details of the carbon offsetting process including information on the emissions volume and the carbon offset project being supported. Designed and produced by emperor Visit us at emperorworks --- Premier Miton Group plc Eastgate Court, High Street, Guildford, Surrey GU1 3DE. 6th Floor, Paternoster House, 65 St Paul's Churchyard, London EC4M 8AB www.premiermiton.com