Resultados provisionales no auditados
16 November 2023
PLC de gestión de activos de Tatton
("TAM plc", el "Grupo" o la "Sociedad")
OBJETIVO: TAM
RESULTADOS PROVISIONALES NO AUDITADOS
For the six-month period ended 30 September 2023
"Strong net inflows underpin the Group's track record of consistent growth"
TAM plc, el grupo de servicios de soporte de IFA y gestión de inversiones, today announces its interim results for the six-month period ended 30 September 2023 (the "Period").
ASPECTOS FINANCIEROS MÁS DESTACADOS
? | Los ingresos del grupo aumentaron un 9.9 % hasta los 17.506 millones de libras esterlinas (septiembre de 2022: 15.934 millones de libras esterlinas) |
? | Beneficio operativo ajustado1 hasta un 11.2 % hasta los 8.872 millones de libras esterlinas (septiembre de 2022: 7.982 millones de libras esterlinas) |
? | Beneficio operativo ajustado1 margen 50.7% (septiembre de 2022: 50.1%) |
? | EPS completamente diluido ajustado2 aumentó un 6.4% a 10.52p (septiembre de 2022: 9.89p) |
? | Strong financial liquidity position, with net cash of £24.222m (Mar 2023: £26.494m) |
? | Dividendo a cuenta3 up 77.8% to 8.0p (Sep 2022: 4.5p) |
? | Strong balance sheet with net assets £40.336m |
1 | Operating profit before exceptional items, share-based payment charges and amortisation of acquired intangibles. |
2 | Adjusted fully diluted earnings per share is adjusted for exceptional items, share-based payment charges, amortisation of acquired intangibles, the unwinding of discount on deferred consideration and the tax thereon. The dilutive shares for this measure assumes that all contingently issuable shares will fully vest. |
3 | A larger element of this year's total dividend has been brought forward, our progressive dividend policy of paying c.70% of annual adjusted diluted earnings per share remains unchanged. |
ASPECTOS DESTACADOS OPERATIVOS
? | Assets Under Management/Influence ("AUM/I") increased 19.8% to £14.784bn (Sep 2022: £12.343bn). AUM/I at 31 March 2023 £13.871bn, an annualised increase of 13.2% |
? | Organic net inflows were £0.910bn (Sep 2022: £0.907bn), an annualised increase of 13.1% of opening AUM/I with an average run rate of £152m per month |
? | Tatton's IFA firms increased by 5.2% to 914 (Mar 2023: 869) and the number of accounts increased 7.1% to 114,650 (Mar 2023: 107,010) |
? | Paradigm Mortgages completions reduced by 5.5% to £6.9bn (Sep 2022: £7.3bn). Paradigm Mortgages member firms increased to 1,798 members (Mar 2023: 1,751 members) |
? | Paradigm Consulting members increased to 437 (Mar 2023: 431) |
? | Expansion of MPS range with the successful launch of Money Market risk profile |
? | Implementation of Consumer Duty regulation - strong alignment with Tatton's MPS proposition and core values |
Paul Hogarth, director ejecutivo, comentó:
"The Group has delivered a solid first half result, successfully meeting our strategic objectives and maintaining strong organic growth of revenue and profits. While volatile markets continued to be a challenge, our Assets Under Management/Influence (AUM/I) still reached £14.8 billion and we expect to exceed our £15 billion "Roadmap to Growth" strategy by March 2024.
"I am delighted with the performance of Tatton, which has continued to perform strongly by consistently delivering an average of £150 million net inflows per month over the last eighteen months. This level of net inflow has continued into the second half, reinforcing the attractiveness of the MPS proposition and highlighting our ability to maintain consistent performance even in difficult macroeconomic conditions.
"Paradigm has also delivered a resilient performance in the period, despite a subdued housing market which has led to a changing mix of mortgage lending. We anticipate that this trend will continue throughout the second half of the year, with expectations for Paradigm to maintain its resilient performance.
"Esperamos seguir avanzando durante el resto del año, sin dejar de ser muy conscientes de la continua turbulencia macroeconómica y la volatilidad del mercado. La Junta sigue confiando en las perspectivas futuras del Grupo".
Para más información, póngase en contacto con:
Tatton Asset Management plc Paul Hogarth (director ejecutivo) Paul Edwards (director financiero) Lothar Mentel (director de inversiones)
| +44 0 161 486 3441 |
Zeus - Nómada y Broker Martin Green (Banca de Inversión) Dan Bate (Banca de Inversión y QE)
| +44 0 20 3829 5000 |
Singer Capital Markets - Conjunto Broker Peter Steel / Charles Leigh-Pemberton (Banca de Inversión)
|
+44 0 20 7496 3000 |
Belvedere Communications - Relaciones públicas financieras John West / Llew Angus (medios) Cat Valentine / Keeley Clarke (inversionistas)
|
44 (0) 20 7653 8705 +44 (0) 7715 769078 |
Consultas de los medios comerciales roddi vaughan thomas |
+44 0 7469 854 011 |
Para mayor información por favor visite: www.tattonassetmanagement.com
REVISIÓN ESTRATÉGICA
The Group maintains a track record of steady growth
The Group has performed well in the Period and delivered continued growth in revenue and profits, with strong net inflows reflecting high demand for our services. We have continued to make substantial progress in line with our strategic objectives, in what has been a difficult and volatile market, demonstrating the effectiveness of our business model.
Group revenue for the Period increased by 9.9% to £17.506 million (Sep 2022: £15.934 million). Adjusted operating profit1 for the Period increased by 11.2% to £8.872 million (Sep 2022: £7.982 million), with adjusted operating profit margin1 at 50.7% (Sep 2022: 50.1%).
Pre-tax profit after the impact of amortisation of intangibles relating to acquisitions and joint ventures, finance costs and share-based payment charges increased to £7.693 million (Sep 2022: £6.624 million) and taxation charges for the Period were £2.302 million (Sep 2022: £1.291 million). This gives an effective tax rate of 29.9% when measured against profit before tax. Adjusting for amortisation and share-based payments, the effective tax rate is 25.8%.
The basic earnings per share was 8.97p (Sep 2022: 9.01p). When adjusted for amortisation of intangibles relating to acquisitions and joint ventures, finance costs relating to the unwinding of discounts on deferred consideration, and share-based payment charges, basic adjusted earnings per share was 11.08p (Sep 2022: 10.43p). Adjusted earnings per share fully diluted for the impact of share options was 10.52p (Sep 2022: 9.89p), an increase of 6.4%.
tatuaje
Tatton continues to perform strongly and has sustained strong organic net inflows in an environment where, in general, asset managers have been suffering redemptions. In the last six months, organic net inflows have averaged £152 million per month and were in total £910 million (Sep 2022: £907 million). In fact, over the last eighteen months we have now consistently delivered an average of £150 million per month, which reinforces both the attractiveness of the model portfolio services ("MPS") proposition and our ability to maintain consistency of performance even in difficult macroeconomic conditions.
The total AUM/AUI1 at the end of the Period increased to £14.784 billion (Mar 2023: £13.871 billion). As we enter the final leg of the journey in our "Roadmap to Growth" strategy of delivering £15 billion AUM/AUI1 by March 2024, we remain very confident that we will exceed this amount by the target date.
Platforum, the Financial Services research consultants, have maintained their forecast that the MPS market is expected to grow at a rate of 25% per annum and reach up to £200 billion by the end of 2026 (Platforum MPS Report: July 2023). The current level of MPS on platform is £103.5 billion (Dec 2021: £81.4 billion). The Group has £14.784 billion, or 14.3% share of this market (Mar 2023: 13.4%).
Through this market growth and our increased activity, Tatton's revenue has increased by 13.4% to £14.451 million (Sep 2022: £12.738 million) and now accounts for 82.5% of total Group revenue. Meanwhile, Tatton's adjusted operating profit1 grew by 17.3% to £8.986 million (Sep 2022: £7.663 million), delivering an adjusted operating profit margin1 of 62.2% (Sep 2022: 60.2%).
This Period has also seen an expansion in our range of propositions. With the changing shape of the economic landscape and the potential for investor fatigue from market volatility coupled with rising interest rates, we launched a new risk rating within our MPS range, the Money Market risk profile. Our new risk profile offers the potential for clients to receive a return on cash that tracks the Bank of England base rate more closely than most instant access UK bank deposit accounts. While still early days, the initial uptake has been encouraging as we continue to support IFAs and their clients by providing products that meet their evolving needs.
Our strategy to promote and support the growth of the MPS market on platform through a wide-ranging IFA education programme will continue. We also continue to increase our market penetration through a broadened distribution base. As a minimum, we aim to maintain our market share and continue to grow our distribution footprint through meaningful strategic partnerships. In support of this, we have been pleased to see our IFA firms continue to grow by over 5.2% to 914 (Mar 2023: 869) over this Period. We look forward to seeing these close relationships continue to develop in the coming months as intensive activity continues to further promote the Tatton service.
As we look ahead, we will keep the needs of the IFA at the heart of our business as this remains central to all we do. This year we welcomed the launch of Consumer Duty regulation and we continue to help and assist IFAs in meeting the rising regulatory bar by continuing to build and strengthen long-term partnerships. We aim to deliver a consistent high level of service, investment performance and IFA support. Consequently, we were delighted to be recognised as leaders in our field for a sixth year running by Moneyfacts, this year winning both the "Best Investment Service" award for the second consecutive year and also this year the "Best Ethical Fund Manager" - voted for by IFAs across the UK.
As we head towards the end of our £15 billion three-year strategic growth target by the end of March 2024, we have broadly delivered the target with six months remaining. The business has made strong progress over this Period and we look forward to making further progress in the coming years. Setting targets keeps the Group focused and has served the Group well as we have consistently met our goals. It has taken Tatton ten years to grow to £15 billion and we intend to set a new ambitious AUM/AUI1 target following the end of this financial year, March 2024. To do this, we will give careful thought to the stability of the market environment at that time, but more importantly, taking into consideration our leading position in the growing and maturing MPS market, the strength of our brand and the quality of the Tatton proposition.
Paradigma
Paradigm has delivered a resilient performance in the Period, delivering revenue of £3.059 million (Sep 2022: £3.198 million) and adjusted operating profit1 of £0.959 million (Sep 2022: £1.352 million). Paradigm Mortgages increased the number of mortgage firms utilising the services to 1,798 (Mar 2023: 1,751) and Paradigm Consulting increased its members to 437 (Mar 2023: 431).
Paradigm Consulting continues to perform in line with our expectations and Paradigm Mortgages has continued to deliver a strong volume of completions in a challenging economic climate, where lenders are predicting a gross market of c.£220 billion in 2023, c.30% below 2022 volumes of £320 billion. Intermediary channel share, as opposed to mortgages sold direct by banks, continued to grow, reaching c.85% of all new sales and record product transfer maturities despite significantly reduced residential purchases. New mortgage and remortgage activity helped Paradigm Mortgages participate in completions totalling £6.9 billion (Sep 2022: £7.3 billion), a 5.5% reduction, which compares well with the total market and demonstrates the resilience of the Paradigm business.
The ongoing cost of living issues, driven by the economic climate and stubborn inflationary pressures, have negatively impacted mortgage affordability and confidence of both sellers and buyers. As a consequence, mortgage intermediaries have focused on maturities (Product Transfers) which, for the first time on record, are likely to exceed the value of gross mortgages. The impact of rising interest rates has also had a significant impact on both the supply and confidence in both the residential and buy to let mortgage market throughout 2023, and the nature and distribution of our completions this Period has reflected the wider market and shifted towards this lower margin product mix.
Looking forward, CACI, the retail finance benchmarking specialist, confirms that there are c.£176 billion of maturities in the second half of the calendar year 2023, with record peaks expected in both November and December. These product transfer opportunities, combined with a more stable but subdued house purchase market, improving consumer confidence and greater affordability, suggests a similar volume and mix of completions for the second half of our financial year.
There continues to be underlying demand for home ownership in the UK, albeit lower levels of new build activity means stock remains stubbornly low. However, on a point of optimism, subdued house prices and wage increases/inflation have led to a fall of up to 10% in the house price to income ratio, which has led to greater affordability in both consumer and lender outlook.
Lenders are now delivering record levels of choice of available products and rates continue to fall. In addition, with house price falls stabilising, we believe that, once inflation is seen to be under control and rates begin to fall further, pent up purchase activity will once again provide a strong mortgage market.
Elementos divulgados por separado
Share-based payment charges, amortisation of intangible assets relating to acquisitions and joint ventures, and exceptional items are reported separately to give better clarity of the underlying performance of the Group. The alternative performance measures ("APMs") are consistent with how the business performance is planned and presented within the internal reporting to the Board. Some of these measures are also used for the purpose of setting remuneration targets.
Hoja de balance
The Group's balance sheet remains healthy, with net assets at 30 September 2023 totalling £40.3 million (Sep 2022: £35.7 million) reflecting the continued growth and profitability of the Group.
Recursos en efectivo
Cash generated from operations before exceptional costs was £8.3 million (Sep 2022: £7.3 million) and was 93% of adjusted operating profit1. The Group remains debt free, with closing net cash at the end of the Period of £24.2 million (Mar 2023: £26.5 million). The cash resources are after the purchase of own shares of £2.6m, the payment of corporation tax of £2.2 million and dividend payments of £6.0 million relating to the final dividend for the year ended 31 March 2023.
Emisión de nuevas acciones
In the Period, the Group issued 455,677 new shares, which were issued to satisfy the exercise of options related to the Enterprise Management Incentive ("EMI") and Company's Save As You Earn ("SAYE") employee share option schemes.
Dividend proposal and capital adequacy
In this interim period, the Board recommends an increase in the interim dividend to 8.0p (Sep 2022: 4.5p), an increase of 77.8%. A larger element of this year's total dividend has been brought forward to the interim dividend and reflects the confidence of the Board in the Group's financial performance, high levels of cash and liquidity, and headroom over our regulatory capital requirement. Our long-held progressive dividend policy of paying c.70% of annual adjusted diluted earnings per share remains unchanged.
The interim dividend of 8.0p per share, totalling £4.8 million, will be paid on 8 December 2023 to shareholders on the register at close of business on 24 November 2023 and will have an ex-dividend date of 23 November 2023. In accordance with International Financial Reporting Standards ("IFRSs"), the interim dividend has not been included as a liability in this interim statement.
Riesgo del negocio
The Board identified principal risks and uncertainties which may have a material impact on the Group's performance in the Group's 2023 Annual Report and Accounts (pages 32 and 33), and believes that the nature of these risks remains largely unchanged at the half year. The Board will continue to monitor and manage identified principal risks throughout the second half of the year.
Eventos posteriores al balance
No ha habido eventos posteriores al balance.
Preocupación continua
As stated in note 2.2 of these condensed financial statements, the Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period not less than twelve months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing these condensed financial statements.
Resumen y perspectiva
The Group has delivered a solid first half result, delivering against our strategic objectives and maintaining strong organic growth of revenue and profits. While volatile markets continued to remain a drag on asset growth at the end of this Period, our AUM/AUI1 still reached £14.8 billion and we are pleased with the overall performance of the Group.
Net inflows remained very strong in the first six months and we remain focused on continuing to deliver similar levels of flows but remain mindful of the economic environment. However, we expect to exceed our £15 billion "Roadmap to Growth" strategy by March 2024 and Paradigm should continue to perform in line with the first half of the year.
In summary, we look forward to making further progress over the rest of the year, while remaining acutely aware of the continuing macroeconomic turbulence and market volatility. The Board remains confident in the future prospects of the Group.
1 | Alternative performance measures are detailed in note 17 |
ESTADO CONSOLIDADO DE RESULTADO INTEGRAL TOTAL
Por los seis meses terminados el 30 de septiembre de 2023
| Note | Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) |
Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) |
Ingresos | 17,506 | 15,934 | 32,327 | |
Participación en los beneficios de la empresa conjunta | 257 | - | 160 | |
Gastos administrativos | (10,030) | (9,006) | (15,877) | |
Beneficio operativo | 7,733 | 6,928 | 16,610 | |
Costos de pago basados en acciones | 4 | 829 | 495 | 1,511 |
Amortización de intangibles relacionados con adquisiciones | 4 | 310 | 207 | 534 |
Gains arising on changes in fair value of contingent consideration | 4 | - | - | (2,651) |
Artículos excepcionales | 4 | - | 352 | 398 |
Beneficio operativo ajustado (antes de partidas reveladas por separado)1 | 8,872 | 7,982 | 16,402 | |
Costos financieros | (40) | (304) | (614) | |
Beneficio antes de impuestos | 7,693 | 6,624 | 15,996 | |
Cargo por impuestos | 5 | (2,302) | (1,291) | (2,623) |
Beneficio atribuible a accionistas | 5,391 | 5,333 | 13,373 | |
Beneficio por acción - Básico | 6 | 8.97p | 9.01p | 22.43p |
Beneficio por acción - Diluido | 6 | 8.66p | 8.72p | 21.70p |
Ganancias por acción ajustadas - Básica2 | 6 | 11.08p | 10.43p | 21.72p |
Utilidad por acción ajustada - Diluida2 | 6 | 10.52p | 9.89p | 20.61p |
1 | Adjusted for exceptional items, share-based payment charges and amortisation of acquired intangibles. See note 17. |
2 | Adjusted for exceptional items, share-based payment charges, amortisation of acquired intangibles, the unwinding of discount on deferred consideration and the tax thereon. The dilutive shares for this measure assumes that all contingently issuable shares will fully vest. See note 17. |
There were no other recognised gains or losses other than those recorded above in the current or prior period and therefore a statement of other comprehensive income has not been presented.
ESTADO CONSOLIDADO DE POSICIÓN FINANCIERA
Al 30 de septiembre de 2023
Note | Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Activos no corrientes | ||||
Inversión en empresas conjuntas | 8 | 6,820 | 6,996 | 6,762 |
Goodwill | 7 | 9,337 | 9,337 | 9,337 |
Activos intangibles | 9 | 3,405 | 3,831 | 3,615 |
Propiedad, planta y equipo. | 10 | 328 | 593 | 454 |
Activos por impuestos diferidos | 1,541 | 806 | 1,258 | |
Otros ingresos | 11 | 188 | - | - |
Total del activo no corriente | 21,619 | 21,563 | 21,426 | |
Activos circulantes | ||||
Cuentas comerciales y otras cuentas por cobrar | 11 | 4,078 | 3,902 | 3,782 |
Activos financieros a valor razonable con cambios en resultados | 13 | 175 | 122 | 123 |
impuesto de sociedades | 570 | 941 | 121 | |
Efectivo y equivalentes de efectivo | 24,222 | 21,622 | 26,494 | |
Total de activos corrientes | 29,045 | 26,587 | 30,520 | |
los activos totales | 50,664 | 48,150 | 51,946 | |
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | 12 | (8,013) | (6,633) | (7,911) |
Total pasivo corriente | (8,013) | (6,633) | (7,911) | |
Pasivos no corrientes | ||||
Otras cuentas por pagar | 12 | (2,315) | (5,851) | (2,254) |
Total pasivo no corriente | (2,315) | (5,851) | (2,254) | |
Pasivos totales | (10,328) | (12,484) | (10,165) | |
Activos netos | 40,336 | 35,666 | 41,781 | |
Patrimonio atribuible a los accionistas de la entidad | ||||
Capital social | 12,102 | 12,006 | 12,011 | |
Compartir cuenta premium | 15,487 | 15,219 | 15,259 | |
Acciones propias | (2,567) | - | - | |
Otra reserva | 2,041 | 2,041 | 2,041 | |
Reserva de fusión | (28,968) | (28,968) | (28,968) | |
Reserva de empresa conjunta | 37 | - | (21) | |
Ganancias retenidas | 42,204 | 35,368 | 41,459 | |
Equidad total | 40,336 | 35,666 | 41,781 |
The financial statements were approved by the Board of Directors on 15 November 2023 and were signed on its behalf by:
Paul Edwards
Director
Número de registro de la empresa: 10634323
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
Por los seis meses terminados el 30 de septiembre de 2023
Capital social (miles de libras esterlinas) | Compartir premium (Miles de libras esterlinas) | Acciones propias (miles de libras esterlinas) | Otras reservas (miles de libras esterlinas) | Reserva de fusión (miles de libras esterlinas) | Reserva de empresas conjuntas (miles de libras esterlinas) | Ganancias retenidas (Miles de libras esterlinas) | Patrimonio total (miles de libras esterlinas) | |
Al 1 de abril de 2022 | 11,783 | 11,632 | - | 2,041 | (28,968) | - | 34,556 | 31,044 |
Utilidad y resultado integral total | - | - | - | - | - | - | 5,333 | 5,333 |
Dividendos | - | - | - | - | - | - | (5,012) | (5,012) |
Pagos basados en acciones | - | - | - | - | - | - | 658 | 658 |
Impuesto sobre pagos basados en acciones | - | - | - | - | - | - | (167) | (167) |
Emisión de capital social mediante el ejercicio de opciones sobre acciones de los empleados | 47 | 77 | (28) | - | - | - | - | 96 |
Acciones propias utilizadas en el ejercicio de opciones | - | - | 28 | - | - | - | - | 28 |
Emisión de capital social en el momento de la adquisición de una empresa conjunta | 176 | 3,510 | - | - | - | - | - | 3,686 |
Al 30 de septiembre de 2022 | 12,006 | 15,219 | - | 2,041 | (28,968) | - | 35,368 | 35,666 |
Utilidad y resultado integral total | - | - | - | - | - | 39 | 8,001 | 8,040 |
Dividendos | - | - | - | - | - | - | (2,702) | (2,702) |
Pagos basados en acciones | - | - | - | - | - | - | 649 | 649 |
Impuesto sobre pagos basados en acciones | - | - | - | - | - | - | 83 | 83 |
Emisión de capital social en el ejercicio de opciones sobre acciones para empleados | 5 | 40 | - | - | - | - | - | 45 |
Dividends received from joint venture | - | - | - | - | - | (60) | 60 | - |
Al 31 de marzo de 2023 | 12,011 | 15,259 | - | 2,041 | (28,968) | (21) | 41,459 | 41,781 |
Utilidad y resultado integral total | - | - | - | - | - | 178 | 5,213 | 5,391 |
Dividendos | - | - | - | - | - | - | (6,006) | (6,006) |
Pagos basados en acciones | - | - | - | - | - | - | 521 | 521 |
Impuesto sobre pagos basados en acciones | - | - | - | - | - | - | 897 | 897 |
Emisión de capital social mediante el ejercicio de opciones sobre acciones de los empleados | 91 | 228 | - | - | - | - | - | 319 |
Own shares acquired in the Period | - | - | (2,567) | - | - | - | - | (2,567) |
Dividends received from joint venture | - | - | - | - | - | (120) | 120 | - |
Al 30 de septiembre de 2023 | 12,102 | 15,487 | (2,567) | 2,041 | (28,968) | 37 | 42,204 | 40,336 |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
Por los seis meses terminados el 30 de septiembre de 2023
Note | Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Actividades de explotación | ||||
Utilidad del Período | 5,391 | 5,333 | 13,373 | |
Ajustes: | ||||
Ingreso por gastos de impuesto | 5 | 2,302 | 1,291 | 2,623 |
Costos financieros | 40 | 304 | 614 | |
Depreciation of property, plant and equipment | 10 | 192 | 190 | 384 |
Amortización de activos intangibles | 9 | 330 | 330 | 661 |
Gastos de pago basados en acciones | 4 | 829 | 495 | 1,420 |
Post-tax share of profits of joint venture less amortisation of related intangible assets | (153) | (40) | (39) | |
Cambios en el valor razonable de la contraprestación contingente | - | - | (2,651) | |
Cambios en: | ||||
Cuentas comerciales y otras cuentas por cobrar | (619) | (169) | (146) | |
Comerciales y otras cuentas a pagar | (46) | (751) | (449) | |
Costos excepcionales | - | 352 | 398 | |
Cash generated from operations before exceptional costs | 8,266 | 7,335 | 16,188 | |
Efectivo generado por operaciones | 8,266 | 6,983 | 15,790 | |
Impuesto a las ganancias pagado | (2,160) | (1,620) | (2,559) | |
Efectivo neto de actividades operativas | 6,106 | 5,363 | 13,231 | |
Actividades de inversión | ||||
Payment for the acquisition of subsidiary, net of cash acquired | - | - | (152) | |
Compra de activos intangibles | (120) | (114) | (229) | |
Compra de propiedad, planta y equipo | (66) | (34) | (89) | |
Costo de suscripción de acciones | - | (152) | - | |
Efectivo neto utilizado en actividades de inversión | (186) | (300) | (470) | |
Actividades de financiación | ||||
Intereses recibidos/(pagados) | 146 | (92) | (186) | |
Dividendos pagados | (6,006) | (5,012) | (7,714) | |
Dividendos recibidos de empresas conjuntas | 120 | - | 60 | |
Producto de la emisión de acciones | 249 | 87 | 132 | |
Compra de acciones propias | (2,567) | - | - | |
Reembolso de los pasivos por arrendamiento | (134) | (134) | (269) | |
Efectivo neto utilizado en actividades de financiación. | (8,192) | (5,151) | (7,977) | |
Net (decrease)/increase in cash and cash equivalents | (2,272) | (88) | 4,784 | |
Cash and cash equivalents at beginning of Period | 26,494 | 21,710 | 21,710 | |
Net cash and cash equivalents at end of Period | 24,222 | 21,622 | 26,494 |
Las notas adjuntas son parte integral de los estados financieros intermedios.
NOTAS A LOS ESTADOS FINANCIEROS CONSOLIDADOS
1. Información general
Tatton Asset Management plc (the "Company") is a public company limited by shares. The address of the registered office is Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND, United Kingdom. The registered number is 10634323.
The Group comprises the Company and its subsidiaries. The Group's principal activities are discretionary fund management, the provision of compliance and support services to IFAs, the provision of mortgage adviser support services and the marketing and promotion of multi-manager funds run by the companies under Tatton Capital Limited.
The condensed consolidated interim financial statements for the six months ended 30 September 2023 do not constitute statutory accounts as defined under section 434 of the Companies Act 2006. The Annual Report and Accounts (the "financial statements") for the year ended 31 March 2023 were approved by the Board on 12 June 2023 and have been delivered to the Registrar of Companies. The auditor, Deloitte LLP, reported on these financial statements; its report was unqualified, did not contain an emphasis of matter paragraph and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
News updates, regulatory news and financial statements can be viewed and downloaded from the Group's website, www.tattonassetmanagement.com. Copies can also be requested from: The Company Secretary, Tatton Asset Management plc, Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND.
2. Políticas contables
Las principales políticas contables aplicadas en la presentación de los estados financieros intermedios se detallan a continuación.
2.1 Base de preparación
The unaudited condensed consolidated interim financial statements for the six months ended 30 September 2023 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the United Kingdom. The condensed consolidated interim financial statements should be read in conjunction with the financial statements for the year ended 31 March 2023, which have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the United Kingdom. The condensed consolidated interim financial statements were approved for release on 15 November 2023.
The condensed consolidated interim financial statements have been prepared on a going concern basis and prepared on the historical cost basis.
The condensed consolidated interim financial statements are presented in sterling and have been rounded to the nearest thousand (£'000). The functional currency of the Company is sterling as this is the currency of the jurisdiction where all the Group's sales are made.
The preparation of financial information in conformity with IFRSs requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual events may ultimately differ from those estimates.
The key accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in the consolidated financial statements.
The accounting policies adopted by the Group in these interim financial statements are consistent with those applied by the Group in its consolidated financial statements for the year ended 31 March 2023.
2.2 Empresa en marcha
These financial statements have been prepared on a going concern basis. The Directors have prepared cash flow projections and are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. To form the view that the consolidated financial statements should continue to be prepared on an ongoing basis in light of the current economic uncertainty, the Directors have assessed the outlook of the Group by considering various market scenarios and management actions. This review has allowed management to assess the potential impact on income, costs, cash flow and capital, and the ability to implement effective management actions that may be taken to mitigate the impact. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.
2.3 Nuevas normas contables
There have been a number of amendments to standards which have been adopted in the period, but these have not had a significant impact on the Group's financial results or position.
A number of new standards are effective for annual periods beginning after 1 April 2024 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these condensed consolidated financial statements.
None of the standards not yet effective are expected to have a material impact on the Group's financial statements.
2.4 Segmentos operativos
The Group comprises the following two operating segments, which are defined by trading activity:
· Tatton: servicios de gestión de inversiones.
· poradigm - the provision of compliance and support services to IFAs and mortgage advisers.
The Board is considered to be the chief operating decision maker.
2.5 Significant judgements, key assumptions and estimates
In the process of applying the Group's accounting policies, which are described in the consolidated financial statements for the year ended 31 March 2023, management have made judgements and estimations about the future that have an effect on the amounts recognised in the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, it is revised in the period of the revision and in future periods. Changes for accounting estimates would be accounted for prospectively under IAS 8.
The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 March 2023.
Management have reviewed the estimates for the satisfaction of the performance obligations attached to certain awards in the share-based payment schemes. It is currently estimated that 100% of the options in the existing schemes will vest.
2.6 Medidas de desempeño alternativas
In reporting financial information, the Group presents alternative performance measures ("APMs") which are not defined or specified under the requirements of IFRSs. The Group believes that these APMs provide users with additional helpful information on the performance of the business.
The APMs are consistent with how the business performance is planned and reported within the internal management reporting to the Board. Some of these measures are also used for the purpose of setting remuneration targets. All the APMs used by the Group are set out in note 17, including explanations of how they are calculated and how they can be reconciled to a statutory measure where relevant.
3. Informes por segmento
Information reported to the Board of Directors as the chief operating decision maker ("CODM") for the purposes of resource allocation and assessment of segmental performance is focused on the type of revenue. The principal types of revenue are discretionary fund management and the marketing and promotion of the funds run by the companies under Tatton Capital Limited ("Tatton") and the provision of compliance and support services to IFAs and mortgage advisers ("Paradigm").
The Group's reportable segments under IFRS 8 are therefore Tatton, Paradigm, and "Central", which contains the operating Group's central overhead costs. Centrally incurred overhead costs are allocated to the Tatton and Paradigm divisions on a pro rata basis as this is how information is presented to the Group's CODM.
The principal activity of Tatton is that of discretionary fund management of investments on platform and the provision of investment wrap services. The principal activity of Paradigm is that of provision of support services to IFAs and mortgage advisers. For management purposes, the Group uses the same measurement policies used in its financial statements.
El siguiente es un análisis de los ingresos y resultados del Grupo por segmento reportable:
Período terminado el 30 de septiembre de 2023 | tatuaje (Miles de libras esterlinas) | Paradigma (Miles de libras esterlinas) | Central (Miles de libras esterlinas) | Grupo procesos (Miles de libras esterlinas) |
Ingresos | 14,451 | 3,059 | (4) | 17,506 |
Participación en las ganancias después de impuestos de las empresas conjuntas | 257 | - | - | 257 |
Gastos administrativos | (6,032) | (2,100) | (1,898) | (10,030) |
Ganancia / (pérdida) operativa | 8,676 | 959 | (1,902) | 7,733 |
Costos de pago basados en acciones | - | - | 829 | 829 |
Amortisation of acquisition-related intangibles | 310 | - | - | 310 |
Costos excepcionales | - | - | - | - |
Ganancia/(pérdida) operativa ajustada (antes de partidas reveladas por separado)1 | 8,986 | 959 | (1,073) | 8,872 |
Costos financieros | 43 | (1) | (82) | (40) |
Beneficio / (pérdida) antes de impuestos | 8,719 | 958 | (1,984) | 7,693 |
Período terminado el 30 de septiembre de 2022 | tatuaje (Miles de libras esterlinas) | Paradigma (Miles de libras esterlinas) | Central (Miles de libras esterlinas) | Grupo procesos (Miles de libras esterlinas) |
Ingresos | 12,738 | 3,198 | (2) | 15,934 |
Gastos administrativos | (5,634) | (1,846) | (1,526) | (9,006) |
Ganancia / (pérdida) operativa | 7,104 | 1,352 | (1,528) | 6,928 |
Costos de pago basados en acciones | - | - | 495 | 495 |
Amortisation of acquisition-related intangibles | 207 | - | - | 207 |
Costos excepcionales | 352 | - | - | 352 |
Ganancia/(pérdida) operativa ajustada (antes de partidas reveladas por separado)1 | 7,663 | 1,352 | (1,033) | 7,982 |
Costos financieros | (124) | (1) | (179) | (304) |
Beneficio / (pérdida) antes de impuestos | 6,980 | 1,351 | (1,707) | 6,624 |
Año terminado el 31 de marzo de 2023 | tatuaje (Miles de libras esterlinas) | Paradigma (Miles de libras esterlinas) | Central (Miles de libras esterlinas) | Grupo procesos (Miles de libras esterlinas) |
Ingresos | 25,929 | 6,404 | (6) | 32,327 |
Participación en las ganancias después de impuestos de las empresas conjuntas | 160 | - | - | 160 |
Gastos administrativos | (8,540) | (3,999) | (3,338) | (15,877) |
Ganancia / (pérdida) operativa | 17,549 | 2,405 | (3,344) | 16,610 |
Costos de pago basados en acciones | - | - | 1,511 | 1,511 |
Amortisation of acquisition-related intangibles | 534 | - | - | 534 |
Gain arising on changes in fair value of contingent consideration | (2,651) | - | - | (2,651) |
Costos excepcionales | 398 | - | - | 398 |
Ganancia/(pérdida) operativa ajustada (antes de partidas reveladas por separado)1 | 15,830 | 2,405 | (1,833) | 16,402 |
Costos financieros | (182) | - | (432) | (614) |
Beneficio / (pérdida) antes de impuestos | 17,367 | 2,405 | (3,776) | 15,996 |
Toda la facturación se produjo en el Reino Unido.
1 | Alternative performance measures are detailed in note 17 |
4. Elementos divulgados por separado
Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Gastos relacionados con la adquisición. | - | 352 | 398 |
Costos excepcionales totales | - | 352 | 398 |
Gain arising on changes in the fair value of contingent consideration | - | - | (2,651) |
Amortisation of acquisition-related intangible assets | 310 | 207 | 534 |
Costos de pago basados en acciones | 829 | 495 | 1,511 |
Costos totales divulgados por separado | 1,139 | 1,054 | (208) |
Separately disclosed items shown separately on the face of the Consolidated Statement of Total Comprehensive Income or included within Administrative expenses reflect costs and income that do not relate to the Group's normal business operations and that are considered material individually, or in aggregate if of a similar type, due to their size or frequency.
Amortización de activos intangibles relacionados con adquisiciones
Amortisation of intangible assets relating to joint ventures is £104,000 (2022: £nil). This includes the acquisition of customer relationships and brands. Amortisation of other customer relationships and brand intangible assets is £206,000 (2022: £207,000).
Payments made for the introduction of customer relationships and brands that are deemed to be intangible assets are capitalised and amortised over their useful life, which has been assessed to be 10 years. This amortisation charge is recurring over the life of the intangible asset, though has been excluded from the core business operating profit since it is a significant non-cash item. Underlying profit, being adjusted operating profit, represents largely cash-based earnings and more directly relates to the financial reporting period.
Cargos por pagos basados en acciones
Los pagos basados en acciones son un elemento recurrente, aunque el valor cambiará dependiendo de la estimación del cumplimiento de las obligaciones de desempeño asociadas a ciertos premios. Se ha excluido del beneficio operativo del negocio principal porque es una partida importante que no genera efectivo. El beneficio subyacente, siendo el beneficio operativo ajustado, representa en gran medida ganancias basadas en efectivo y se relaciona más directamente con el período de presentación de informes financieros.
Artículos excepcionales
Acquisition-related expenses in the prior year relate to the Group acquiring 50% of the share capital of 8AM Global Limited and also relate to one-off costs incurred on the acquisition of the Verbatim funds. These costs were treated as exceptional items.
5. Impuestos
Terminaron seis meses sin auditar (Miles de libras esterlinas) | Terminaron seis meses sin auditar (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Gasto por impuesto corriente | |||
Current tax on profits for the Period | 2,215 | 1,498 | 3,159 |
Costos de pago basados en acciones | 139 | (83) | - |
Ajuste por infraprovisión en períodos anteriores | - | - | 14 |
2,354 | 1,415 | 3,173 | |
Gasto por impuestos diferidos | |||
Costos de pago basados en acciones | 83 | (101) | (371) |
Originación y reversión de diferencias temporarias | (78) | (23) | - |
Ajuste respecto a años anteriores | - | - | (56) |
Efecto de los cambios en las tasas impositivas | (57) | - | (123) |
(52) | (124) | (550) | |
Gasto fiscal total | 2,302 | 1,291 | 2,623 |
Las razones de la un cambio between the actual tax charge for the Period and the standard rate of corporation tax in the UK applied to profit for the Period are as follows:
Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Beneficio antes de impuestos | 7,693 | 6,624 | 15,996 |
Impuesto a la tasa del impuesto de sociedades del Reino Unido del 25% (2022: 19%) | 1,923 | 1,259 | 3,039 |
Gastos no deducibles a efectos fiscales | 44 | 49 | 93 |
Desgravaciones de capital por encima de la depreciación | 22 | 42 | 3 |
Ajustes con respecto a años anteriores | - | - | (41) |
Pagos basados en acciones | 370 | (59) | 184 |
Renta no imponible | - | - | (533) |
Efecto de los cambios en las tasas impositivas | (57) | - | (122) |
Gasto fiscal total | 2,302 | 1,291 | 2,623 |
An increase in the UK corporation tax rate from 19% to 25% became effective 1 April 2023 and has increased the Company's current tax charge accordingly. The deferred tax asset at 30 September 2023 has been calculated based on these rates, reflecting the expected timing of reversal of the related temporary differences (31 March 2023: 25%).
6. Earnings per Share and Dividends
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares during the Period.
Numero de veces compartido
Numero de veces compartido | Terminaron seis meses sin auditar 30 de septiembre de 2023 | Terminaron seis meses sin auditar 30 de septiembre de 2022 | Año auditado terminado 31-mar 2023 |
Basic | |||
Número medio ponderado de acciones emitidas | 60,127,572 | 59,220,759 | 59,608,203 |
Efecto de las acciones propias en poder de un EBT | (60,761) | - | - |
60,066,811 | 59,220,759 | 59,608,203 | |
Diluido | |||
Efecto del número medio ponderado de opciones en circulación durante el año | 2,182,144 | 1,909,700 | 2,006,603 |
Número medio ponderado de acciones en circulación (diluidas)1 | 62,248,955 | 61,130,459 | 61,614,806 |
Diluido ajustado | |||
Efecto de la dilución total de las opciones sobre acciones para empleados que se pueden emitir de manera contingente o tienen costos de servicio atribuibles en el futuro | 1,012,719 | 1,305,290 | 1,192,528 |
Número medio ponderado diluido ajustado de opciones y acciones para el año2 | 63,261,674 | 62,435,749 | 62,807,334 |
1 | The weighted average number of shares is diluted due to the effect of potentially dilutive contingent issuable shares from share option schemes. |
2 | The dilutive shares used for this measure differ from those used for statutory dilutive earnings per share; the future value of service costs attributable to employee share options is ignored and contingently issuable shares for Long-Term Incentive Plan ("LTIP") options are assumed to fully vest. The Directors have selected this measure as it represents the underlying effective dilution by offsetting the impact to the calculation of basic shares of the purchase of shares by the Employee Benefit Trust ("EBT") to satisfy options. |
Own shares held by an EBT represents the Company's own shares purchased and held by the EBT, shown at cost. During the Period, the EBT was gifted 346,896 of the Company's own shares. These shares were fully utilised during the Period to satisfy the exercise of employees' EMI options. The EBT subsequently purchased a further 513,800 of the Company's own shares which remain unutilised at the Period end. In the year ended 31 March 2023, the EBT purchased 139,500 of the Company's own shares, which were fully utilised during that year to satisfy the exercise of employee share options.
Sin auditar seis meses terminaron 30 de septiembre de 2023 | Sin auditar seis meses terminaron 30 de septiembre de 2022 | Año auditado terminado 31-mar 2023 | |
Ganancias atribuibles a accionistas ordinarios | |||
Basic and diluted profit for the Period | 5,391 | 5,333 | 13,373 |
Pagos basados en acciones - Cargos de opción IFRS 2 | 829 | 495 | 1,511 |
Amortización de intangibles de relaciones con clientes | 310 | 207 | 534 |
Costes excepcionales (nota 4) | - | 352 | 398 |
Gain arising on changes in the fair value of contingent consideration | - | - | (2,651) |
Desenlace del descuento sobre la contraprestación diferida | 100 | - | 228 |
Impacto fiscal de los ajustes | 27 | (213) | (447) |
Adjusted basic and diluted profits for the Period and attributable earnings | 6,657 | 6,174 | 12,946 |
Beneficio por acción - básico (peniques) | 8.97 | 9.01 | 22.43 |
Beneficio por acción - diluido (peniques) | 8.66 | 8.72 | 21.70 |
Ganancias por acción ajustadas - básicas (peniques)1 | 11.08 | 10.43 | 21.72 |
Ganancias por acción ajustadas - diluidas (peniques)1 | 10.52 | 9.89 | 20.61 |
1. Las medidas alternativas de desempeño se detallan en la nota 17.
Dividendos
The Directors consider the Group's capital structure and dividend policy at least twice a year ahead of announcing results and do so in the context of its ability to continue as a going concern, to execute the strategy and to invest in opportunities to grow the business and enhance shareholder value.
In August 2023, Tatton Asset Management plc paid the final dividend related to the year ended 31 March 2023 of £6,006,000, representing a payment of 10.0p per share.
In the year ended 31 March 2023, Tatton Asset Management plc paid the final dividend related to the year ended 31 March 2022 of £5,012,000, representing a payment of 8.5p per share.
Además, la empresa pagó un dividendo a cuenta de £2,904,000 (2022: £2,357,000) a sus accionistas. Esto representa un pago de 4.5 peniques por acción (2022: 4.0 peniques por acción).
7. Buena voluntad
Intangible (Miles de libras esterlinas) | |
Cost and carrying value at 31 March 2022, 30 September 2022, | 9,337 |
Pérdida por deterioro y posterior reversión
Goodwill is subject to an annual impairment review based on an assessment of the recoverable amount from future trading. Where, in the opinion of the Directors, the recoverable amount from future trading does not support the carrying value of the goodwill relating to a subsidiary company then an impairment charge is made. Such impairment is charged to the Consolidated Statement of Total Comprehensive Income.
Prueba de deterioro del fondo de comercio
For the purpose of impairment testing, goodwill is allocated to the Group's operating companies, which represents the lowest level within the Group at which the goodwill is monitored for internal management accounts purposes.
Goodwill acquired in a business combination is allocated, at acquisition, to the cash- generating units ("CGUs") or group of units that are expected to benefit from that business combination. The Directors test goodwill annually for impairment, or more frequently if there are indicators that goodwill might be impaired. The Directors have considered the carrying value of goodwill at 30 September 2023 and do not consider that it is impaired.
Las tasas de crecimiento
The value in use is calculated from cash flow projections based on the Group's forecasts for the year ended 31 March 2024, which are extrapolated for a further four years. The Group's latest financial forecasts, which cover a three-year period, are reviewed by the Board.
Tasas de descuento
La tasa de descuento antes de impuestos utilizada para calcular el valor es del 11.2 % (2022: 11.5 %). La tasa de descuento se deriva de un punto de referencia calculado a partir de una serie de negocios comparables.
Supuestos de flujo de efectivo
Los supuestos clave utilizados para los cálculos del valor en uso son aquellos relacionados con la tasa de descuento, las tasas de crecimiento y los cambios esperados en los márgenes. Los cambios en los precios y los costos directos se basan en la experiencia pasada y las expectativas de cambios futuros en el mercado. La tasa de crecimiento utilizada en el cálculo refleja la tasa de crecimiento promedio experimentada por el Grupo para la industria.
De la valoración realizada no existen sensibilidades razonables que resulten en que el importe recuperable sea igual al valor en libros del fondo de comercio atribuido a la UGE.
8. Inversión en Negocios Conjuntos
Terminaron seis meses sin auditar (Miles de libras esterlinas) | Terminaron seis meses sin auditar (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Inversión de apertura | 6,762 | - | - |
Additions in the Period | - | 6,956 | 6,765 |
Profit for the Period after tax | 257 | 40 | 160 |
Amortisation of intangible assets relating to joint ventures | (103) | - | (121) |
Deferred tax credit on amortisation of intangible assets relating to joint ventures | 24 | - | 18 |
Distribution of profits | (120) | - | (60) |
Inversión de cierre | 6,820 | 6,996 | 6,762 |
Additions in the prior period relates to the acquisition of 50% of the share capital of 8AM Global Limited for an initial consideration of £3,838,000 followed by discounted deferred consideration of £3,118,000 (undiscounted deferred consideration £3,501,000) based on certain performance measures. The initial consideration was paid by way of shares in Tatton Asset Management.
9. Intangibles
Módulo software (Miles de libras esterlinas) | Cliente relaciones (Miles de libras esterlinas) | Marca (Miles de libras esterlinas) | Total (Miles de libras esterlinas) | |
Cost | ||||
Saldo al 1 de abril de 2022 | 1,006 | 4,034 | 98 | 5,138 |
Adiciones | 114 | - | - | 114 |
Saldo al 30 de septiembre de 2022 | 1,120 | 4,034 | 98 | 5,252 |
Adiciones | 115 | - | - | 115 |
Saldo al 31 de marzo de 2023 | 1,235 | 4,034 | 98 | 5,367 |
Adiciones | 120 | - | - | 120 |
Saldo al 30 de septiembre de 2023 | 1,355 | 4,034 | 98 | 5,487 |
Amortización y deterioro acumulados | ||||
Saldo al 1 de abril de 2022 | (645) | (441) | (5) | (1,091) |
Cargo por el período | (123) | (202) | (5) | (330) |
Saldo al 30 de septiembre de 2022 | (768) | (643) | (10) | (1,421) |
Cargo por el período | (124) | (202) | (5) | (331) |
Saldo al 31 de marzo de 2023 | (892) | (845) | (15) | (1,752) |
Cargo por el período | (123) | (202) | (5) | (330) |
Saldo al 30 de septiembre de 2023 | (1,015) | (1,047) | (20) | (2,082) |
Importe en libros | ||||
Al 1 de abril de 2022 | 361 | 3,593 | 93 | 4,047 |
Al 30 de septiembre de 2022 | 352 | 3,391 | 88 | 3,831 |
Al 31 de marzo de 2023 | 343 | 3,189 | 83 | 3,615 |
Al 30 de septiembre de 2023 | 340 | 2,987 | 78 | 3,405 |
All amortisation charges on intangible assets are included within Administrative expenses in the Consolidated Statement of Total Comprehensive Income.
10. Propiedades, planta y equipo
Computer, office equipment and (Miles de libras esterlinas) | Accesorios y (Miles de libras esterlinas) | Derecho de uso (Miles de libras esterlinas) | Total (Miles de libras esterlinas) | |
Cost | ||||
Saldo al 1 de abril de 2022 | 345 | 477 | 991 | 1,813 |
Adiciones | 31 | 3 | - | 34 |
Saldo al 30 de septiembre de 2022 | 376 | 480 | 991 | 1,847 |
Adiciones | 55 | - | - | 55 |
Disposiciones | (77) | - | - | (77) |
Saldo al 31 de marzo de 2023 | 354 | 480 | 991 | 1,825 |
Adiciones | 58 | 8 | - | 66 |
Saldo al 30 de septiembre de 2023 | 412 | 488 | 991 | 1,891 |
Depreciación y deterioro acumulados | ||||
Saldo al 1 de abril de 2022 | (239) | (302) | (523) | (1,064) |
Cargo por el período | (34) | (48) | (108) | (190) |
Saldo al 30 de septiembre de 2022 | (273) | (350) | (631) | (1,254) |
Cargo por el período | (38) | (48) | (108) | (194) |
Disposiciones | 77 | - | - | 77 |
Saldo al 31 de marzo de 2023 | (234) | (398) | (739) | (1,371) |
Cargo por el período | (40) | (44) | (108) | (192) |
Saldo al 30 de septiembre de 2023 | (274) | (442) | (847) | (1,563) |
Importe en libros | ||||
Al 1 de abril de 2022 | 106 | 175 | 468 | 749 |
Al 30 de septiembre de 2022 | 103 | 130 | 360 | 593 |
Al 31 de marzo de 2023 | 120 | 82 | 252 | 454 |
Al 30 de septiembre de 2023 | 138 | 46 | 144 | 328 |
All depreciation charges are included within Administrative expenses in the Consolidated Statement of Total Comprehensive Income.
The Group leases buildings, IT equipment and a car. The Group has applied the practical expedient for low value assets and so has not recognised IT equipment within right-of-use assets.
El plazo medio de arrendamiento es de cinco años. No ha expirado ningún contrato de arrendamiento en el presente ejercicio financiero.
Activos por derecho de uso
Terminaron seis meses sin auditar (Miles de libras esterlinas) | Terminaron seis meses sin auditar (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Importes reconocidos en resultados | |||
Depreciación de activos por derecho de uso | (108) | (108) | (216) |
Gastos por intereses sobre pasivos por arrendamiento | (3) | (7) | (14) |
Gastos relacionados con arrendamientos a corto plazo | (33) | (31) | (59) |
Gastos relacionados con activos de bajo valor | (1) | (1) | - |
Total | (145) | (147) | (289) |
At 30 September 2023, the Group is committed to £66,000 for short-term leases. The total cash outflow for leases amounts to £168,000.
11. Cuentas por cobrar comerciales y otras
Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Cuentas por cobrar comerciales | 420 | 522 | 278 |
pagos adelantados e interes ganado | 3,597 | 3,348 | 3,457 |
Cantidades adeudadas por partes relacionadas | 2 | - | - |
Otros ingresos | 247 | 32 | 47 |
4,266 | 3,902 | 3,782 | |
Porción menos no corriente: | |||
Otros ingresos | (188) | - | - |
Total de cuentas por cobrar comerciales no corrientes y otras | (188) | - | - |
Total de cuentas por cobrar comerciales y de otro tipo | 4,078 | 3,902 | 3,782 |
The carrying value of trade receivables is considered a fair approximation of their fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses ("ECLs") for trade receivables at an amount equal to lifetime ECLs. In line with the Group's historical experience, and después de consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2022: £nil).
The amounts due from related parties are net of provisions. The Group holds no provisions (2022: £1,311,000).
Los importes de las cuentas por cobrar comerciales se mantienen en libras esterlinas.
12. Acreedores comerciales y otras cuentas a pagar
Terminaron seis meses sin auditar (Miles de libras esterlinas) | Terminaron seis meses sin auditar (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Comercio a pagar | 720 | 913 | 397 |
Cantidades adeudadas a partes relacionadas | - | 234 | 234 |
Acumulaciones | 3,434 | 2,521 | 3,301 |
Ingreso diferido | 121 | 155 | 138 |
Consideración contingente | 3,089 | 5,722 | 2,989 |
Otras cuentas por pagar | 2,964 | 2,939 | 3,106 |
Total | 10,328 | 12,484 | 10,165 |
Porción menos no corriente: | |||
Consideración contingente | (2,315) | (5,722) | (2,209) |
Otras cuentas por pagar | - | (129) | (45) |
Total comercial no corriente y otras cuentas por pagar | (2,315) | (5,851) | (2,254) |
Total comercial corriente y otras cuentas por pagar | 8,013 | 6,633 | 7,911 |
el llevar valores of trade payables, amounts due to related parties, accruals and deferred income are considered reasonable approximations of fair value. Trade payable amounts are all held in sterling.
13. Instrumentos financieros
The Group finances its operations through a combination of cash resources and other borrowings. Short-term flexibility could be satisfied if required by overdraft facilities in Paradigm Partners Limited which are repayable on demand.
Estimación del valor razonable
IFRS 7 requires disclosure of fair value measurements of financial instruments by level of the following fair value measurement hierarchy:
· Precios cotizados (sin ajustar) en mercados activos para activos o pasivos idénticos (nivel 1).
· Datos de entrada distintos de los precios cotizados incluidos en el nivel 1 que son observables para el activo o pasivo, ya sea directamente (es decir, como precios) o indirectamente (es decir, derivados de los precios) (nivel 2).
· Entradas para el activo o pasivo que no se basan en datos de mercado observables (es decir, entradas no observables) (nivel 3).
All financial assets except for financial investments are categorised as Loans and receivables and are classified as level 1. Financial investments are categorised as Financial assets at fair value through profit or loss and are classified as level 1 and the fair value is determined directly by reference to published prices in an active market.
Activos financieros a valor razonable con cambios en resultados (nivel 1)
Terminaron seis meses sin auditar 30 de septiembre de 2023 (Miles de libras esterlinas) | Terminaron seis meses sin auditar 30 de septiembre de 2022 (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Financial investments in regulated funds or model portfolios | 175 | 122 | 123 |
All financial pasivo except for contingent consideration are categorised as Financial liabilities measured at amortised cost and are also classified as level 1. The only financial liabilities measured subsequently at fair value on level 3 fair value measurement represent contingent consideration relating to a business combination.
Pasivos financieros a valor razonable con cambios en resultados (nivel 3)
Consideración contingente | 000 £ |
Saldo al 1 de abril de 2022 | 2,486 |
Reconocido en la adquisición | 3,118 |
Cambios en el valor razonable de la contraprestación contingente | 118 |
Saldo al 30 de septiembre de 2022 | 5,722 |
Reconocido en la adquisición | (192) |
Desenrollamiento de la tasa de descuento | 228 |
Cambios en el valor razonable de la contraprestación contingente | (2,769) |
Saldo al 31 de marzo de 2023 | 2,989 |
Desenrollamiento de la tasa de descuento | 100 |
Saldo al 30 de septiembre de 2023 | 3,089 |
14. Equidad
Número | |
Autorizados, llamados y totalmente pagados | |
Al 1 de abril de 2022 | 58,914,887 |
Emisión de capital social en el ejercicio de opciones sobre acciones para empleados | 237,962 |
Emisión de capital social como pago de una adquisición | 877,737 |
Al 30 de septiembre de 2022 | 60,030,586 |
Emisión de capital social en el ejercicio de opciones sobre acciones para empleados | 25,136 |
Al 31 de marzo de 2023 | 60,055,722 |
Emisión de capital social en el ejercicio de opciones sobre acciones para empleados | 455,677 |
Al 30 de septiembre de 2023 | 60,511,399 |
15. Share-Basado Pagos
Durante el Período, la Compañía ha utilizado una serie de esquemas de pagos basados en acciones y esquemas de opciones sobre acciones.
(A) Schemes
(I) Tatton Asset Management plc EMI scheme ("TAM EMI scheme")
On 7 July 2017, the Group launched an EMI share option scheme relating to shares in Tatton Asset Management plc to enable senior management to participate in the equity of the Company. 3,022,735 options with a weighted average exercise price of £1.89 were granted, exercisable in July 2020. There have been nil (2022: nil) options exercised during the Period from this scheme.
The scheme was extended on 8 August 2018, 1 August 2019, 28 July 2020, 15 July 2021, 25 July 2022 and 24 July 2023, with 1,709,498, 193,000, 1,000,001, 279,858, 274,268 and 204,523 zero cost options granted in each respective year. These options are exercisable on the third anniversary of the grant date.
Las opciones otorgadas en 2018 adquirieron derechos y se volvieron ejercitables en agosto de 2021. Se han ejercido 50,000 (2022: 50,000) opciones durante el Período de este esquema. 168,193 de estas opciones caducaron en 2021.
The options granted in 2019 vested and became exercisable in August 2022. There have been no options exercised during the Period from this scheme (2022: 139,500).
The options granted in 2020 vested and became exercisable in July 2023. There have been 296,896 options exercised during the Period from this scheme. 27,919 of these options lapsed in the Period.
The options granted in 2021, 2022 and 2023 vest in July 2024, July 2025 and July 2026 respectively provided certain performance conditions and targets, set prior to grant, have been met. If the performance conditions are not met, the options lapse.
A total of 2,627,186 options remain outstanding at 30 September 2023, 1,878,861 of which are currently exercisable. 6,961 options were forfeited in the Period (2022: 4,250). Within the accounts of the Company, the fair value at grant date is estimated using the appropriate models, including both the Black-Scholes and Monte Carlo modelling methodologies.
Número de opciones sobre acciones concedidas (número) | Precio medio ponderado (£) | |
Pendiente al 1 de abril de 2022 | 2,726,026 | 0.60 |
Otorgado durante el Período | 274,268 | - |
Forfeited during the Period | (4,250) | - |
Lapsed during the Period | - | - |
Exercised during the Period | (189,500) | - |
Pendiente al 30 de septiembre de 2022 | 2,806,544 | 0.59 |
Ejercible a 30 de septiembre de 2022 | 1,256,668 | 1.31 |
Destacado a 1 de octubre de 2022 | 2,806,544 | 0.59 |
Otorgado durante el Período | - | - |
Forfeited during the Period | (2,105) | - |
Exercised during the Period | - | - |
Lapsed during the Period | - | - |
Pendiente a 31 de marzo de 2023 | 2,804,439 | 0.59 |
Ejercible a 31 de marzo de 2023 | 1,256,668 | 1.31 |
Pendiente al 1 de abril de 2023 | 2,804,439 | 0.59 |
Otorgado durante el Período | 204,523 | - |
Forfeited during the Period | (6,961) | - |
Lapsed during the Period | (27,919) | - |
Exercised during the Period | (346,896) | - |
Pendiente al 30 de septiembre de 2023 | 2,627,186 | 0.63 |
Ejercible a 30 de septiembre de 2023 | 1,878,861 | 0.88 |
(II) Tatton Asset Management plc Sharesave scheme ("TAM Sharesave scheme")
On 7 July 2017, 5 July 2018, 3 July 2019, 6 July 2020, 2 August 2021, 4 August 2022 and 25 August 2023, the Group launched all employee Sharesave schemes for options over shares in Tatton Asset Management plc. Employees are able to save between £10 and £500 per month over the three-year life of each scheme, at which point they each have the option to either acquire shares in the Company or receive the cash saved.
The 2020 TAM Sharesave scheme vested in August 2023 and 108,781 shares options became exercisable. Over the life of the 2021, 2022 and 2023 TAM Sharesave schemes it is estimated that, based on current savings rates, 39,160, 52,387 and 93,850 share options respectively will be exercisable. The exercise price for these schemes is shown below.
Durante el Período, se ejercieron 108,781 (2022: 48,462) opciones y se perdieron 2,656 (2022: 2,494) opciones.
Within the accounts of the Company, the fair value at grant date is estimated using the Black-Scholes methodology for 100% of the options. Share price volatility has been estimated using the historical share price volatility of the Company, the expected volatility of the Company's share price over the life of the options and the average volatility applying to a comparable group of listed companies. Key valuation assumptions and the costs recognised in the accounts during the Period are noted in (B) and (C) respectively.
Número de opciones sobre acciones concedidas (número) | Precio medio ponderado (£) | |
Pendiente al 1 de abril de 2022 | 140,077 | 2.14 |
Otorgado durante el Período | 38,185 | 2.52 |
Forfeited during the Period | (2,494) | 3.03 |
Exercised during the Period | (48,462) | 1.79 |
Pendiente al 30 de septiembre de 2022 | 127,306 | 2.37 |
Ejercible a 30 de septiembre de 2022 | 25,137 | 1.79 |
Destacado a 1 de octubre de 2022 | 127,306 | 2.37 |
Otorgado durante el Período | 34,512 | 2.81 |
Forfeited during the Period | (4,895) | 2.55 |
Exercised during the Period | (25,137) | 1.79 |
Pendiente a 31 de marzo de 2023 | 131,786 | 2.57 |
Ejercible a 31 de marzo de 2023 | - | - |
Pendiente al 1 de abril de 2023 | 131,786 | 2.57 |
Otorgado durante el Período | 27,131 | 2.91 |
Forfeited during the Period | (2,656) | 3.07 |
Exercised during the Period | (108,781) | 2.29 |
Pendiente al 30 de septiembre de 2023 | 47,480 | 3.47 |
Ejercible a 30 de septiembre de 2023 | - | - |
(B) Valuation assumptions
Los supuestos utilizados en los modelos de valoración de opciones para determinar el valor razonable de las opciones a la fecha de concesión fueron los siguientes:
Esquema EMI | Esquema de ahorro compartido | |||||||
2023 | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | 2020 | |
Precio de la acción en el momento de la concesión (£) | 4.74 | 4.03 | 4.60 | 2.84 | 4.91 | 4.25 | 4.80 | 2.85 |
Precio de ejercicio (£) | - | - | - | - | 3.89 | 3.26 | 3.60 | 2.29 |
Volatilidad esperada (%) | 35.24 | 34.05 | 33.76 | 34.80 | 35.13 | 34.05 | 33.76 | 34.80 |
Vida esperada (años) | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
Tasa libre de riesgo (%) | 4.64 | 1.71 | 0.24 | (0.14) | 4.74 | 1.71 | 0.12 | (0.57) |
Rentabilidad de dividendos esperada (%) | 3.06 | 3.11 | 2.39 | 3.38 | 2.95 | 3.11 | 2.39 | 3.38 |
(C) IFRS 2 share-based option costs
Terminaron seis meses sin auditar (Miles de libras esterlinas) | Terminaron seis meses sin auditar (Miles de libras esterlinas) | Año auditado terminado 31-mar 2023 (Miles de libras esterlinas) | |
Esquema TAM EMI | 797 | 463 | 1,446 |
Esquema TAM Sharesave | 32 | 32 | 65 |
829 | 495 | 1,511 |
16. Transacciones con partes relacionadas
There have been no related party transactions that have taken place during the Period that have materially affected the financial position or the performance of the Group. There were also no changes to related party transactions from those disclosed in the 2023 Annual Report and Accounts that could have a material effect on the financial position or the performance of the Group. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed. There were no other transactions with related parties which were not part of the Group during the Period, with the exception of remuneration paid to key management personnel.
17. Medidas de desempeño alternativas
Medidas de la cuenta de resultados
APM | Más cerca | Conciliación de partidas con su medida legal | Definición y propósito |
Beneficio operativo ajustado
| Beneficio operativo
| Exceptional items, share-based payments and amortisation of acquisition-related intangibles. Ver nota 4. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6. |
Beneficio operativo ajustado
| Beneficio operativo | Exceptional items, share-based payments and amortisation of acquisition-related intangibles. Ver nota 4. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6. |
Beneficio ajustado antes de impuestos
| Beneficio antes de impuestos | Exceptional items, share-based payments and amortisation of acquisition-related intangibles. Ver nota 4. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6. |
Ganancias ajustadas por | Ganancias por acción - básica | Exceptional items, share-based payments, amortisation of acquisition-related intangibles and the unwinding of discount on deferred consideration. Ver nota 4. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6. |
Ganancias ajustadas por | Ganancias por acción - diluidas | Exceptional items, share-based payments and amortisation of acquisition-related intangibles, the unwinding of discount on deferred consideration and the tax thereon. The dilutive shares for this measure assume that all contingently issuable shares will fully vest. See note 6. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6.
|
Efectivo neto generado por operaciones antes de partidas reveladas por separado
| Efectivo neto generado por operaciones | Exceptional items, share-based payments and amortisation of acquisition-related intangibles. Ver nota 4. | An important measure where exceptional items distort the understanding of the operating performance of the business. Permite la comparabilidad entre periodos. Véase también la nota 2.6. |
Otras medidas
APM | Medida equivalente más cercana | Conciliación de partidas con su medida legal | Definición y propósito |
Tatton - assets under management ("AUM") and net inflows
| Ninguna | No es aplicable | AUM is representative of the customer assets and is a measure of the value of the customer base. Movements in this base are an indication of performance in the year and growth of the business to generate revenues going forward. Net inflows measure the net of inflows and outflows of customers' assets in the year. |
Tatton - activos bajo influencia ("AUI")
| Ninguna | No es aplicable | AUI is representative of the customer assets which are not directly managed by Tatton but over which we hold significant influence due to our shareholding in the company in which they are managed. Movements in this customer base are an indication of our participation in the performance of the joint venture and its growth in order to generate Tatton's share of profits going forward. |
Miembros de Paradigm Consulting y crecimiento
| Ninguna | No es aplicable | Medida de crecimiento alternativa a los ingresos, dando una visión operativa del crecimiento. |
Paradigm Mortgages completions, member firms and growth | Ninguna | No es aplicable | Medida de crecimiento alternativa a los ingresos, dando una visión operativa del crecimiento. |
18. Hechos posteriores al período sobre el que se informa
No hubo eventos materiales posteriores al balance general.
19. Pasivos contingentes
A 30 de septiembre de 2023, los Consejeros confirmaron que había pasivos contingentes de £2022 (XNUMX: £XNUMX).
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