Liontrust Asset Management
Website:
Liontrust Asset Management
Index:
FTSE Small Cap
EPIC: LIO
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£160.91M
Payout Frequency: Semi-Annual
Liontrust Asset Management Dividend Analysis and Summary
Declared Dividend and Key Dates
- Type: First interim dividend
- Amount: 7.0 pence per share (prior year first interim: 22.0p)
- Ex-dividend date: 27/11/2025
- Record date: 28/11/2025
- Payment date: 07/01/2026
- Currency: GBP
- DRIP: Available; last date for elections 12/12/2025
- Estimated cash cost: c.£4.4m (per regulatory capital disclosure of “foreseeable dividends”)
Dividend Coverage and Recent Performance
- H1 statutory EPS: 7.49p vs dividend of 7.0p ? statutory cover c.1.1x (thin).
- Adjusted profit before tax: £15.7m (down from £25.8m). Company’s “adjusted diluted EPS” is 18.74p but is calculated on a pre-tax basis, indicating additional headroom versus statutory, though not directly comparable to post-tax EPS cover.
- Operating cash flow for H1 was minimal (£0.2m) due to working capital swings; period-end cash of £46.3m.
- Regulatory capital: surplus after foreseeable dividends of £30.3m; requirement £18.1m, indicating adequate headroom.
Context and Trajectory
- The first interim dividend has been reset lower (7.0p vs 22.0p last year), signalling a more cautious payout stance amidst lower profits and continued net outflows.
- AuMA at period-end: £22.0bn; H1 net outflows of £2.3bn; revenue margin down to 0.563% (from 0.603%).
- Cost actions: additional annualised savings of ~£1.5m by June 2026.
- Potential support ahead: two new institutional mandates (~£250m) expected to fund by end-Dec 2025.
Capital Allocation and Structural Points
- New Capital Allocation Policy in place (as per 2025 Annual Report) guiding a balance between dividends and buybacks.
- Share buyback of up to £10m to 30/06/2026; shares repurchased to be cancelled. This complements the lower interim dividend and may improve per-share metrics if executed meaningfully.
- No demergers or M&A completed in the period; M&A remains a stated strategic option but “more challenging” currently.
Analyst’s View: Sustainability and Growth
- Sustainability: The 7.0p interim is broadly covered by H1 statutory EPS and well covered on an adjusted pre-tax basis. However, thin statutory cover and weak H1 operating cash flow indicate reliance on balance-sheet strength and regulatory capital headroom in the near term.
- Growth trajectory: The interim payout has been materially reduced versus prior year, implying a reset rather than near-term growth. Restoration of dividend growth likely depends on a return to net inflows, stabilisation of revenue margin, and delivery of cost savings.
- Support from performance and policy: Despite lower profits, the company retains cash, regulatory capital surplus after dividends of ~£30m, and is prioritising a measured return framework (smaller dividend + buyback). Funding of ~£250m mandates and cost efficiencies could support future cover if flows improve.
Risks and Flags to Dividend Stability
- Net outflows of £2.3bn in H1 and sector headwinds (UK equity outflows) continue to pressure fee revenue.
- Margin compression: revenue margin declined to 0.563%, limiting operating leverage.
- Cash flow volatility: very low H1 operating cash generation; dividend outlays are sizeable relative to free cash in the half.
- Earnings sensitivity: statutory profitability is modest; cover could narrow if markets weaken or outflows persist.
- Execution risk around realising the planned cost savings and the timing/scale of expected mandate funding.
Read more
Liontrust Asset Management Annual Dividend Yield - 28.18%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 28/11/2024 |
08/01/2025 |
1st Interim |
22.00p |
GBX |
| 03/07/2025 |
08/08/2025 |
2nd Interim |
50.00p |
GBX |
Total (Annual Dividends Per Share):
72.00p
Dividend Yield =
Annual Dividends Per Share (72.00p)
÷ Share Price (255.5p)
= 28.18%
Liontrust Asset Management Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/11/2025 |
07/01/2026 |
1st Interim |
7.0000p |
GBX |
| 03/07/2025 |
08/08/2025 |
2nd Interim |
50.00p |
GBX |
| 28/11/2024 |
08/01/2025 |
1st Interim |
22.00p |
GBX |
| 04/07/2024 |
09/08/2024 |
2nd Interim |
50.0p |
GBX |
| 23/11/2023 |
05/01/2024 |
1st Interim |
22.00p |
GBX |
| 29/06/2023 |
04/08/2023 |
2nd Interim |
50.0p |
GBX |
| 08/12/2022 |
13/01/2023 |
1st Interim |
22.00p |
GBX |
| 30/06/2022 |
05/08/2022 |
2nd Interim |
50.0p |
GBX |
| 09/12/2021 |
14/01/2022 |
1st Interim |
22.00p |
GBX |
| 01/07/2021 |
06/08/2021 |
2nd Interim |
36.00p |
GBX |
| 03/12/2020 |
08/01/2021 |
1st Interim |
11.00p |
GBX |
| 16/07/2020 |
21/08/2020 |
2nd Interim |
24.00p |
GBX |
| 28/11/2019 |
03/01/2020 |
Interim |
9.00p |
GBX |
| 04/07/2019 |
09/08/2019 |
Final |
20.0p |
GBX |
| 29/11/2018 |
04/01/2019 |
Interim |
7.00p |
GBX |
| 05/07/2018 |
10/08/2018 |
Final |
16.00p |
GBX |
| 05/07/2018 |
10/08/2018 |
2nd Interim |
16.00p |
GBX |
| 30/11/2017 |
12/01/2018 |
Interim |
5.00p |
GBX |
| 22/06/2017 |
19/07/2017 |
2nd Interim |
11.00p |
GBX |
| 24/11/2016 |
22/12/2016 |
Interim |
4.00p |
GBX |
| 23/06/2016 |
21/07/2016 |
2nd Interim |
9.00p |
GBX |
| 19/11/2015 |
17/12/2015 |
Interim |
3.00p |
GBX |
| 25/06/2015 |
23/07/2015 |
2nd Interim |
6.00p |
GBX |
| 20/11/2014 |
19/12/2014 |
Interim |
2.00p |
GBX |
| 02/07/2014 |
30/07/2014 |
2nd Interim |
2.00p |
GBX |
| 20/11/2013 |
20/12/2013 |
Interim |
1.00p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
|
|
GBX |
72.000 |
0.000 |
| 2023 |
|
|
GBX |
72.000 |
0.000 |
| 2022 |
|
|
GBX |
72.000 |
24.130 |
| 2021 |
|
|
GBX |
58.000 |
65.710 |
| 2020 |
|
|
GBX |
35.000 |
20.680 |
| 2019 |
9.000 |
20.000 |
GBX |
29.000 |
-25.640 |
| 2018 |
7.000 |
16.000 |
GBX |
39.000 |
143.750 |
| 2017 |
5.000 |
|
GBX |
16.000 |
23.070 |
| 2016 |
4.000 |
|
GBX |
13.000 |
44.440 |
| 2015 |
3.000 |
|
GBX |
9.000 |
125.000 |
| 2014 |
2.000 |
|
GBX |
4.000 |
300.000 |
| 2013 |
1.000 |
|
GBX |
1.000 |
|
Liontrust Asset Management Dividend Calculator
Liontrust Asset Management Dividend Growth
| Dividend Growth (1Y) |
-20.83%
|
| Dividend CAGR (5Y) |
10.25%
|
| Years of Growth |
–
|
| Payout Ratio |
358.98%
|
| Buyback Yield |
1.24%
|
| Shareholder Yield |
29.64%
|
| P/E Ratio (TTM) | 12.65 |
|---|
| Forward P/E | 6.49 |
|---|
| P/FCF | 26.76 |
|---|
| Earnings Yield | 7.96% |
|---|
| FCF Yield | 3.74% |
|---|
| ROE | 9.72% |
|---|
| ROCE | 12.91% |
|---|
| Profit Margin | 8.33% |
|---|
| Operating Margin | 10.25% |
|---|
| Gross Margin | 92.11% |
|---|