Premier Miton Group

Website: Premier Miton Group
Index: AIM
EPIC: PMI
Supersector: Financial Services
Sector: Financial Services
Subsector: Asset Managers
Market Cap: £72.49M
Payout Frequency: Semi-Annual

Premier Miton Group Dividend Analysis and Summary

Declared dividend and timetable

Final dividend: 3.0p per share (unchanged year-on-year)
Total FY25 dividend: 6.0p per share (unchanged)
Payment date: 13/02/2026
Record date: 16/01/2026
Ex-dividend date: 15/01/2026 (derived as one business day before record date)
Coverage: payout equals 109% of adjusted EPS (5.5p), i.e., marginally uncovered by adjusted earnings; statutory EPS 0.78p is far below the dividend

Financial support and coverage

Adjusted PBT: £11.5m (down 6%); statutory PBT: £2.4m
Operating cash flow FY25: £6.9m vs dividends paid £9.4m (cash dividends exceed operating cash generation)
Year-end cash: £31.3m; no external debt
Regulatory capital surplus post foreseeable dividend: £11.4m (down from £15.5m)
EBT holds 3.5% of shares with dividend waivers, modestly reducing cash outflow on dividends

Management commentary on policy

Maintaining a “pragmatic” dividend approach; FY25 dividend kept at 6.0p despite marginal lack of adjusted earnings cover
Rationale: confidence in medium-term outlook, strong balance sheet, and desire to sustain market confidence while pursuing strategic M&A

Analysis: sustainability and growth trajectory

Sustainability: The dividend is not covered by adjusted earnings (109% payout) and not covered by operating cash flow in FY25. Coverage relies on cash reserves, ongoing cost savings (£5m annual run-rate identified, with £3m delivered) and stabilisation of flows.
Earnings outlook: Net outflows of £618m and further outflows into early FY26 pressure management fees; fee margin fell to 56.7bps. Unless flows improve or costs fall further, dividend cover may remain tight.
Growth: Dividend held flat at 6.0p. Near-term growth appears unlikely given uncovered payout and reduced capital surplus; maintenance is the best case unless AuM/fees recover.
Balance sheet: £31.3m cash and no debt provide flexibility, but capital surplus has declined and management is signalling inorganic growth ambitions—potential claims on cash.

Structural changes and capital allocation signals

M&A/inorganic focus: Continued exploration of strategic transactions to add scale/capabilities/client segments; proven track record but execution/timing uncertain.
Tellworth acquisition: Additional consideration paid in FY25; 1.2m new shares issued in March 2025 (minor dilution). Further integration cost savings highlighted.
Leadership: New Chair (Christopher Williams) to succeed at AGM in February 2026, bringing corporate finance/M&A experience—consistent with inorganic strategy.
Operating efficiencies: Additional £2m annualised savings targeted by Sept 2026 to support profitability and cash generation.

Risks and flags to dividend stability

Uncovered dividend: 109% of adjusted EPS and not covered by operating cash flow—raises risk of future rebasing if trading does not improve.
AuM and flow risk: Net outflows and pressure in US/European equity strategies continue into the new year; revenue sensitivity to AuM remains high.
Margin pressure: Net management fee margin down to 56.7bps; mix shift toward lower-fee strategies could weigh on revenue.
Capital allocation: Pursuit of M&A may compete with dividends for capital if opportunities arise; regulatory capital surplus has fallen to £11.4m.
Market dependence: Heavy UK exposure and AIM listing dynamics add external risk to flows and valuation.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
16/01/2025	14/02/2025	Final	3.00p	GBX
03/07/2025	01/08/2025	Interim	3.00p	GBX

Total (Annual Dividends Per Share): 6.00p

Dividend Yield = Annual Dividends Per Share (6.00p) ÷ Share Price (45p) = 13.33%

Ex Dividend Date	Payment Date	Type	Amount	Currency
15/01/2026	13/02/2026	Final	3.0000p	GBX
03/07/2025	01/08/2025	Interim	3.00p	GBX
16/01/2025	14/02/2025	Final	3.00p	GBX
04/07/2024	02/08/2024	Interim	3.00p	GBX
18/01/2024	16/02/2024	Final	3.00p	GBX
06/07/2023	04/08/2023	Interim	3.00p	GBX
12/01/2023	10/02/2023	Final	6.30p	GBX
07/07/2022	05/08/2022	Interim	3.70p	GBX
13/01/2022	11/02/2022	Final	6.30p	GBX
22/07/2021	13/08/2021	1st Interim	3.70p	GBX
14/01/2021	12/02/2021	Final	4.50p	GBX
30/04/2020	29/05/2020	2nd Interim	0.75p	GBX
30/01/2020	28/02/2020	1st Interim	1.75p	GBX
05/12/2019	10/01/2020	4th Interim	5.40p	GBX
01/08/2019	06/09/2019	3rd Interim	1.70p	GBX
02/05/2019	07/06/2019	2nd Interim	1.70p	GBX
31/01/2019	08/03/2019	1st Interim	1.70p	GBX
06/12/2018	04/01/2019	4th Interim	5.30p	GBX
02/08/2018	31/08/2018	3rd Interim	1.65p	GBX
03/05/2018	01/06/2018	2nd Interim	1.65p	GBX
01/02/2018	02/03/2018	1st Interim	1.65p	GBX
07/12/2017	05/01/2018	4th Interim	4.25p	GBX
03/08/2017	01/09/2017	3rd Interim	1.25p	GBX
04/05/2017	02/06/2017	2nd Interim	1.25p	GBX
02/02/2017	03/03/2017	Interim	1.25p	GBX

Year	Interim	Final	Currency	Total	Change
2023	3.000	3.000	GBX	6.000	-40.000
2022	3.700	6.300	GBX	10.000	0.000
2021		6.300	GBX	10.000	42.850
2020		4.500	GBX	7.000	-33.330
2019			GBX	10.500	2.430
2018			GBX	10.250	28.120
2017	1.250		GBX	8.000

Number of Shares:

Payment	Paid	Amount
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