Adjusted profits up at MAM Funds

MAM Funds, the AIM-quoted fund management group, has announced that adjusted profit for the year ended December 31st was materially ahead of current market expectations as a result of revenue outperformance and cost control.

Amortisation is expected to be in line with prior years, while exceptional items are expected to include £1m, owing to restructuring costs.

Funds under management (FUM) at the end of the year were unchanged at £1.7bn, compared with the same time the year before and similar to the level at the half-year stage. Meanwhile, cash at the year end rose to £9.9m from £8.4m at December 31st 2010.

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In a statement the firm said: "The strong sales of Miton funds in the second half of the year were largely matched by expected redemptions from Midas funds. In addition, in a difficult market environment the successful launch of the Acuim UK Multi Cap Income Fund attracted over £10m during the final quarter.

"The group starts 2012 with a higher level of annualised costs - the impact of which is expected to be offset by higher revenues from modestly increased funds under management within the context of prevailing market conditions.

The share price jumped 13.33% to 25.5p by 13:35.

NR