Liontrust Asset Management : Full Year Results for Year Ended 31 March 2021

LEI: 549300XVXU6S7PLCL855 For immediate release

23 June 2021

LIONTRUST ASSET MANAGEMENT PLC

FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2021

Liontrust Asset Management Plc ("Liontrust", the "Company", or the "Group"), the independent fund management group, today announces its results for the year ended 31 March 2021.

Results:

• Adjusted profit before tax of £64.3 million (2020: £38.1 million), an increase of 69%
• Adjusted diluted earnings per share of 87.4 pence per share (2020: 56.7 pence per share), an increase of 54%
• Profit before tax of £34.9 million (2020: £16.5 million), an increase of 116%, see note 5 below for a reconciliation to Adjusted profit before tax
• Revenues (Gross Profit) of £164 million (2020: £107 million), an increase of 54%

Dividend:

• Second Interim dividend of 36.0 pence per share (2020: 24.0 pence). This brings the total
  dividend for the financial year ending 31 March 2021 to 47.0 pence per share (2020: 33.0 pence), an increase of 42%

Assets under management and advice:

• On 31 March 2021, assets under management and advice ("AuMA") were £30.9 billion (2020: £16.1 billion), an increase of 92%
• AuMA as at 18 June 2021 were £33.270 billion

Flows:

• Net inflows for the year to 31 March 2021 of £3,498 million (2020: £2,695 million), an increase of 30%

Commenting, John Ions, Chief Executive, said:

"I am proud of the way Liontrust and our colleagues have performed over the past year, rising to the challenges and continuing to deliver excellence across the business for our clients. This is shown in Liontrust generating net inflows of £3.5 billion and a near doubling in our AuMA, with a subsequent rise to £33.3 billion as at 18 June 2021.

The momentum behind the business is demonstrated by the industry's sales figures for the first three months of 2021. According to the Pridham Report, Liontrust had the third highest net retail sales in the UK in the first quarter of the year and was placed fifth for gross retail sales.

The tailwind behind ESG continues and Liontrust is benefiting from our Sustainable Investment team's 20-year track record, proven process and clear reporting on their engagement with

companies and the impact of their investments. To meet the rising interest in sustainability and demand for sustainable investment, we have announced the intention the launch an investment trust, Liontrust ESG Trust PLC ("ESGT").

This is a significant launch for Liontrust in expanding our offering into investment trusts and will enable a wider range of investors to access the Sustainable Investment team.

As planned, the IPO for ESGT will be on 5 July and will enable Peter Michaelis' team to be unconstrained by market cap, include small cap stocks not held by their open-ended funds and invest in the highest sustainability companies.

In continental Europe, Liontrust has partnered with ABN AMRO Investment Solutions to launch a global impact fund which is being distributed in Italy, Luxembourg and Spain. Along with Sustainable Investment, we see great potential for our Global Fixed Income, Cashflow Solution and Economic Advantage strategies in Europe.

The excellence and breadth of our fund management capability is demonstrated by the fact that Liontrust has been shortlisted for Global Group of the Year and 12 funds managed by four of the investment teams - Economic Advantage, Sustainable Investment, Global Equity and Multi-Asset

• have been nominated for Incisive Media's Fund Manager of the Year Awards 2021 that take place on 8 July.

The importance and benefit of high-quality active fund management with strong long-term performance has been reiterated by the pandemic. Our investment teams can allocate the capital that companies and the economy need to deliver a positive outcome and engage to ensure best business practices. Active managers also have a role in ensuring that all shareholders can realise the full potential value of a listed company.

The excellence of our active investment management, service and communications gives me great confidence that Liontrust will continue to grow as we emerge from the pandemic."

For further information please contact:

Liontrust Asset Management Plc (Tel: [phone], Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

N+1 Singer Advisory LLP (Tel: [phone])

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

Panmure Gordon (Tel: [phone])

Corporate Broking: Charles Leigh-Pemberton

Corporate Advisory: Antoine Dupont-Madinier

Chairman's Statement

Introduction

I am delighted at the accomplishments of your Company over the past year, with Liontrust reacting impressively to the onset of Covid-19 and the series of lockdowns. We have seen many positive

characteristics of the business during this period and as a result the Company has been able to make significant progress and maintain its growth. I want to extend the Board's recognition and thanks for the commitment and professionalism of John Ions, Vinay Abrol and colleagues at Liontrust.

The most important consideration of all has been the safety and wellbeing of the Liontrust team and our clients and stakeholders throughout the year. Employees have been actively engaged through regular company updates and were encouraged to take time off work through a holiday allowance bonus scheme. Those with additional demands, such as dealing with the challenges of home-schooling, were given due consideration and flexibility.

The Company has a responsibility to society as well, which is why Liontrust extended its support to community engagement partners in 2020.

Liontrust has enjoyed a strong increase in revenues and adjusted profit before tax, which have been driven by strong net inflows, significant growth in AuMA and better than expected performance fee revenues .

This has contributed to a rise in the dividend payment by 42%, with the details outlined below. This increase continues the trend we have seen over the past few years; from 2017 to 2021, the dividend has grown by an average of 33% per annum.

Among the key accomplishments of the Company has been the acquisition of the Architas UK Investment Business, which Liontrust started and completed during lockdowns. This demonstrates the effectiveness of the management of the business and its ability to adapt successfully to take advantage of opportunities whatever the circumstances. The acquisition contributes to one of the key strategies of the Company which is to expand Liontrust's distribution and products.

Liontrust's success is benefiting employees, shareholders and other stakeholders, which is important to the Board and helping to achieve our strategic objectives for the business, one of which is to retain talented employees. Liontrust is investing in training and development as we encourage our employees to fulfil their talent and potential.

The Board has a key commitment to diversity across Liontrust. As part of this, Liontrust has established a Diversity and Inclusion Committee chaired by Vinay Abrol that is looking at preventing and eliminating discrimination; raising awareness of the importance and benefits of diversity; ensuring policies and procedures promote diversity; increasing awareness through training, mentoring and coaching; and attracting people from diverse backgrounds.

Liontrust has also made progress elsewhere in the sustainability of the business, especially in being a responsible investor. The fund management teams have been incorporating ESG considerations into their distinct processes to complement and enhance their approach to investment including stewardship and the management of sustainability risk.

I would like to thank Mike Bishop for his significant contribution to Liontrust and welcome Quintin Price to the Board of the Company as a Non-Executive Director.

Mike will be retiring from the Company after the 2021 Annual General Meeting in September. The Board and your Company are very grateful to Mike for his work, wisdom and support over many years which has contributed to Liontrust enjoying such success. He has been a massive help to me personally as a Non-executive Director and now Chairman. Mike will be much missed by the Board and we wish him all the very best for the future.

Quintin joins on 1 July, becoming a member of the Audit & Risk, Remuneration and Nomination Committees. Quintin has a wealth of experience, knowledge and insights from a 30-year career working at a senior level for several investment companies including BlackRock. He will be an invaluable addition as Liontrust continues to expand our investment capability and proposition.

Alastair Barbour

Chairman

22 June 2021

Results

Profit before tax is £34.929 million (2020: £16.508 million), an increase of 116%. The Profit before tax for the financial year ended 31 March 2021 includes £15.025 million of acquisition and re- organisation related costs incurred as a result of the acquisition of Architas Multi-Manager Limited and Architas Advisory Services Limited (together, the "Architas UK Investment Business") which completed on 30 October 2020 and the re-organisation costs incurred as a result of the acquisition of Neptune Investment Management Limited ("Neptune"), see note 5 below for further information.

Adjusted profit before tax was £64.308 million (2020: £38.054 million). Adjusted profit before tax is disclosed in order to give shareholders an indication of the profitability of the Group excluding non-cash (depreciation, intangible asset amortisation and share incentivisation related) expenses and non-recurring (professional fees relating to acquisition, cost reduction, restructuring and severance compensation related) expenses ("Adjustments"), see note 5 below for a reconciliation of adjusted profit before tax.

Dividend

The success in fund performance and distribution has resulted in a 30% increase in net inflows, and along with the acquisition of the Architas UK Investment Business a 92% increase in assets under management and a 44% increase in revenues excluding performance fees when compared to last year. This has enabled the Board to declare a second interim dividend of 36.0 pence per share (2020: 24.0 pence). The total dividend for the financial year ending 31 March 2021 is 47.0 pence per share (2020: 33.0 pence per share), an increase of 42% compared with last year.

The second interim dividend will be payable on 6 August 2021 to shareholders who are on the register as at 2 July 2021, the shares going ex-dividend on 1 July 2021. Last day for Dividend Reinvestment Plan elections is 16 July 2021

Shareholder services

Link Group (a trading name of Link Market Services Limited and Link Market Services Trustees Limited) may be able to provide you with a range of services relating to your shareholding. To learn more about the services available to you please visit the shareholder portal at www.signalshares.com or call 0371 664 0300. Calls outside the UK will be charged at the applicable international rate. Lines are open Monday to Friday, 9.00 am to 5.30 pm, UK time, excluding public holidays in England and Wales.

Chief Executive's Statement

Introduction

The last year has shown the robustness and resilience of Liontrust. We have continued executing our strategy and accelerated the pace of growth of the business despite the pandemic and all the pressure and stress this has brought for everyone.

We increased significantly our net flows over the year to £3.5 billion, which contributed to a rise of 92% in our AuMA along with the acquisition of the Architas UK Investment Business at the end of October 2020 and market movements.

Liontrust has a successful track record of acquisitions and the Architas UK Investment Business was quickly integrated, ensuring as seamless a transition as possible for clients. We have created a significant multi-asset,multi-manager proposition and enhanced our distribution potential and quality of service to financial advisers.

The achievements of the past year are even more impressive when compared to the asset management industry generally. According to the Pridham Report, Liontrust had the sixth highest net retail sales in the UK in 2020 and the eighth best gross retail sales. In the final three months of our financial year, the relative performance is even better. In the first quarter of 2021, Liontrust had the third highest net retail sales in the UK and were fifth best for gross retail sales.

This success is testament to the strength and excellence of our business processes, investment teams, distribution, communications, brand, administration and colleagues across Liontrust.

Liontrust's investment teams have continued to deliver strong long-term performance. Over the year to the end of March 2021, 72.4% of Liontrust's UK-domiciled funds were in the first or second quartile of their respective IA sectors, with the percentage rising to 82.8% over five years.*

The strength of our investment capability is demonstrated by the recognition that the teams and their funds have received over the past year. This includes seventeen Liontrust funds receiving the 5-Crown rating from FE fundinfo, more than any other asset manager, and Anthony Cross and Julian Fosh once again being named Alpha managers in 2020.

The Sustainable Investment team won three awards (including Harriet Parker being named ESG Fund Manager of the Year at the Women in Finance Awards) during the year, the Multi-Asset team won two awards, Economic Advantage one more award and Liontrust was named Small to Mid- Investment Group of the year at the FTAdviser Investment Club Awards.

Twelve funds have been shortlisted for Incisive Media's Fund Manager of the Year Awards 2021 that take place on 8 July and Liontrust has been nominated for Global Group of the Year.

The long-term performance of the investment teams and their robust processes provide reassurance to investors especially at a time of great uncertainty such as the pandemic and reiterates the value that active fund managers can deliver for investors.

Liontrust takes great pride in our role as active and responsible investors. We are guardians of our clients' assets, seeking to help investors to achieve their financial goals. We also have an important role to play in supporting businesses and working with innovative companies to allocate capital towards a positive outcome so they can deliver products and services that benefit the economy and society.

The annual Liontrust Sustainability Report details the initiatives and developments we have made over the past year to ensure we are a responsible investor. They include the production of a responsible investment policy outlining our company-wide approach.