Liontrust looking to a new era
New chief executive John Ions said he was undertaking a full review of Liontrust's activities and had identified further savings, along with planning an advertising campaign for August.
"We believe these measures will return Liontrust to net positive sales and increase profitability," the company said.
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Hide AdLiontrust has been trying to rebuild since the January 2009 departure of star fund managers Jeremy Lang and William Pattisson, who managed most of the firm's assets. It reported that adjusted pre-tax profit for the year to March 31 came in at 796,000, down from 14.3m.
It also said it would not pay a second interim dividend, meaning the total full year dividend falls to 2.5p per share from 7.5p.
Assets under management, which fell to 1.1bn from 1.9bn during the year, remained at 1.1bn as at June 15.
Ian Staples, an analyst at Altium Securities, said he was hopeful the announcement marked a turning point.
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Hide Ad"The newly appointed chairman and chief executive now have an opportunity to begin to make their mark on the company...
"The news that the new chief has identified further cost savings is also welcome."