FY27 has started even stronger than FY26 ended. AUM has risen from £30.6bn at March year-end to £44.7bn by 19 June, up 46% in less than three months and underpinning substantial forecast upgrades.
Growth is being driven by both performance and flows. FY26 investment performance added £8.8bn of AUM, while net flows turned positive in H2. That momentum has accelerated into FY27 with c.£11.8bn from performance and c.£2.3bn from net inflows.
Outperformance continues to differentiate the business. The Global Technology Fund returned 152% versus 64% for its benchmark, while the Biotechnology Fund returned 67% versus 48%, supporting sustained asset inflows.
Forecasts and valuation move materially higher. We raise FY27 forecasts to £348m revenue, £119m core operating profit and £128m PBT. Our fundamental valuation increases to 1,250p/share, 40% above the current share price.
