MONTANARO ASSET MANAGEMENT LIMITED

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Hillier Hopkins LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Group structure

1. MONTANARO ASSET MANAGEMENT LIMITED · parent
   1. Montanaro Growth and Income Fund Limited Partnership No 3 · UK · Investment

Significant events

• “As of 31 December 2025, MAM's assets under management were £2.3 billion, representing a 23% decline compared with the previous year.”
• “Following the rationalisation of MAM's product range during the year, which included the closure of two Funds, the number of employees decreased from 39 to 35.”
• “One of MAM's priorities for 2026 is to harness the potential of Artificial Intelligence. Early initiatives have already shown promising signs of enhancing productivity across the Company, both within the Investment Team particularly in the generation of new investment ideas and across back-office functions.”
• “MAM became a certified "B Corporation" in June 2019 and successfully recertified in 2022. The next recertification is expected to take place in late 2026.”
• “As of 31 December 2025, MAM was on track to deliver on its carbon reduction targets: its financed carbon emissions had declined by 87% since 2019; and its SBTi coverage ratio had increased to 43% (2024: 41%).”
• “In 2024, MAM introduced an 'EBT' which owns 30% of MAM's equity. At the start of 2025, more than half of the shares held in the EBT were allocated to a small number of key MAM employees who will be entitled to receive dividends annually.”
• “On 6 March 2026, the Company completed a share buy-back of 27,500 of its ordinary shares from one of the Directors for a total consideration of £3,086,875. As a result, the loan outstanding to certain directors as disclosed in Note 26 was reduced by £3,086,875.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.