Ashmore Group increases annual profit before tax

LONDON (dpa-AFX) – Ashmore Group Plc. (ASHM.L) has reported that its profit before tax for the financial year ending June 30, 2024 rose by approximately 15% to £128.1 million from the same period last year (£111.8 million). This was due to higher contributions from seed capital investments and interest income, as well as a realised gain of £5.2 million on the disposal of shareholdings.

Profit for the year attributable to shareholders of the parent company increased to £93.7 million, or 13.55 pence per share, from £83.3 million, or 12.15 pence per share, in the previous year.

From an operational perspective, performance was impacted by 10% lower average assets under management and higher total operating costs. The resulting underlying earnings per share of 10.5 pence per share were 17% lower than the prior year.

Net sales amounted to £189.3 million, down from £196.4 million in the previous year.

Net revenue was 4% lower than last year, reflecting the impact of lower average assets under management (AuM) on net management fees, largely offset by higher performance fees. On an underlying basis, excluding currency translation effects, net revenue also fell 4% to £187.8 million.

The final ordinary dividend remains at 12.1 pence per share, giving a total dividend per share of 16.9 pence. The dividend will be paid on 6 December 2024 to all shareholders on the register as at 8 November 2024.

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