20th May 2021 05:52
(Correcting that Ninety One had paid a dividend the prior year when it was still part of Investec.)
(Alliance News) - Ninety One PLC on Wednesday reported a strong financial year, with record performances in profit, revenue and managed assets.
For the financial year that ended March 31, the Anglo-South African asset management firm reported pretax profit of GBP204.1 million, up 2.8% from GBP198.5 million, driven by higher performance fees and Covid-19 related expense savings.
Though management fees dipped 1% to GBP561.0 million, performance fees more then doubled to GBP45.4 million from GBP21.5 million.
Net revenue grew 2.5% year-on-year to GBP625.1 million from GBP609.9 million.
As at March 31, assets under management increased 27% to GBP130.9 billion from GBP103.4 billion, driven by positive market movements, including a positive market and foreign exchange impact of GBP27.7 billion, compared to a hit of GBP14.0 billion in the prior year.
However, Ninety One reported net outflows of GBP197 million, compared to inflows of GBP6.05 billion, mainly from the group's multi-asset and equity strategies in the UK and Americas.
Ninety One declared a final dividend of 6.7 pence per share, bringing the total payout to 12.6p.
For the prior year, the group had paid its shareholders a dividend of 14.0p per share when it was still a part of Investec PLC, as well as a third dividend of 5.8p related to the distribution of profits before the demerger took place in mid-March 2020.
"We thank our clients for their support during this challenging year and over the thirty years that we have been in business. We congratulate our people for their sterling efforts in challenging conditions. Their hard work and the support of our clients have allowed us to report record AUM and profits. Without the support of our broad stakeholder base and our shareholders in particular, this would not have been possible," said Chief Executive Officer Hendrik du Toit.
Shares in Ninety One closed up 0.1% at 247.40 pence on Wednesday in London, while its Johannesburg 'Ltd' shares closed 0.9% lower at ZAR48.58, and the 'PLC' shares closed down 0.8% at ZAR49.00.
By Dayo Laniyan; [email protected]
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