4th Jun 2025 08:25
(Alliance News) - Ninety One PLC and Ltd on Wednesday described its annual financial performance as "robust" after regaining "positive flow momentum".
The London and Cape Town-based money manager posted a 5.8% dip in pretax profit to GBP204.3 million for the 12 months that ended March 31, from GBP216.8 million a year earlier.
Revenue for the year edged up 0.3% to GBP700.0 million from GBP697.8 million.
Assets under management was GBP130.8 billion on March 31, up 4% from GBP126.0 billion a year before, due to the positive market and foreign exchange impact of GBP9.7 billion.
Net outflows were GBP4.9 billion, representing a substantial improvement from net outflows of GBP9.4 billion.
Ninety One reported GBP400 million net inflows in the second half, improved from GBP5.3 billion net outflows in the first six months, driven by increased gross inflows, as well as some reduction in gross outflows.
"Ninety One regained positive flow momentum in the second half. Business conditions have improved in the final quarter," Founder & Chief Executive Officer Hendrik du Toit said.
Ninety One declared a final dividend of 6.8 pence, up of 6.3% from 6.4p, but the total payout was 12.2p, down 0.8% from 12.3p.
Basic earnings per share and basic headline EPS were 17.2p, down 7% from 18.4p. Adjusted EPS fell 2.5% to 15.5p from 15.9p.
Ninety One also said in a separate statement Colin Keogh will not be seeking re-election as a non-executive director at the forthcoming annual general meetings on July 23.
It has appointed Charles Harman as a non-executive director, from July 24.
Harman's previous roles include managing director at Credit Suisse, head of UK investment banking at JP Morgan Cazenove, and chief executive officer of BXR Partners. He is the external deputy chair of Council of the University of Oxford.
Ninety One said its planned strategic partnership with Sanlam Ltd remains on track.
Back in November last year, Ninety One and Sanlam announced they had reached an agreement that would see Sanlam appoint Ninety One as its primary active investment manager.
The two companies said on March 6 that Sanlam would receive a total of 125.7 million shares in Ninety One as part of the arrangement. This allocation represents a 12.3% equity stake in Ninety One. Excluding ARC Financial Services Investments Pty Ltd, Sanlam would hold an effective shareholding of about 8.9% in Ninety One.
In April, Ninety One shareholders approved the issuance of new shares.
Going forward, Ninety One said conditions remain challenging, but its business momentum has improved.
Ninety One shares in London rose 7.3% to 174.00 pence on Wednesday morning. In Johannesburg, Ninety One Ltd shares were up 3.9% to ZAR39.90, and Ninety One Plc shares were 5.3% higher at ZAR41.00.
By Artwell Dlamini, Alliance News reporter
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