16th Nov 2021 08:52
(Alliance News) - Ninety One PLC and Ltd on Tuesday increased its interim dividend after a good performance in the first half, although the money manager noted that there are some headwinds blowing against the current supportive market conditions.
Ninety One PLC shares were up 0.8% to 257.00 pence each in London on Tuesday morning, while its Ltd shares were up 1.8% to ZAR51.53 each in Johannesburg.
The South Africa and UK-based money manager said pretax profit in the six months to September 30 rose 39% to GBP132.1 million from GBP94.8 million last year. Revenue increased 9.3% to GBP395.9 million from GBP362.2 million.
Assets under management at September 30 increased 18% to GBP140.0 billion from GBP119.0 billion last year. Ninety One booked net inflows of GBP3.9 billion, swinging from an outflow of GBP300 million.
"The combination of strategic clarity, disciplined execution, competitive investment performance, a motivated, stable team and a long-term approach to business continues to work well for Ninety One," said Chief Executive Hendrik du Toit.
The solid interim results led to the firm bolstering its dividend by 17% to 6.9 pence per share from 5.9p last year.
Looking ahead, du Toit said: "While the supportive market conditions of this reporting period will not last indefinitely, we see substantial long-term growth opportunities ahead. We will continue to invest in our people and our business so that we can deliver for our clients. This remains our formula for value creation."
The company added that there are "ample" opportunities for growth.
It noted that, although current market conditions remain supportive, there are a range of risk factors that can change this. These include: geopolitical uncertainty, Covid-19, economic protectionism and inflation.
By Greg Roxburgh; [email protected]
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