27th Jul 2018 08:47
LONDON (Alliance News) - Jupiter Fund Management PLC said Friday its revenue and profit increased in the first half as its assets under management increased.
The FTSE 250-listed fund manager increased its pretax profit 2.8% in the six months ended June to GBP96.5 million from GBP93.9 million.
The company's net revenues in the first half increased 10% to GBP214.8 million from GBP195.4 million. Jupiter said this growth stemmed from a 7% increase in management fees to GBP199.2 million from GBP186.5 million the previous year.
Jupiter's assets under management increased 2.8% to GBP48.2 million from GBP46.9 million.
The company is proposing a 16% increase to its interim dividend to 7.9 pence per share from 6.8 pence the year before.
Chief Executive Maarten Slendebroek said: "The first half of 2018 reflected a more challenging operating environment against a more volatile global geopolitical backdrop. Despite net outflows in the period, it is clear our resilient business model and strong balance sheet continue to deliver for all our stakeholders.
"In 2018 we reaffirmed our strategy of delivering active outperformance for our clients through a diversified operating model based on a culture of accountability, high performance and independent thinking."
Shares in Jupiter Fund were up 1.0% Friday at 447.38 pence each.
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