26th Jul 2018 09:03
LONDON (Alliance News) - Schroders PLC on Thursday lifted its interim dividend payout on the back of a rise in earnings and total assets under management.
The company, however, added that no new business was generated by the asset management unit in the first half as inflows from institutional clients were offset by outflows in the intermediary sales channel. The wealth management unit recorded net inflows of GBP1.2 billion in the period, however.
Schroders recorded pretax profit of GBP371.1 million for the six months to June-end, up from GBP342.8 million in the comparative year-ago period, on revenue of GBP1.09 billion and GBP974.4 million, respectively. It raised its interim dividend by 3% to 35 pence per share from 34p paid a year ago.
Total assets under management and administration as at June 30 totalled GBP449.4 billion, up from GBP447.0 billion as at December 31.
The company said it remains committed to delivering on its strategy and pursue select additional opportunities to further develop the business.
Schroders shares were trading 2.9% lower at 3,128.00 pence each early Thursday.
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