1st May 2007 07:02
Schroders PLC01 May 2007 Schroders plc Trading Update Schroders plc is today issuing a trading update for the three months to 31 March2007. First quarter pre-tax profit increased 30 per cent. to £93.2 million compared to£71.4 million for the same period in 2006. Asset Management Asset Management revenues for the quarter were £177.3 million (Q1 2006: £152.8million), costs were £114.8 million (Q1 2006: £102.9 million) and profitincreased 25 per cent. to £62.5 million (Q1 2006: £49.9 million). Private Banking Private Banking revenues for the quarter were £23.1 million (Q1 2006: £20.4million), costs were £15.6 million (Q1 2006: £16.7 million) and profit was £7.5million (Q1 2006: £3.7 million). Private Equity and Group Profit from Private Equity was £19.9 million (Q1 2006: £7.2 million) and fromGroup was £3.3 million (Q1 2006: £10.6 million). Private Equity profits weredriven by three successful exits in the period, while reduced Group profitsreflected lower earnings from seed capital investments compared to Q1 2006. Funds under Management Funds under management at 31 March 2007 were £132.3 billion (31 December 2006:£128.5 billion) of which £1.3 billion were gained on the acquisition in February2007 of Aareal Asset Management, the continental European property manager. Netinflows in Retail were £1.5 billion, net outflows in Institutional were £2.5billion. Retail flows were positive in every region in the first quarter.Institutional outflows were concentrated in the UK and included the withdrawalof a £1.4 billion balanced mandate, already reported in the press last year. For further information please contact Nik Ekholm +44 207 658 7938Estelle Bibby +44 207 658 2589 Forward-looking statements This preliminary announcement contains certain forward-looking statements withrespect to the financial condition, results of operations and businesses ofSchroders plc. These statements and forecasts involve risk and uncertaintybecause they relate to events and depend upon circumstances that will occur inthe future. There are a number of factors that could cause actual results ordevelopments to differ materially from those expressed or implied by theseforward-looking statements and forecasts. The forward-looking statements andforecasts are based on the Directors' current view and information known to themat the date of this announcement. The Directors do not make any undertaking toupdate or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise. Nothing in this announcement should beconstrued as a profit forecast. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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